Fixed deposits update for October 2021
I have made some changes to the monthly fixed deposit comparison report
- Investec fixed deposits were added to the report. (their min deposits start at R100k)
- the report now shows rankings for different investment amounts (R10K, R100K, R1M)
- this is because some banks offer better rates for higher investments
- also I have added rankings for seniors, since some banks give bonus percentages if you are older than 55.
- it has become a 40 page report; however you can easily go to the relevant section from the Table of Contents
In the month of October, SA Retail bonds are back on top! They now offer the best interest rate at 9.2% (effective annual rate) in the country. This is based on their 5-year fixed rate. This means, SA Retail bonds now outranks even Nedbank's 8.88% (effective), which you are still able to get for deposits over R1m and if you are older than 55. Standard Bank & Capitec also offer superb rates for at 8.84% but require at least a R100k deposit.
Have a great week Walter