It pays to be a senior in some cases. This article lists out all the banks where you are able to qualify for bonus rates simply for being older than 55.
Top Bonus rates paid by banks
| Bank | Bonus % | |
|---|---|---|
| #1 | Nedbank | 3.2% |
| #2 | FNB | 0.7% |
| #3 | Standard Bank | 0.5% |
| #4 | Absa | 0.5% |
| #5 | Bidvest | 0.2% |
- Nedbank will pay you up to 3.2% more if you are a senior. Example: Nedbank's 60-month fixed deposit earns a 6.03% for amounts greater than R1m. However, individuals older than 55 qualify for an additional 3.24%, thus securing a 9.27% effective annual rate.
- FNB will pay you up to 0.7% more if you are a senior. Example: FNB's 60-month fixed deposit earns a 8.52% for amounts greater than R1m. However, individuals older than 55 qualify for an additional 0.7%, thus securing a 9.22% effective annual rate.
- Standard Bank will pay you up to 0.5% more if you are a senior. Example: Standard Bank's 60-month fixed deposit earns a 7.58% for amounts greater than R10k. However, individuals older than 55 qualify for an additional 0.54%, thus securing a 8.12% effective annual rate.
- Absa will pay you up to 0.5% more if you are a senior. Example: Absa's 60-month fixed deposit earns a 8.19% for amounts greater than R1k. However, individuals older than 55 qualify for an additional 0.54%, thus securing a 8.73% effective annual rate.
- Bidvest will pay you up to 0.2% more if you are a senior. Example: Bidvest's 12-month fixed deposit earns a 6.5% for amounts greater than R10k. However, individuals older than 55 qualify for an additional 0.2%, thus securing a 6.7% effective annual rate.
Banks' Fixed deposits & bonus rates
Nedbank
Electronic OptimumPlus. An exclusively online Fixed Deposit for clients 55 years and older.
Here are all of Nedbank's fixed deposit rates.
I have included an additional "bonus rate" column.
This is the additional amount of interest you are able to achieve because you are a senior. ie older than 55.
Nedbank will give you an added "senior bonus rate" of up to
3.2%.
| Balances between | ||||
|---|---|---|---|---|
| Term | Balances | Normal % | Pensioner rate % | Bonus % |
| #0 60 | R1.0m - R2.1b | 6.0% | 9.3% | 3.2%🤩 |
| #1 60 | R250.0k - R1.0m | 7.0% | 9.2% | 2.2%🤩 |
| #2 60 | R25.0k - R250.0k | 6.9% | 9.1% | 2.1%🤩 |
| #3 60 | R5.0k - R25.0k | 6.4% | 8.5% | 2.1%🤩 |
| #4 36 | R1.0m - R2.1b | 5.5% | 6.7% | 1.2%🤩 |
FNB
Here are all of FNB's fixed deposit rates.
I have included an additional "bonus rate" column.
This is the additional amount of interest you are able to achieve because you are a senior. ie older than 55.
FNB will give you an added "senior bonus rate" of up to
0.7%.
| Balances between | ||||
|---|---|---|---|---|
| Term | Balances | Normal % | Pensioner rate % | Bonus % |
| #0 60 | R1.0m - R2.1b | 8.5% | 9.2% | 0.7%🤩 |
| #1 60 | R500.0k - R1.0m | 8.5% | 9.1% | 0.6%🤩 |
| #2 60 | R250.0k - R500.0k | 8.4% | 9.1% | 0.7%🤩 |
| #3 60 | R10.0k - R250.0k | 8.4% | 9.0% | 0.7%🤩 |
| #4 48 | R1.0m - R2.1b | 7.8% | 8.1% | 0.3% |
Absa
If you are over 55, and invest up to R100 000 for 12 months or longer, you will qualify for bonus interest
Here are all of Absa's fixed deposit rates.
I have included an additional "bonus rate" column.
This is the additional amount of interest you are able to achieve because you are a senior. ie older than 55.
Absa will give you an added "senior bonus rate" of up to
0.5%.
| Balances between | ||||
|---|---|---|---|---|
| Term | Balances | Normal % | Pensioner rate % | Bonus % |
| #0 60 | R1.0m - R987.7m | 8.7% | 8.7% | - |
| #1 60 | R100.0k - R1.0m | 8.7% | 8.7% | - |
| #2 60 | R1.0k - R100.0k | 8.2% | 8.7% | 0.5%🤩 |
| #3 48 | R1.0m - R987.7m | 7.8% | 7.8% | - |
| #4 48 | R100.0k - R1.0m | 7.8% | 7.8% | - |
Standard Bank
Here are all of Standard Bank's fixed deposit rates.
I have included an additional "bonus rate" column.
This is the additional amount of interest you are able to achieve because you are a senior. ie older than 55.
Standard Bank will give you an added "senior bonus rate" of up to
0.5%.
| Balances between | ||||
|---|---|---|---|---|
| Term | Balances | Normal % | Pensioner rate % | Bonus % |
| #0 60 | R5.0m - R100.0m | 8.8% | 8.8% | - |
| #1 60 | R1.0m - R5.0m | 8.8% | 8.8% | - |
| #2 60 | R500.0k - R1.0m | 8.8% | 8.8% | - |
| #3 60 | R100.0k - R500.0k | 8.8% | 8.8% | - |
| #4 60 | R10.0k - R100.0k | 7.6% | 8.1% | 0.5%🤩 |
Bidvest
Pensioners over 55 qualify for preferential rates on the 12-month fixed deposit.
Here are all of Bidvest's fixed deposit rates.
I have included an additional "bonus rate" column.
This is the additional amount of interest you are able to achieve because you are a senior. ie older than 55.
Bidvest will give you an added "senior bonus rate" of up to
0.2%.
| Balances between | ||||
|---|---|---|---|---|
| Term | Balances | Normal % | Pensioner rate % | Bonus % |
| #0 12 | R10.0k - R1.0m | 6.5% | 6.7% | 0.2% |
| #1 6 | R10.0k - R1.0m | 5.4% | 5.4% | - |
| #2 3 | R10.0k - R1.0m | 4.4% | 4.4% | - |
