Standard Bank Fixed Deposit Account Interest Rates
What are the Standard Bank fixed deposit account interest rates? Fixed deposit accounts are very popular with South Africans. They are great way through which to save some money while earning at better interests rates than you would otherwise get with savings accounts. We have previously outlined the overall interests that Standard Bank offers. In this post, we are zeroing in on interest rates on fixed deposit accounts. What are they and how do they compare with those that are offered by other banks.
Fixed deposit interest Standard Bank
The following are the current Standard Bank fixed deposit interest rates*;
Balances below R10 000
| Investment Term | Interest Monthly | Interest At Maturity |
|---|---|---|
| Month 1 | 7.35 % | 7.35 % |
| Month 2 | 7.35 % | 7.35 % |
| Month 3 | 7.5 % | 7.55 % |
| Month 4 | 7.5 % | 7.55 % |
| Month 6 | 7.95 % | 8.1 % |
| Month 9 | 7.95 % | 8.1 % |
| Month 12 | 8.29 % | 8.6 % |
| Month 18 | 8.36 % | 8.85 % |
| Month 24 | 8.31 % | 9.0 % |
| Month 36 | 8.35 % | 9.45 % |
| Month 48 | 8.52 % | 10.1 % |
| Month 60 | 8.8 % | 11.5 % |
Balances between R10 000 and R99 999
| Investment Term | Interest Monthly | Interest At Maturity |
|---|---|---|
| Month 1 | 7.65 % | 7.65 % |
| Month 2 | 7.65 % | 7.65 % |
| Month 3 | 7.8 % | 7.85 % |
| Month 4 | 7.8 % | 7.85 % |
| Month 6 | 8.25 % | 8.4 % |
| Month 9 | 8.25 % | 8.4 % |
| Month 12 | 8.59 % | 8.95 % |
| Month 18 | 8.66 % | 9.2 % |
| Month 24 | 8.61 % | 9.35 % |
| Month 36 | 8.65 % | 9.85 % |
| Month 48 | 8.82 % | 10.5 % |
| Month 60 | 9.1 % | 11.45 % |
Balances between R100 000 and R499 999
| Investment Term | Interest Monthly | Interest At Maturity |
|---|---|---|
| Month 1 | 7.805 % | 7.805 % |
| Month 2 | 7.854 % | 7.88 % |
| Month 3 | 7.952 % | 8.005 % |
| Month 4 | 7.998 % | 8.08 % |
| Month 5 | 8.046 % | 8.155 % |
| Month 6 | 8.645 % | 8.805 % |
| Month 7 | 8.807 % | 9.005 % |
| Month 8 | 8.918 % | 9.155 % |
| Month 9 | 8.979 % | 9.255 % |
| Month 10 | 9.088 % | 9.405 % |
| Month 11 | 9.17 % | 9.53 % |
| Month 12 | 9.231 % | 9.63 % |
| Month 18 | 9.63 % | 10.27 % |
| Month 24 | 9.65 % | 10.52 % |
| Month 36 | 9.74 % | 11.13 % |
| Month 48 | 9.94 % | 11.94 % |
| Month 60 | 10.22 % | 13.0 % |
How can you increase the interest on your Standard Bank fixed deposit account?
Those are the Standard Bank fixed deposit account interest rates. A lot of people will be looking to increase the interest on their investment, but how can that be done.
One thing to note is that the longer the term to which you are going to keep your money in a fixed deposit account, the more you are going to earn.
As an example, you can get up to 13% interest if you keep money above R100 000 for a term of 60 months, which is 5 years. However, keeping that money in your account for only 1 month earns you interest at 7.085%.
Another thing that’s worth noting is that the more money you invest, the more you interest you are likely to earn. Someone that invests R1 million in a fixed deposit account will get a bigger interest rate than someone that invests an amount that is less than R10 000.
Here is how to check your Standard Bank loan balance
Benefits of a Standard Bank fixed deposit account
In this article, we showed you the Standard Bank fixed deposit account interest rates. It was noted that fixed interest accounts are highly popular among South Africans. But what are there benefits.
The biggest is one that we have been talking about here. You get better interest rates on a fixed deposit account than when you leave you money in a normal account. In that regard, fixed deposit accounts are good investment accounts.
Most people get fixed deposit accounts because they wish to save up money towards a particular project. Maybe there is something that you wish to do at the end of a year. If you have the money already saved up, you should put it into a fixed deposit account so it earns interest.
Summary
This post was dedicated to giving you the Standard Bank fixed deposit account interest rates. Standard Bank offers some of the best interest rates in this regard. You can earn up to 13% interest per annum. You can choose to have interest paid out monthly or at the end of the term.
Find the requirements for opening an Edgars account
*The interest rates quoted here were valid as of 14 April 2023. They are subject to change without notice. Get in touch with Standard Bank for the latest rates