The best 5 year fixed deposit interest rate is 11.83% offered by SA Retail Bonds. This is the effective annualised rate. You will need a minimum investment of R1,000 to get that interest rate. Check out the fixed deposit calculator to see how much interest you will earn for your investment amount.
Despite this adjustment, the floor rate for the SA and RA will remain unchanged at 4.0% p.a. until 31 December 2024, following the announcement on 21 September 2023.
As of May 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.
Can You Get a 7% CD Account? There was a lot of excitement in August 2023 about a few credit unions offering 7% APYs on certificates. But those rates were offered for a limited time only and are no longer available. However, the nation's best CD rates are still well above 5%, with some pushing toward 6%.
Where Is the Safest Place To Keep Cash? Deposit accounts—like savings accounts, CDs, MMAs, and checking accounts—are a safe place to keep money because consumer deposits are insured for up to $250,000, either by the FDIC or NCUA.
The highest certificates of deposit (CDs) rates today are offered by Merchants Bank of Indiana (5.92%), Shoreham Bank (5.50%) and Vast Bank (5.50%). You can see the full list of the highest-paying CDs here.
No financial institutions currently offer 7% interest savings accounts. But some smaller banks and regional credit unions are currently paying more than 6.00% APY on savings accounts and up to 9.00% APY on checking accounts, though these accounts have restrictions and requirements.
Ally, SoFi, and Wealthfront offer savings accounts with competitive APYs and bucketing. Ally's "Savings Buckets" are easy to set up and customize; SoFi requires direct deposits for the best rate. Wealthfront has the highest 5.00% rate and a hybrid checking/savings "Cash" account.
This account is only available to first direct 1st Account customers. Find out more about our 1st Account. Our Regular Saver gives you a 7.00% AER/Gross p.a. interest rate.
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