10 Best Savings Accounts in South Africa for Passive Income!

Right now at the current moment all across the world, there is an opportunity that we can take advantage of to make the most of our money, and that is surprisingly with a savings account. Since 2021, the South Africa reserve bank has raised our interest rates a total of 10 times, to where right now we have the highest interest rate that we've had in over 15 years. But not only does that affect your car payments, and bond payments and your credit card, but it also means that you get a higher positive interest rate out of your savings accounts at your bank. That means that right now your cash can earn you as much as 10% a year passive income just from sitting there doing nothing in a low risk but high interest savings account. That's why in today's video we have used data from BusinessTech to research every single interest rate for each type of savings account across south africa. And we're going to take you through the worst and the absolute best savings accounts to be putting your money into to earn the maximum amount of compound interest growth for your cash savings.

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[ruhanvanhuyssteen]

I think an important thing to consider is banking fees, I used to have my savings in FNB (not fixed term) but at a monthly cost of around R110 per month I felt it was not worth it, I recently switched to capitec and for the first time my interest per month is exceeding my monthly account fee.

[AlwynUys]

Really enjoyed this one mate. Was looking for a place to store some cash in, I think the Investec account mentioned is great for 6 month emergency fund @ 8.25% and no notice period. Very good vehicle to store cash in. I recently also learned about SA savings bonds, if possible please do some videos on that as they offer 11%+ on large sums of money fixed for 24 months+. Just curious on your thoughts on this.

[kutalabam]

Hi cc, just came across your video. A question with standard bank though, can they take your savings and settle an African bank loan which I believe it's their subsidiaries? Can I asks them to pay for example my 32 days in personal bank with another institution or must it be paid to them as once upon a time they allowed African bank to do as they pleased on my money and had to close that bank account and never banked with them again.

[rylanhartze]

as a 23yo trying to get on the front foot thanks man this is the kind of info i enjoy

[yekeenhutheram]

Thanks for the summation, very helpful.Also worth a mention on savings account with no notice is FNB money maximiser, no notice, currently 8.25% min R100k and Investec Fund tracker, no notice, 8.4%, min R100k/R250k.

[haakestad]

Tyme Bank 12 month fixed deposit is 11%, not 10%

[sihlemasondo]

Thank u bro great content that investec prime saver looks good can I request bro can u plz make a video on Stake property investment app mainly gives u access to UAE properties

[ilovenathi]

Sa retail bond is the boss when it comes to fixed deposits, but fixed should only be done if you have money that you won’t need at any time in time 5 years cause 5 years is the best rates

[kpitjeng]

You can get a savings account with immediate access and a interest rate of 7.05% (or repo minus 120 basis points) with Bank Zero.

[kgosiratone]

Absolutely amazing you are doing man. No matter who says what, please keep going. You’re changing lives for the better! From my heart “thank you”

[joesamson]

How could you miss the Money Market accounts? A Money Market Select Investment Account with SB is currently at 8.35% a year for any balance between 100-249.99K and 8.7% from 250K and above.

[musazulu]

Awesome video!, I assume there are tax implications for saving your own money with our greedy government 😒😪, how do i calculate the tax i will have to pay for saving 😮‍💨

[risunadavis]

Hi the concept of saving cash baffles me, as much as there are interests, I just feel like aslong as the initial capital itself is not growing like a stock would, it’s risky coz moment u withdraw the interest earned u loose value of the capital

[gregsmith_za]

I've just gone through this exercise myself but only looking at the top 4 banks. I'll look into investec to spread risk. I've got the FNB Money Maximiser account, also R100k minimum deposit and also has 8.25% interest with immediate access to cash.

[entabeni]

Rather open an access bond account on your homeloan and put your cash into your bond if you have one

[hermannel]

Can I ask your opinion on the RSA Retails savings bond? It's giving 11.75% over the 5-yr fixed rate period this month.

[boitumelomolema]

I’m not sure if you mentioned this but for your personal day to day account…which bank and type of account do you use?

[rishenxbs]

Hi, I need advice, if I were to deposit R14000 into the bank at an interest rate of 11.75% for 3 years, would it be enough for without getting taxed when I withdraw all of it?

[dell]

The risk of this is your usd or euro converted to South African dollars could loose value when converted back to usd or euros. Inflation in South Africa will turn $1000 usd into $750 in 2 years. Unless you’re living in South Africa it makes sense.

[andriessnyman]

Keeping the extra cash in the homeloan, need to limit the 10%+ growing negatively :*(