As South Africans look for smarter ways to grow their savings in a high-cost economy, and with July marking National Savings Month, GoTyme Bank has expanded its Fixed Deposit offering from three term options to five, giving customers more flexibility to lock in strong, guaranteed returns over the period that best suits their goals. The addition of new 24- and 36-month terms gives customers greater flexibility to lock in competitive, guaranteed returns for a period that best suits their financial goals.
The move comes at a time when interest rates have recently begun to ease. The South African Reserve Bank reduced the repo rate by 25 basis points in May 2026, bringing it to 8.00%, following earlier cuts in late 2025 as inflation moderated. As a result, savings rates across the market are expected to gradually decline. For savers, this has renewed focus on fixed deposits, as they protect their returns against further rate reductions.
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GoTyme Bank customers can now choose from fixed deposit terms of 3, 6, 12, 24 and 36 months, compared with the previous offer of 3, 6 and 12 months. These terms come with highly competitive fixed deposit rates of up to 9.75% nominal annual interest on the 36-month term. GoTyme Bank’s current Fixed Deposit rates are:
| Term | Interest at Maturity |
| 3 months | 7.75% |
| 6 months | 8.25% |
| 12 months | 8.75% |
| 24 months | 9.25% |
| 36 months | 9.75% |
For many South Africans, choosing a savings product is no longer just about finding a place to park money. Consumers are looking for options that offer meaningful returns, clear terms, and certainty about what they will earn.
National Savings Month is a timely reminder for South Africans to review their financial habits and make more intentional choices about where they keep their money. In a changing interest rate environment, long-term fixed deposits are especially useful when customers know they will not need access to their money for a set period. They give savers the confidence of a fixed rate, a clear term, and a guaranteed return at maturity, regardless of future rate changes.
“At a time when every rand matters, South Africans are looking for smarter ways to grow their savings,” said Lucia Malapane, Head of Brand at GoTyme Bank. “With interest rates now starting to ease, locking in a strong fixed return has become even more important. By expanding our Fixed Deposit terms to include 24 and 36 months, we are delivering banking as it should be — giving customers more choice, more certainty, and more ways to make their money work harder.”
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A broad view of the market shows that many leading banks offer competitive rates, but these often come with higher minimum deposits, age-based conditions, balance tiers, or more complex qualifying criteria. GoTyme Bank’s Fixed Deposit stands out by combining strong rates with digital simplicity and a low barrier to entry.
“According to the latest fixed deposit rankings from independent comparison site, RateCompare[1], GoTyme Bank ranks as a leader across the major fixed deposit categories,” highlighted Malapane. “We’ve consistently focused on delivering market-leading rates for savers, and we’re pleased that our Fixed Deposit continues to offer customers strong, guaranteed returns.”
The expansion of GoTyme Bank’s Fixed Deposit offering forms part of the bank’s broader mission to make banking simpler, more rewarding, and more accessible.
“South Africans deserve savings products that work for their needs,” said Malapane. “Whether customers are saving for a future purchase, building a financial cushion, or putting money aside for longer-term plans, our expanded Fixed Deposit terms give them more control and better value.”
GoTyme Bank customers can open a Fixed Deposit in the app in just a few steps.