If you think the way I do, you are always on the lookout for special offers and bargains to save an extra penny. This is a habit we must have toward banking. In South Africa, there are many banking facilities available and each of them offers their own unique products and rates. If you want to save money, compare interest rates on all the products and be amazed on how much you can save.
One bank that is really on top of things is FNB. When you look at their service and the FNB interest rates, you can understand why many people prefer FNB for both personal as well as business banking. Nevertheless, to be fair, let us compare FNB, African Bank and Absa in regards with one year fixed deposit account, saving accounts and the old nasty credit cards to see which of these top banks offers the best interest rates.
African Bank was founded in 1993, has 637 and has an interest rate of 7, 59 % on their one year Fixed deposit account. Next to follow is FNB fix deposit account where you can earn 7, 57 % on a fixed deposit account but as where Absa only gives 6, 50% interest this account. These are not bad rates.
If you compare savings accounts, African Bank is still in the lead with 5, 95%, followed by FNB that gives 4, 40% and Absa that only gives 3, 00%.
When looking at credit cards, interest rates can get high, so you need to do your homework. Absa Gold takes the lead with high rate of 18, 00% per annum followed by African Bank with a slight lesser rate of 17, 15%. FNB remains a dark horse because FNB interest rates on credit cards are determined by your risks profile. This, however, is good news because you will be paying an interest rates tailor to your circumstances, and this means, you could be paying far less.