Savings accounts rates and fees
Rates
| Savings interest rates | Discovery Bank Transaction Account | Vitality Savings Account | Demand Savings Account | Tax-Free Demand Savings Account |
|---|---|---|---|---|
| *NACM rate | 0.50% | 5.50% | 5.50% | 7.75% |
*NACM: Nominal annual compounded monthly
Notice Savings Accounts
| Savings interest rates | 24-hour Notice Savings Account Balances below R100 000 |
24-hour Notice Savings Account Balances above R100 000 |
32-day Notice Savings Account |
60-day Notice Savings Account |
90-day Notice Savings Account |
|---|---|---|---|---|---|
| *NACM rate | 5.60% | 5.60% | 8.20% | 8.25% | 8.30% |
*NACM: Nominal annual compounded monthly
Fixed Deposit Account
| Savings interest rates | Deposit | 3 months | 6 months | 12 months | 18 months | 24 months | 36 months | 60 months |
|---|---|---|---|---|---|---|---|---|
| Interest monthly (NACM)* | R10 000 | 7.95% | 8.25% | 8.30% | 8.10% | 8.10% | 8.10% | 8.60% |
| Interest at maturity (Effective)** | R10 000 | 8% | 8.39% | 8.62% | 8.58% | 8.76% | 9.13% | 10.70% |
| Interest upfront (Effective)** | R10 000 | 7.85% | 8.06% | 7.94% | 7.60% | 7.45% | 7.17% |
Monthly (NACM)*: Nominal annual compounded monthly. The actual interest earned over one month period.
Maturity (Effective)**: Simple interest. The rate is applied to the principle amount invested.
Upfront (Effective)**: Simple interest. The rate is applied to the principle amount invested.
Tax-Free Demand Savings Account
| Fees that may apply to your account | |
|---|---|
| Monthly fee | Free |
| Inter-account transfers | Free |
| Electronic funds transfers | R15 |
| Real-time payments | R35 |
Notice Savings Account
| Fees that may apply to your account | |
|---|---|
| Monthly fee | Free |
| Inter-account transfers | Free |
| Electronic funds transfers | R15 |
| Real-time payments | R35 |
Demand Savings Account
| Fees that may apply to your account | |
|---|---|
| Monthly fee | Free |
| Inter-account transfers | Free |
| Electronic funds transfers | R15 |
| Real-time payments | R35 |
| Debit order fee | R15 |
| Prepaid airtime, data and SMS purchases | Free |
Zero Monthly account fees and fee transactions included if on a bundled price plan.
Automatic CODI deposit cover of up to R100,000 per depositor in case of a bank failure and its liquidation.
Always see the Discovery Bank app for the latest interest rates.
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.