Deposit Interest Rates Statistics in South Africa (2026)
South Africa recorded the average deposit interest rate of 7.9% in 2024, World Bank World Development Indicators data show. Up from 6.7% in 2023 to 7.9% in 2024 (+1.3 percentage points). South Africa ranks #8 of 27 economies in Sub-Saharan Africa on this measure, and #22 of 113 globally.
Key Statistics
- Latest value (2024)
- 7.9% (2024)
- Deposit Interest Rates in South Africa as of 2024, the most recent observation in World Bank World Development Indicators data.
- Change since 2023
- +1.3 pp (2024)
- Up from 6.7% in 2023 to 7.9% in 2024 (+1.3 percentage points).
- Earliest value in this dataset (2001)
- 9% (2001)
- Earliest observation in this dataset, which covers 1990 onward (the source series may begin earlier). Down from 9% in 2001 to 7.9% in 2024.
- Peak value (2008)
- 11.6% (2008)
- Highest value in the available series; the 2024 value is 7.9%.
- Rank in Sub-Saharan Africa
- #8 of 27 (2024)
- South Africa ranks 8 of 27 countries in Sub-Saharan Africa with data, based on each country's latest value.
- Global rank
- #22 of 113 (2024)
- South Africa ranks 22 of 113 countries with data globally.
- Sub-Saharan Africa average
- 6.3% (2024)
- South Africa (7.9%) is above the average of 6.3% across the 27 countries in Sub-Saharan Africa with data.
- Interest rate spread (lending rate minus deposit rate, %) (2024)
- 3.7% (2024)
- Related indicator from World Bank World Development Indicators.
- Internet use in South Africa (2024)
- 78.4% (2024)
- 78.4% of the population in South Africa used the internet in 2024 (World Bank); shown for context only.
- Population (2024)
- 64 million (2024)
- South Africa had a population of 64 million in 2024 (World Bank); shown for scale only.
Trend, 2001–2024
| Year | % | Change |
|---|---|---|
| 2024 | 7.9% | +1.3 pp |
| 2023 | 6.7% | +1.6 pp |
| 2022 | 5.1% | +1.3 pp |
| 2021 | 3.8% | −1.1 pp |
| 2020 | 4.9% | −2.1 pp |
| 2019 | 7% | +0.0 pp |
| 2018 | 7% | −0.2 pp |
| 2017 | 7.2% | +0.1 pp |
| 2016 | 7.2% | +1.0 pp |
| 2015 | 6.2% | +0.4 pp |
| 2014 | 5.8% | +0.6 pp |
| 2013 | 5.2% | −0.3 pp |
| 2012 | 5.4% | −0.2 pp |
| 2011 | 5.7% | −0.8 pp |
| 2010 | 6.5% | −2.1 pp |
| 2009 | 8.5% | −3.1 pp |
| 2008 | 11.6% | +2.5 pp |
| 2007 | 9.2% | +2.0 pp |
| 2006 | 7.1% | +1.1 pp |
| 2005 | 6% | −0.5 pp |
| 2004 | 6.6% | −3.2 pp |
| 2003 | 9.8% | −1.0 pp |
| 2002 | 10.8% | +1.8 pp |
| 2001 | 9% | — |
Frequently asked questions
What is the latest figure for average deposit interest rate in South Africa?
The average deposit interest rate in South Africa stood at 7.9% in 2024, according to World Bank World Development Indicators data.
How has deposit interest rates in South Africa changed over time?
World Bank World Development Indicators data show a decline from 9% in 2001 to 7.9% in 2024.
How does South Africa compare with other countries in Sub-Saharan Africa?
South Africa ranks 8 of 27 countries in Sub-Saharan Africa with data, with 7.9% versus a regional average of 6.3% (latest values per country).
Where does South Africa rank globally on deposit interest rates?
South Africa ranks 22 of 113 countries with data globally, based on the latest World Bank World Development Indicators value for each country.
Source & methodology
Source: World Bank, World Development Indicators, indicator
FR.INR.DPST, retrieved .
Figures are shown exactly as published in the source dataset; only the change column of the trend table is computed from adjacent published values.Read more on the methodology page. All figures are estimates and projections; this is not financial advice.
Last updated .