Government retail bonds
RSA Retail Savings Bonds: Rates, Terms and How They Work
RSA Retail Savings Bonds are issued through National Treasury. They are not bank deposits, and they are not covered by CODI.
Rates and account terms may change. Confirm the current details with the provider. Information checked 28 October 2026.
Before you compare
- Fixed-rate issues for 1–31 October 2026: 8.25% for two years, 8.50% for three years and 9.00% for five years.
- Inflation-linked real coupons for 1 June 2026 to 30 November 2026: 4.25% for three years, 4.50% for five years and 4.75% for ten years. The real coupon is not a nominal deposit rate.
- The Top Up Bond rate for 1 October 2026 to 31 December 2026 is 8.50%. The published comparison records a R500 opening amount and R100 top-ups. Early withdrawal can be penalised.
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- RSA Retail Savings Bonds. No official logo is shown.
RSA Fixed Rate Retail Savings Bond 2Y
Fixed-rate retail bond
A government issue for the window shown. The next issue can carry a different rate.
- Issue rate
- 8.25% p.a. Oct 2026 issue
- Term
- 2 years
- Minimum deposit
- R1 000
Official issue rate for the window shown. The next issue can be different.
Charges. No purchase fee; early withdrawal penalty
Advantages
- Government-issued
- Known fixed rate
Considerations
- 2-year lock
- Not CODI insured bank deposit
Government retail bond. Not covered by CODI.
Information checked 28 October 2026. 1-31 October 2026, checked on the official site on 28 October 2026
- RSA Retail Savings Bonds. No official logo is shown.
RSA Fixed Rate Retail Savings Bond 3Y
Fixed-rate retail bond
A government issue for the window shown. The next issue can carry a different rate.
- Issue rate
- 8.50% p.a. Oct 2026 issue
- Term
- 3 years
- Minimum deposit
- R1 000
Official issue rate for the window shown. The next issue can be different.
Charges. No purchase fee; early withdrawal penalty
Advantages
- Longer tenor
- Fixed coupon
Considerations
- Rate period limited
- Not daily access
Government retail bond. Not covered by CODI.
Information checked 28 October 2026. 1-31 October 2026, checked on the official site on 28 October 2026
- RSA Retail Savings Bonds. No official logo is shown.
RSA Fixed Rate Retail Savings Bond 5Y
Fixed-rate retail bond
A government issue for the window shown. The next issue can carry a different rate.
- Issue rate
- 9.00% p.a. Oct 2026 issue
- Term
- 5 years
- Minimum deposit
- R1 000
Official issue rate for the window shown. The next issue can be different.
Charges. No purchase fee; early withdrawal penalty
Advantages
- Highest October fixed tenor coupon in published list
Considerations
- Long lock-in
- Rate may be lower/higher than future market
Government retail bond. Not covered by CODI.
Information checked 28 October 2026. 1-31 October 2026, checked on the official site on 28 October 2026
- RSA Retail Savings Bonds. No official logo is shown.
RSA Inflation Linked Retail Bond 10Y
Inflation-linked retail bond
The real coupon is not a nominal bank rate. Future inflation is not known.
- Issue rate
- 4.75% real coupon (1 Jun–30 Nov 2026)
- Term
- 10 years
- Minimum deposit
- R1 000
Official issue rate for the window shown. The next issue can be different.
Charges. No purchase fee; early withdrawal penalty
Advantages
- Longest inflation-linked horizon
Considerations
- Significant 10-year liquidity commitment
Government retail bond. Not covered by CODI.
Information checked 28 October 2026. 1 June 2026 to 30 November 2026, checked on the official site on 28 October 2026
- RSA Retail Savings Bonds. No official logo is shown.
RSA Inflation Linked Retail Bond 3Y
Inflation-linked retail bond
The real coupon is not a nominal bank rate. Future inflation is not known.
- Issue rate
- 4.25% real coupon (1 Jun–30 Nov 2026)
- Term
- 3 years
- Minimum deposit
- R1 000
Official issue rate for the window shown. The next issue can be different.
Charges. No purchase fee; early withdrawal penalty
Advantages
- Inflation-adjusted capital
Considerations
- Coupon NOT comparable to nominal deposit APY
- Locked
Government retail bond. Not covered by CODI.
Information checked 28 October 2026. 1 June 2026 to 30 November 2026, checked on the official site on 28 October 2026
- RSA Retail Savings Bonds. No official logo is shown.
RSA Inflation Linked Retail Bond 5Y
Inflation-linked retail bond
The real coupon is not a nominal bank rate. Future inflation is not known.
- Issue rate
- 4.50% real coupon (1 Jun–30 Nov 2026)
- Term
- 5 years
- Minimum deposit
- R1 000
Official issue rate for the window shown. The next issue can be different.
Charges. No purchase fee; early withdrawal penalty
Advantages
- Inflation protection over term
Considerations
- Five years
- Payout rules and inflation adjustment
Government retail bond. Not covered by CODI.
Information checked 28 October 2026. 1 June 2026 to 30 November 2026, checked on the official site on 28 October 2026
- RSA Retail Savings Bonds. No official logo is shown.
RSA Retail Savings Top Up Bond
Top Up retail bond
A government issue for the window shown. The next issue can carry a different rate.
- Issue rate
- 8.50% (1 Oct–31 Dec 2026)
- Term
- 3 years
- Minimum deposit
- R500
Official issue rate for the window shown. The next issue can be different.
Charges. No purchase fee; early withdrawal penalty
Advantages
- R100 top-ups
- R500 opening
Considerations
- Government bond not bank deposit
- Withdrawal restrictions
Government retail bond. Not covered by CODI.
Information checked 28 October 2026. 1 October 2026 to 31 December 2026, checked on the official site on 28 October 2026
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How this product works
Who issues them
National Treasury, through the official RSA Retail Savings Bonds site. WiT Money does not sell the bonds and is not endorsed by the programme.
Fixed and inflation-linked
A fixed coupon is set for that issue and that term. An inflation-linked bond adds an inflation adjustment to a real coupon. Future inflation is not known, so this page does not print a future maturity value for it.
Access
The terms run to maturity. Early withdrawal is a separate application and can cost you. The official early-withdrawal form is on the programme site. The rand penalty is not reprinted here.
Are these savings protected?
The Corporation for Deposit Insurance, within the South African Reserve Bank, can protect qualifying depositors up to R100 000 of positive balances in qualifying products if their bank is placed in resolution. The cap is per qualifying depositor per bank, including interest that falls inside that balance, not per account. It does not cover money market unit trusts. It does not cover RSA Retail Savings Bonds. Each card says which of those descriptions applies.
Tax on savings interest
SARS's interest and dividends page, checked on 28 October 2026, shows a South African interest exemption for the 2027 year of assessment of R23 800 if you are under 65 and R34 500 if you are 65 or older. Interest above that can be taxable. The page says the 25 February 2026 budget made no change to those amounts. Money market fund distributions are not automatically taxed in the same way as bank interest. A tax-free savings account is a different product, with a R46 000 annual contribution limit and a R500 000 lifetime limit from 1 March 2026. This is general information, not tax advice.
How WiT Money compares these products
Each page keeps its own products. A bank savings rate is not lined up with a money market fund yield or an RSA Retail Savings Bond coupon. A missing rate stays blank.
Nothing is sorted as the highest rate or the best account. The default order is the provider name. A listed product is not a recommendation. No provider is paying for a placement. The button opens the provider's website.
Bank deposits, unit trusts and government bonds stay in separate groups. CODI is described only for a qualifying bank deposit.
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Questions
Questions readers ask
Are these bonds guaranteed by CODI?
No. CODI insures qualifying bank deposits. These bonds are obligations of the South African government. That is a different risk, and it is not a promise that nothing can go wrong.
Will October's rate still be available in November?
The fixed-rate window on the official site was 1–31 October 2026. After that date, use the next issue. Do not treat this page as a permanent rate card.
Is the inflation-linked coupon the same as 4.25% interest?
No. 4.25% is a real coupon. The inflation adjustment is separate. It should not be compared with a bank's nominal savings rate without that explanation.
Other savings pages
Sources
Page updated 28 October 2026. A source date is the day WiT Money checked that page, not a promise the institution has not changed it since.
- South African Reserve Bank
South African Reserve Bank · checked 28 October 2026
- Deposit insurance (CODI)
South African Reserve Bank · checked 28 October 2026
- Interest and dividends
South African Revenue Service · checked 28 October 2026
- Tax-free investments
South African Revenue Service · checked 28 October 2026
- RSA Retail Savings Bonds
National Treasury · checked 28 October 2026