A fast chopper system has been developed and tested for single bunch selection with the radio-frequency quadrupole (RFQ) accelerating element of the Soreq Applied Research Accelerator Facility (SARAF). The fast chopper consists of a high voltage (HV) deflector just before the RFQ, providing both positive and negative HV deflections and fast HV switching between polarities to enable momentary transmission of a single prebunch to the RFQ. Presently, the system enables single bunch selection for protons and deuterons at a repetition rate as determined by the user of up to 200 kHz, with bunch transmission of up to 50%, and with neighboring bunch contamination of less than 15%. Single bunch selection provides SARAF with fast neutron time-of-flight (TOF) capabilities. Measurements performed with liquid scintillation detectors show clear gamma and neutrons peaks, with TOF resolution of about 1 nanosecond FWHM. Beam dynamics simulations suggest possibilities for further improvements of the fast chopper and single bunch selection characteristics, with a significant lowering or elimination of the neighboring bunches, enhanced TOF resolution, and increased repetition rate to above 200 kHz. Fast neutron TOF capabilities, especially at phase II of SARAF, will provide exceptional opportunities for neutron induced reaction measurements for nuclear technology and fundamental research.