TymeBank’s 11% interest rate compared


TymeBank offers its clients a “best in market” interest rate of 11% on a 12-month fixed deposit – higher than most other banks.

The bank promotes its fixed deposit account as a way to earn 11% interest, guaranteed over 12 months.

The account has no deposit limits, offers daily interest payments, and offers clients three investment options.

  • An effective 9% for 3 months.
  • An effective 10% for 6 months.
  • An effective 11% for 12 months.

“There are no minimum limits or maximum amounts. No fees or charges. You can open as many savings accounts as you want,” it says.

These are exceptional interest rates, but it is not the highest available to South African retail banking clients.

Standard Bank promises its fixed deposit clients up to 11.45% based on account balance and the investment period.

However, to receive an interest rate of over 11%, clients must invest over R10,000 for 60 months (5 years).  

FNB, in comparison, offers a maximum nominal interest rate of 10.50% over 60 months for deposits over R10,000.

Investec offers a nominal interest rate of 9.25% on their 12-month fixed deposit accounts for deposits over R100,000.

Capitec offers a nominal interest rate of 9.85% for investments of above R10,000 for 49 to 60 months.

The table below compares the nominal interest rates for a 12-month fixed investment at major banks.

BankMinimum InvestmentPeriodNominal interest rateRate at maturity
TymeBankNo minimum12 months10.44%11.00%
AbsaR1,00012 months9.20%9.60%
NedbankR1,00012 months9.05%9.43%
CapitecR10,00012 months9.00%9.38%
FNBR10,00012 months8.85%9.22%
InvestecR100,00012 months8.68%9.03%
Standard BankR10,00012 months8.39%8.70%