Absa Fixed Deposit Account Interest Rates
What are the Absa fixed deposit account interest rates? It’s something that you may be wondering about as part of the process of opening an Absa fixed deposit account. Across South Africa, Absa is one of the most popular banks. They have millions of customers, a lot of whom set out to open fixed term accounts. Such an account is great in that it allows you to save your money while earning meaningful interest. The interest that you get on a fixed deposit account is usually better than what you would get on a normal account.
Fixed deposit interest rates Absa South Africa
The following are the Absa fixed deposit account interest rates;
Standard Interest Rates
| Term (months) | R1000 to R100,000 | R100,001 to R999,999 | R1 million and above | |||
| Monthly | Maturity | Monthly | Maturity | Monthly | Maturity | |
| 8 – to 31 days | 5.90% | 5.90% | 5.90% | 6.00% | 6.00% | 6.00% |
| 1 | 6.85% | 6.85% | 6.85% | 6.90% | 7.00% | 6.90% |
| 2 | 6.85% | 6.85% | 6.85% | 6.90% | 7.00% | 6.92% |
| 3 | 7.20% | 7.20% | 7.20% | 7.30% | 7.35% | 7.34% |
| 4 | 7.20% | 7.20% | 7.20% | 7.30% | 7.35% | 7.37% |
| 5 | 7.20% | 7.20% | 7.20% | 7.30% | 7.35% | 7.39% |
| 6 | 7.95% | 7.95% | 7.95% | 8.20% | 8.35% | 8.34% |
| 7 | 7.95% | 7.95% | 7.95% | 8.20% | 8.35% | 8.37% |
| 8 | 7.95% | 7.95% | 7.95% | 8.20% | 8.35% | 8.40% |
| 9 | 8.00% | 8.00% | 8.00% | 8.25% | 8.45% | 8.48% |
| 10 | 8.00% | 8.00% | 8.00% | 8.25% | 8.45% | 8.51% |
| 11 | 8.00% | 8.00% | 8.00% | 8.25% | 8.45% | 8.54% |
| 12 | 8.40% | 8.40% | 8.40% | 8.65% | 8.65% | 8.99% |
| 13-17 | 8.25% | 8.25% | 8.25% | 8.30% | 8.45% | 8.72% |
| 18 | 8.45% | 8.45% | 8.45% | 8.70% | 8.70% | 9.25% |
| 19-23 | 8.25% | 8.25% | 8.25% | 8.30% | 8.45% | 8.91% |
| 24 | 8.45% | 8.45% | 8.45% | 8.70% | 8.70% | 9.45% |
| 25-35 | 8.35% | 8.35% | 8.35% | 8.55% | 8.55% | 9.20% |
| 36 | 8.55% | 8.55% | 8.55% | 8.75% | 8.75% | 9.95% |
| 37-47 | 8.55% | 8.55% | 8.55% | 8.75% | 8.75% | 10.17% |
| 48-59 | 8.55% | 8.55% | 8.55% | 8.75% | 8.75% | 10.63% |
| 60 | 9.30% | 9.30% | 9.30% | 9.45% | 9.45% | 11.99% |
How can I earn more?
Those are the Absa fixed deposit account interest rates. They are what you can expect when you put different amounts of money for different terms in your fixed deposit account. But how can you boost your earnings?
We have already noted that this type of account is great in that you earn a lot more interest than is the case with normal accounts. There are a number of ways through which you can maximize your earnings.
For one thing, you will get a better interest rate should you keep your money in your account for a longer period. The longer your investment term, the better your interest rate.
Another factor that affects interest rates is the amount of money that is deposited as part of the investment. If you invest more, you will be offered more than somebody that invests a small amount of money.
You can see in the above table that Absa’s interest rates on fixed deposit accounts can rise up to 11.99%. That’s better than you will get with most other banks. But you will only get that if you invest your money for a period of up to 5 years.
Summary
In this article, we gave you the Absa fixed deposit account interest rates. We noted that fixed deposit accounts are great in that they allow you to save up your money for the long term while earning meaningful amounts of interest.
That’s particularly the case in this day and time when inflation has begun to stalk South Africans, driven by a host of factors. One way of insulating your money from loss of value is by investing it in a high interest account. This is where Absa’s fixed deposit accounts come into play.
Learn how to open an Absa fixed deposit account
Hi
How much is the interest of R20 000 lump sum up to 36 months.
Good day. Please get in touch with the bank directly on their multiple channels. You can try them on Twitter or on Facebook. They will be able to help you