A banking app that makes saving systematic and simple
Discovery Bank is all for healthier financial habits. That's why we make opening a savings account so easy on your banking app. Add as many savings accounts as you need - one for each of your goals, even - and enjoy competitive interest rates with zero monthly fees
Did you know that, when compared to the largest six banks in South Africa (and based on their deposit books), Discovery Bank's interest rates are higher than the market average for most of our savings products?
In addition to our competitive interest rates, by improving your Vitality Money status, you can earn an extra up to 1.5% with Dynamic Interest Rates on our demand and 24-hour notice accounts.
So far, our clients have saved over R13 billion in their Discovery Bank savings accounts.
Here's just a few reasons why they're more motivated to save than ever!
Saving made simple from your super-app
No matter what you're dreaming of and planning for, it's easier to achieve your savings goals when you have a separate account tailored to each one. Open a savings account quickly and easily on your banking app:
- Select from a range of savings accounts with different notice periods, terms, and interest rates.
- Save for any occasion by adding as many savings accounts as you want through the banking app in just a few taps.
- All savings accounts have zero monthly fees.
- You can enjoy boosted savings rates for managing your money well on demand and 24-hour notice accounts, based on your Vitality Money status.
- Hide your savings accounts on your app when you don't need to access them.
Pick a savings account that suits your goals
Using this feature is simple. From your app, you can choose between three types of savings accounts:
Demand Savings Account
Benefits:
- Get immediate access to your money.
- Control how often and how much you want to save.
- Save for events, special purchases and emergencies.
- Earn up to 7.25% interest.
Notice Savings Account
Benefits:
- Give notice when you need your money.
- Control how often and how much you want to save.
- Build up your savings for bigger purchases and events.
- Earn up to 8.55% interest.
Fixed Deposit Account
Benefits:
- Earn higher interest on your savings over a fixed period.
- Invest a lump sum upfront.
- Grow your savings for retirement.
- Earn up to 11.31% interest.
Read more on how the right savings account can help you achieve your goals.
How to add a new savings account
Ready to start saving? To open an account, simply:
- Log in to the Discovery Bank app.
- Tap Accounts.
-
Tap
in the top-right corner. - Tap Add account.
- Tap Save and Invest.
- Complete the salary information and tap Next.
- Choose an account from the list and tap See more.
- Tick the relevant Ts&Cs boxes and tap Get this.
Discover the super banking app of the future. Now.
In a world that's becoming more complex, you need one simple app that can do it all. In this series of blog posts, we're showcasing some of our best banking app features that make your life simple, convenient and affordable.
The Future of Banking. Now.
This article is meant only as information and should not be taken as financial advice. For tailored advice, please contact your financial adviser.
Discovery Miles do not constitute currency or any other medium of exchange in circulation in South Africa. Rewards are based on your engagement in Vitality programmes, Discovery products, and monthly qualifying card spend. Discovery Bank, Auth FSP. Limits, terms and conditions apply.
Discovery Miles are more valuable than cash on the Discovery and Discovery Bank apps, in-store and online with Discovery Vitality's partners.
