Banking Options

CREDIT INTEREST RATE HISTORY

The following table shows the history of credit interest rates applied to attorneys trust current accounts by the four major banks. It is provided to assist practitioners and their auditors in determining whether there has been compliance with the preferential banking arrangements.

The credit interest rates are a tiered structure – the rate will vary dependant upon the account balance. Note that there are two interest rates provided for each bank in the table below, which are indicative of the full range of rates in each bank’s tiered interest rate structure. These rates are as applied to trust balances in excess of R100,000 and to balances in excess of R 1,000,000. The full tiered structure for each bank (indicating the rates as they apply currently) may be found at Banking Products.

Should the following information be insufficient for your purposes, please email Mandlenkosi Mbatha at mandlenkosi@fidfund.co.za and specify the information you require.

 

ABSA ABSA First National Bank First National Bank Nedbank Nedbank StandardBank StandardBank
Month >R100,000 >R1Million >R100,000 >R1Million >R100,000 >R1Million >R100,000 >R1Million
May –2002 9.25% 9.25% 8.50% 9.90% 8.00% 8.00% 9.00% 9.50%
Jun – 2002 9.25% 9.25% 8.50% 9.90% 8.00% 8.00% 9.00% 9.50%
Jul – 2002 9.75% 9.75% 9.50% 10.90% 9.00% 9.00% 9.75 10.50%
Aug –2002 9.75% 9.75% 9.50% 10.90% 9.00% 9.00% 9.75% 10.50%
Sep – 2002 9.75% 9.75% 9.50% 10.90% 9.00% 9.00% 9.75% 10.50%
Oct – 2002 10.50% 11.50% 10.00% 11.90% 10.00% 10.00% 10.75% 11.50%
Nov –2002 10.50% 11.50% 10.00% 11.90% 10.00% 10.00% 10.75% 11.50%
Dec – 2002 10.50% 11.50% 10.00% 11.90% 10.00% 10.00% 10.75% 11.50%
Jan – 2003 10.50% 11.50% 10.00% 11.90% 10.00% 10.00% 10.75% 11.50%
Feb – 2003 10.50% 11.50% 10.00% 11.90% 10.00% 10.00% 10.75% 11.50%
Mar –2003 10.50% 11.50% 10.00% 11.90% 10.00% 10.00% 10.75% 11.50%
Apr – 2003 10.50% 11.50% 10.00% 11.90% 10.00% 10.00% 10.75% 11.50%
May –2003 10.50% 11.50% 10.00% 11.90% 10.00% 10.00% 10.75% 11.50%
Jun – 2003 9.00% 10.00% 8.50% 10.40% 8.50% 8.50% 9.00% 9.75%
Jul – 2003 9.00% 10.00% 8.50% 10.40% 8.50% 8.50% 9.00% 9.75%
Aug –2003 8.00% 9.00% 7.50% 9.40% 7.50% 7.50% 8.00% 8.75%
Sep – 2003 7.00% 8.00% 7.00% 8.40% 6.50% 6.50% 7.00% 7.75%
Oct – 2003 5.50% 6.50% 6.00% 6.90% 5.00% 5.00% 6.00% 7.00%
Nov –2003 6.00% 6.90% 6.00% 6.90% 5.00% 5.00% 6.00% 7.00%
Dec-2003 6.00% 6.90% 6.00% 6.90% 5.00% 5.00% 6.00% 7.00%
Jan – 2004 5.50% 6.50% 5.50% 6.40% 4.50% 4.50% 5.50% 5.75%
Feb – 2004 5.50% 6.50% 5.50% 6.40% 4.50% 4.50% 5.50% 5.75%
Mar –2004 5.50% 6.50% 5.50% 6.40% 4.50% 4.50% 5.50% 5.75%
Apr – 2004 5.50% 6.50% 5.50% 6.40% 4.50% 4.50% 5.50% 5.75%
Aug –2004 5.00% 5.90% 5.00% 5.90% 4.00% 4.00% 5.00% 5.25%
Apr – 2005 4.50% 5.00% 4.50% 5.25% 4.00% 4.00% 4.50% 4.75%
Jun – 2006 5.00% 5.50% 4.50% 5.65% 4.00% 4.00% 5.00% 5.25%
Aug –2006 5.50% 5.95% 4.90% 6.00% 5.25% 5.50% 5.25% 5.50%
Oct – 2006 6.00% 6.35% 5.40% 6.50% 5.25% 5.65% 5.50% 5.75%
Dec – 2006 6.50% 6.80% 5.40% 6.50% 5.65% 6.05% 5.75% 6.00%
Jun – 2007 7.00% 7.20% 5.90% 7.00% 6.10% 6.50% 6.00% 6.25%
Aug –2007 7.40% 7.75% 6.40% 7.50% 6.55% 7.05% 6.50% 6.75%
Oct – 2007 7.70% 8.25% 6.90% 8.00% 7.05% 7.55% 7.00% 7.25%
Dec – 2007 8.10% 8.65% 7.40% 8.50% 7.55% 8.05% 7.50% 7.75%
Apr – 2008 8.60% 9.10% 7.90% 9.00% 7.55% 8.05% 8.00% 8.75%
Jun – 2008 9.10% 9.60% 8.40% 9.50% 7.55% 8.05% 8.50% 8.75%
Dec – 2008 8.60% 9.10% 7.90% 9.00% 7.50% 8.25% 8.00% 8.25%
Feb – 2009 7.60% 8.10% 6.90% 8.00% 7.50% 8.25% 7.00% 7.75%
Mar –2009 6.60% 7.10% 5.90% 7.00% 7.50% 8.25% 6.40% 7.15%
Apr – 2009 5.60% 6.10% 4.90% 6.00% 7.50% 8.25% 5.90% 6.50%
My – 2009 4.60% 5.10% 3.90% 5.00% 4.50% 5.00% 4.90% 5.50%
Aug –2009 4.10% 4.60% 3.50% 4.50% 4.00% 4.50% 4.40% 5.00%
Mar –2010 3.60% 4.10% 3.00% 4.00% 3.50% 4.00% 3.50% 4.00%
Sep – 2010 3.10% 3.60% 2.50% 3.50% 3.00% 3.50% 3.00% 3.50%
Nov –2010 2.60% 3.10% 2.00% 3.00% 2.50% 3.00% 2.50% 3.00%
Jul – 2012 2.10% 2.60% 2.00% 2.60% 2.00% 2.50% 1.50% 2.50%
Jan30,2014 2.40% 2.90% 2.00% 2.75%  2.50%  3%-3.50% 2.00% 3.00%
July18,2014 2.40% 3.05% 2.00% 2.85% 2.75% 3.25% 2.25% 3.25%