If you want to invest your money for some time, you need to consider putting it into a fixed deposit account, and consider the fixed deposit rates. But, because of the number of options you have, it is hard to know which option is going to be the best fixed rate. And, you also need to know which of the banks are offering the best rates according to the time you want to lock your money away with.
We are telling you about the best banks at the moment for fixed rates. Before you deposit your money, this is all the information you need to know.
Different types of fixed rate options
A fixed deposit account is where you are investing some money. You can’t access the money until the period for the fixed rate is over. If you want to save money without being able to use this, making use of the best fixed rate institutions is recommended.
But, you also need to know the different types of fixed rate options there are. They are all offering different benefits and different problems that are essential to know about. These are the different types of fixed-rate options that you can consider.
- Notice account
- Fixed deposit account. The one we are discussing at the moment
- Tax free savings account
- Demand savings account
With the fixed deposit account, you have different periods that you can invest your money. This period is:
- 3 months
- 6 months
- 12 months
- 24 months
- 36 months and 60 months
The top five, best fixed deposit rates institutions
When you are considering making use of the best fixed deposit rates, you need to make sure that you know which institutions or banks are the best in general. Those that are offering the most interest for your investments. These are the top 5 best fixed deposit rate institutions. These are the institutions with the effective rate.
- Nedbank with 10,6%
- Standard Bank with 10,55%
- African bank with 10,50%
- Capitec bank with 8,84%
- Discovery bank with 8,71%
You just need to remember that these are the top financial institution for 2021. It will change again in 2022.
The bank with the best interest rates in South Africa
The best overall bank that you can use as the best fixed deposit rate institution is Nedbank. They are offering interest of 10,60%. People are using Nedbank the most to invest money in, because of their great rates and interest. However, just because they are best in general, it doesn’t mean that they are best will all types of investments. This is why you need to make sure that know each investment period and the top 5 investment institutions you can use.
Best 60 month fixed deposit rates
When you want to invest your money for 60 months, you need to know which institutions are best. This will make sure that you are getting the most out of your investment with the highest interest rate. These are the top three banks that are offering the best when it comes to the best fixed deposit rates.
- Nedbank The interest rate is 10,60
- Standard bank. With an interest rate of 10,55
- African bank with a rate of 10,50
When you are investing money for the 60 monthly fixed deposit rate, you will need to invest at least R1,000,000. Then, the interest will be 10,6% and the normal interest rate is about 8,9%. You won’t be able to cash in your investment before the 60 months are over.
You will need to invest a minimum of R1, 000 when you are investing in the best fixed deposit rates. You will get interested from 10, 55% and you will get a normal interest rate of 8,8% The account from Standard bank is available at maturity.
You don’t really need a high minimum amount to invest in the 60 days fixed deposit rate account. And, it is available for everyone over the age of 18 years. The minimum amount is just R500. You will get an interest rate of 10,50% with an effective rate of 8,80%.
Best 36 months fixed deposit rates
When you are looking for the best fixed deposit rate with 36 months investments, you need to know the best three institutions as well. Now, you will see that African bank is ranking higher, and not Nedbank. These are the top three financial institutions that you can use to invest money for 36 months in.
- African bank with a minimum deposit of R500 and with an effective interest rate of 7,67% and a normal interest rate of 7,15%
- Discovery bank with a minimum deposit of R10, 000 with an effective interest of 7,1 and a normal interest of 6,45%
- Capitec bank with a minimum deposit of R100,000 with an effective interest rate of 6,54% and a normal rate of 6,35%.
Best 12 month fixed deposit rates
This is quite a popular term; the 12 monthly fixed deposit rate. And, you will need to know where you can invest so that you can get the most interest for the deposit. These are the top three 12 months’ best-fixed deposit rates.
- The Bidvest bank has a minimum deposit of R10, 000 and have an effective interest rate of 5,85%
- African bank has a minimum deposit of R500,00 with an effective interest rate of 5, 75%
- Sasfin bank. This bank has a minimum deposit of R10,000 and has an interest of 5,75%
If you want to invest money in a fixed deposit rate, you will need to know what financial institution is going to be best for your investment. This is why we are telling you all about the best fixed deposit rate to ensure that you are making the right decision. You should also know the time period that you want to invest your money in so that you can choose which bank to make use of.