Banks are strangely creative when they advertise interest. The same money can look like 13% in an advert and pay you closer to 8.5% in reality, depending on how they compound it and when they pay it out. The number that actually matters is the effective annual rate. Here are the current South African fixed deposits, ranked on that basis, so you're comparing like with like.
The nominal rate is the headline number before compounding. The effective rate is what you actually earn once interest is reinvested over the year. Always compare on the effective rate, and remember interest is taxable in your hands.
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Please read. These rates are compiled by ratecompare.co.za and shared here with permission. They change often and are indicative only. Confirm the current rate, term and conditions directly with the institution before you invest.
This page is general information, not financial advice. The best home for your cash depends on your tax position, timeline and goals, and a fixed deposit is not always the answer. Speak to your adviser before acting.
Sometimes yes. Often a money market, income fund or structured note does better once tax and access are taken into account. Let's work out where your cash should actually sit.