Discovery Bank savings account options
Demand Savings Account
Get up to 6% interest.
Ideal when saving for emergencies because you have instant access to your money.
Notice Savings Account
Get up to 7.3% interest.
Ideal when saving for large purchases and you don't need immediate access to your money.
Tax-Free Demand Savings Account
Get up to 6.75% interest.
Ideal when saving towards long-term goals, with the benefit of not paying tax on your earnings.
Explore the Tax-Free Savings Account
Hybrid Fixed Deposit Account
Get up to 7.35% interest.
Ideal for long-term and short-term goals. You can save at fixed rates and still have access to your funds.
Explore Hybrid Fixed Deposit Accounts
Fixed Deposit Account
Get up to 9.8% interest.
Ideal for earning higher interest on money you won't need anytime soon.
Explore Fixed Deposit Accounts
Compare savings account options.
Compare the features, rates and fees of all Discovery Bank savings account options.
See the comparison tableReasons to save with Discovery Bank
Earn more with Dynamic Interest Rates
Boost your interest on select savings accounts with Dynamic Interest Rates that increase based on your Vitality Money status and the Discovery Bank products you have.
Grow your savings with fixed deposits
Lock in great returns with a Fixed Deposit Account, or stay flexible with a Hybrid Fixed Deposit Account - access up to 30% of your deposit anytime while your money grows.
Save your way
Choose from a range of day-to-day and long-term savings accounts to match your goals. You can open multiple accounts, with no monthly fees.
Manage and grow effortlessly
Open and manage savings in seconds with the Discovery Bank app, and grow your money with a Tax-Free Demand Savings Account - pay no tax on the interest you earn.
Your ideal savings account: Demand Savings Account
Up to % interest
months = R
This is the savings balance you could potentially have at the end of your savings period based on your answers.
See how you could increase your savings by adjusting how long you save for. Try it out below:
Calculations are based on the maximum Dynamic Interest Rate percentages.
Calculations are made using nominal annual compounded monthly (NACM) rates.
Compare Discovery Bank savings accounts
| Feature / Benefit | Demand | Notice | Tax-Free | Fixed Deposit | Hybrid Fixed Deposit |
|---|---|---|---|---|---|
| Max interest rate¹ | 6% | 7.3% | 6.75% | 9.8% | 7.35% |
| Immediate access | Access up to 30% | ||||
| Notice required | 24 hours 32/60/90 days |
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| Tax-free | |||||
| Minimum start | R0 | R0 | R1 000 | R10 000 | R10 000 |
| Monthly fee | Free | Free | Free | Free | Free |
| Penalty on early withdrawal | |||||
|
Fees2
|
|||||
| Debit orders | R15 | ||||
| Returned debit fee | R15 | ||||
| Dispute debit order | R6 | ||||
| Digital payments | R15 | ||||
| Discovery Instant Pay/PayShap | R40 | ||||
| Contact Payments | |||||
| Free inter-account transfers | 3 | ||||
| Prepaid products and services | R1 fee | ||||
| Custom rate (large deposits) | |||||
| Foreign currency transactions | See foreign currency transaction fees | ||||
1 Rates quoted and indicated as either nominal annual compounded monthly (NACM) or period effective. NACM is the actual interest calculated annually paid out monthly, whereas period effective is the simple interest rate applied to the Initial amount invested.
2 Fees apply to savings accountholders without Discovery Bank transactional products. If you have a Ðiscovery Account, Discovery Bank Transaction Account, Discovery Bank Credit Card Account or Discovery Bank Suite, the pay-as-you-transact or bundled transaction fees in your banking fees guide will apply to transactions on your savings account.
3 Inter-account transfers from a Fixed Deposit Account are system generated on payout of interest, according to the selected interest payout option, and on payout of available funds on maturity, if this option is selected.
What you need to know about Discovery Bank savings accounts
A Discovery Bank savings account helps you put money aside for short‑ or long‑term goals while earning interest. You can choose from different savings options, depending on how often you want to access your money and how long you want to save for.
You deposit money into your savings account and earn interest on your balance. Interest is calculated on your daily balance and paid monthly, unless stated otherwise. With Vitality Money, healthier financial behaviour can help you earn a higher, dynamic interest rate.
You can open a savings account digitally in the Discovery Bank app. Simply choose the savings account that suits your goal and follow the in‑app steps to get started. There's no need to visit a branch.
A transaction account is designed for everyday spending, payments and withdrawals. A savings account is designed to help you grow your money over time by earning interest, with fewer day‑to‑day transactions. Many clients use both: a transaction account for daily banking, and a savings account for their goals and emergency fund.
This depends on the type of savings account you choose. Some savings accounts offer immediate access, while others require notice or a fixed term in exchange for potentially higher interest. You can choose the option that best matches your savings goal.
Always see the Discovery Bank app for the latest interest rates.
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.