Average Interest Rate In South Africa

What is Interest Rate?

An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed. The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, the compounding frequency, and the length of time over which it is lent, deposited, or borrowed.

Average Interest Rate In South Africa

Interest Rate in South Africa averaged 12.04 percent from 1998 until 2022, reaching an all time high of 23.99 percent in June of 1998 and a record low of 3.50 percent in July of 2020.

What is FNB interest rate?

32 Day Notice

R1 000 – R9 9992.80%
R10 000 – R24 9993.05%
R25 000 – R49 9993.30%
R50 000+4.00%

What is the highest interest rate in South Africa?

The best interest rate is 10.2% offered by African Bank on a 60-month fixed deposit investment. This is the highest interest rate you will be able to get in South Africa. This is the effective annual rate.

What is a good loan interest rate?

Considering that the average borrower qualifies for average loan interest rates between 10 percent and 28 percent, any rate below that threshold should be considered “good.”

What is a good investment in South Africa?

10 Best Investments In South Africa For Beginners 2021

Trading CardsFew hundred rands110%
Mandela CoinsFew hundred rands5,500%
Silver KrugerrandsCouple of thousand rands11.8%
AntiquesCouple of thousand randsHeavily depends

What is the best bank in South Africa?

African Bank

South Africa’s best and worst banks, according to customers

1African Bank83.4
3Standard Bank77.7

How can I make a million in 5 years in South Africa?

1 million within five years you would have to invest more than R14 000 a month or R840 000 over five years. This is why they say the longer you invest for, the less you have to contribute because time and compounding does the rest for you.