How Much Interest Does Standard Bank Give?
How much interest does Standard Bank give on it’s various products? That’s something that a lot of South Africans have been asking. Standard Bank is the most capitalized bank in the country, making it the biggest. The bank offers a wide range of products, including savings accounts and fixed deposit accounts. The account type that you choose has a bearing on the interest that you are going to get.
Standard Bank Interest Rates
Standard Bank interest rates on fixed deposit accounts can as high as 11.45% per annum. The rate differs depending on a number of factors, including the term of the deposit and the amount that is being deposited. Meanwhile, interest rates on Standard Bank Savings accounts can be up to 2.5% per annum. The table below shows the fixed deposit interest rates that you can expect on various amounts;
| Amount | Term | Nominal | Earnings |
|---|---|---|---|
| R10,000 | 3 months | 7.80% | R194.9 |
| R10,000 | 12 months | 8.59% | R859.3 |
| R100,000 | 12 months | 8.77% | R8.8k |
| R200,000 | 12 months | 8.77% | R17.5k |
What determines interest rates?
We noted in this article that Standard Bank offers a range of interest rates that can rise up to 11.45%. We have also already briefly outlined that interest rates are based on a number of considerations.
One such consideration is age. The amount of money that you are putting up as a deposit determines how much you are going to get. If you put R250000 as a deposit, you will earn more than someone depositing R1000.
The term of the deposit is another important factor when it comes to interest rates. If you deposit your money for 3 months, you will earn less than someone who is depositing the money for 60 months. So, the longer your deposit period, the more you will get.
Another factor to take into consideration is the account type that you have with Standard Bank. Ordinary savings accounts get lower interest rates that term deposit accounts. If you have a lot of money that you do not plan to use soon, it’s better to put it into a fixed deposit account rather than keeping it in a savings account.
Learn how to get a statement on the Standard Bank app
Summary
In this article, we answered the question how much interest does Standard Bank give. It was noted that on fixed deposits, interest rates can be as high as 11,45%. The exact percentage will depend on a number of factors, including the term of the deposit and the amount that is deposited.
How much to open a Standard Bank account?