Discovery Bank
Tax-Free Demand Savings Account
6.75% interest
A Tax-Free Savings Demand Savings Account is ideal for saving towards long-term goals, with the benefit of not paying tax on your earnings.
Why choose a Tax-Free Demand Savings Account
A Tax-Free Demand Savings Account offers you a tax-free investment option that is ideal for long-term goals, like retirement, while still allowing you immediate access to your money if needed. Remember that annual tax-year and lifetime contribution limits exist.
Get 6.75% interest
Immediate access to your money
Take advantage of annual tax-free investment allowances
What can you do with a Tax-Free Demand Savings Account?
- Control when and how you add to your savings, up to the prescribed annual contribution and lifetime limit.
- Transfer existing tax-free savings from other banks without affecting your contribution limits. Call us on 0800 07 96 97 to arrange your transfer in.
- Pay your beneficiaries and contacts saved on your phone using Contact Payments.
What interest can you get with a Tax-Free Demand Savings Account?
- Get 6.75% interest on your savings.
- Earn interest on your savings, tax-free.
- Save from R1,000, up to your annual limit.
- Save up to your contribution limit of R46,000 per tax year, and a R500,000 lifetime contribution limit. Exceeding the limits will result in a 40% penalty on contributions above these limits set by the South African Revenue Service (SARS).
What fees and charges do you pay on a Tax-Free Demand Savings Account?
- No monthly fee.
- Pay only for your day-to-day transactions.
How do you apply for a Tax-Free 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.
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.
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Save with Discovery Bank
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.