Discovery Bank
Demand Savings Account
(Also applicable to the Vitality Savings Account)
Up to 6% interest
A Demand Savings Account is ideal for saving for emergencies, short-term goals, or for flexible saving habits.
Why choose the Demand Savings Account
A Demand Savings Account offers you immediate access to your money, allowing you to withdraw money at any time without notice, unlike fixed or notice accounts which need advance notice or have locked-in terms.
Get up to 6% interest.
Save for events, special purchases and emergencies
Immediate access to your money
Control how often and how much you want to save
What can you do with a Demand Savings Account ?
- A day-to-day savings account with instant access to your money.
- Start saving from any amount - no minimum amount needed.
- Control when and how you add to your savings.
- Transfer money between linked accounts.
- Pay your beneficiaries and contacts saved on your phone using Contact Payments.
What interest can you get with a Demand Savings Account
- Get up to 6% interest with a Demand Savings Account.
- Earn at a base rate of 4.5% which you can boost to up to 6% based on your Vitality Money status and Discovery Bank products.
- With Vitality Money, you earn a Dynamic Interest Rate boost by managing your money well. Terms and conditions apply.
Save more with Dynamic Interest Rates
Wouldn't it be great if your bank gave you better interest rates if you showed that you make smart money decisions? Discovery Bank does just that! You're in control of growing your savings with Dynamic Interest Rates.
Get up to 6% on your Demand Savings Account
4.5%
Base rate
Up to 1.5% boost
Dynamic Interest Rate
Up to 6%
Total reward potential
Improve your Vitality Money status and you can improve your interest rates
| Discovery Bank product | Blue  |
Bronze  |
Silver  |
Gold  |
Diamond  |
|---|---|---|---|---|---|
| Gold Transaction Account (Pay-as-you-transact) | 4.5% | 4.575% | 4.65% | 4.875% | 5% |
| Platinum or Black Transaction Account (Pay-as-you-transact) | 4.5% | 4.65% | 4.8% | 5.25% | 5.5% |
| Transaction Account (Bundled) | 4.5% | 4.75% | 5% | 5.5% | 6% |
| Credit Card Account | 4.5% | 4.65% | 4.8% | 5.25% | 5.5% |
| Suite | 4.5% | 4.75% | 5% | 5.5% | 6% |
We quote your interest at nominal annual compounded monthly (NACM) and period effective rates. All interest rates and fees are as at the publication date. Automatic corporation for deposit insurance (CODI) cover of up to R100,000 per depositor in case of a bank failure and its liquidation. Remember that our savings accounts don't come with bank cards. You can get physical and virtual bank cards when you open a transaction or credit card account.
Always see the Discovery Bank app for the latest interest rates.
What fees and charges do you pay on a Demand Savings Account ?
- No monthly fee.
- Pay only for your day-to-day transactions.
How do you apply for a Demand Savings Account?
- Log in to your Discovery Bank app.
- Tap Accounts.
- Scroll down and tap Add account.
- Tap Save and Invest.
- Scroll down to the Demand Savings tile and select Get this.
Not a Discovery Bank client yet? Get some of SA's best savings rates and pay no monthly fees. Download the app and sign up in minutes, call us on 0860 000 628 or fill in some quick details and we'll call you.
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Get a savings account that matches your day-to-day and long-term savings goals. Plus you can open multiple accounts, with no monthly fees.