Skip to main content

Best savings account in South Africa on November 2021 from our top 10 local banks, ABSA, FNB, Standard bank, Nedbank, Capitec and etc. Here are the most important factors that contributes to how to choose a best one for you and your money.

How to Choose the Right Savings Account

Before going to your nearest bank for your new savings account, there many factors that contribute to what you should consider before signing up.

As with any other business, banks are businesses, and they generate revenue from fees that are paid by their clients in a form of all types of accounts that they have with them.

This means that for you as a client, fees charged by a bank you choose for your account is the deciding factor of which is the best amongst others.

In this article, we look little things that never cross our minds as we decide which type of account is best for us. But before that, below is a list of best savings account in South Africa.

Top 10 Savings Account in South Africa

 African Bank

  • Account: African Bank MyWorld Savings Pocket
  • Rate: 5.25%
  • Minimum deposit: R0.00


  • Account: ABSA TruSave
  • Rate: 0.45% Flat rate
  • Minimum deposit: R50

Capitec Bank

  • Account: Capitec Global One
  • Rate: 2.25 – 7.50%
  • Minimum deposit: R25

Bidvest Bank

  • Account: Bidvest Bank Grow Account
  • Rate: 5.5%
  • Minimum deposit: R50


  • Account: FNB Savings Account
  • Rate: 3.5% *Based on balances from R75 000
  • Minimum deposit: R0.00

Standard Bank

  • Account: Standard Bank Flexi Advantage Account
  • Rate: 6.40%
  • Minimum deposit: R1 000


  • Account: RMB Money Maximiser
  • Rate: 4.65%
  • Minimum deposit: R100 000

Postbank SA

  • Account: Postbank Smart Save
  • Rate: 0.15% – 0.45%
  • Minimum deposit: R50

Old Mutual SA

  • Account: Old Mutual Invest Flexible Plan
  • Flexible Plan Rate: Variable
  • Minimum deposit: R350 / Month


  • Account: Nedbank MyPocket
  • Savings deposit Rate: 2 – 3%
  • Minimum deposit: R0.00


  • Account: Investec Prime Saver
  • Rate: Prime-Linked Rate
  • Minimum deposit: R100 000

We do not recommend any account but will outline all the important factors that you should consider before choosing anyone of the above accounts.

Right Type of Account

Choosing the right type of account is the first important step before other factors, what are the difference and why do you need to choose the right type?

Fees on each account differ according to the profile, this is how the bank may look at it, for example, if you are a student, you need to choose a student account, if you are applying as a working individual, it is important that you choose an account as per your profile.

Same applies for an account that will be utilized for business purposes, if its for business, apply for a business account.

But why is this important?

A student account is structured to accommodate and benefit a student as they have no huge amounts of money coming to their accounts.

This type of account is usually low cost, meaning that it might be cheaper to open and also have lowest fees charged on it. I know, you are probably thinking that this is what you can sign up for if you are someone with monthly income.

Unfortunately, not, this type of account is mostly limited to many benefits which you will require if you are someone earning a monthly salary.

The fees charged to do electronic funds transfer might be higher on this account and also charged per transaction. Whereas with the normal account that suites you, you might find that you will receive free certain number of electronic funds transfers, free certain number of withdrawals and so on.

The benefits therefore may also vary, for a student account, you might not be entitled to some type of benefits like eBucks because you will not be making much of money. Whereas as a user with a monthly income, driving a car, you may benefit from account that suites you by earning eBucks when you swipe your car and fill in petrol.

Same scenario will apply for an individual who will apply for a personal savings account and try to use it for business. There might be number of benefits aligned with a business account and designed to suite the user with that type of account.

What are The Fees Charged?

When shopping around for best savings account in South Africa, you need to familiarise yourself with the fees charged on all banks. Do a comparison and choose the banking institution that offers the best account fees.

What are The Benefits?

Most of our local banks offers their client’s different type of benefits on their products. Ensure that you can the most out of your bank and a savings account that you choose. For example, FNB offers their customer many benefits when they swipe their card that includes eBucks and etc.

In conclusion, it all boils down to which bank you are comfortable with, but it is also important to be well vested with what you need to lookout for before you choose any banking institution.