Last chance to max your tax-free savings in this tax year.

The end of the tax year is fast approaching, but there's still time to make your savings work harder - tax-free! With a Discovery Bank Tax-Free Demand Savings Account, you can enjoy:

• Tax-free growth: Pay no tax on interest earned. This means the returns on your investments grow without the burden of taxes, enhancing your savings over time.
• Interest at 7.25%: Grow your money faster with competitive rates.
• Zero monthly fees: Every cent you save goes straight towards your goals.
• Flexible saving: Start from just R1,000 and contribute at your own pace, up to your annual and lifetime contribution limits.

Save, reinvest, and watch those returns grow!

One of the benefits of a Discovery Bank Tax-Free Demand Savings Account is the ability to earn compound interest. By reinvesting your returns, your savings grow exponentially over time. The longer you keep your funds invested without withdrawals, the more substantial your savings become, thanks to the compounding effect.

Tax-free saving is easy-peasy in your banking app

Tax-free savings accounts are designed to fit your lifestyle - even more so when they're accessible right in your Discovery Bank app! You can add to your account whenever it suits you - as long as you stay within the annual contribution limit of R36,000 and the lifetime contribution limit of R500,000. Note that these limits apply collectively across any tax-free savings products you hold, not just those you have with Discovery.

Need to access your money? You can withdraw funds at any time, but keep in mind that once you withdraw, you can't put that amount back. This means withdrawals reduce your contribution room, which could affect your ability to grow your savings over the long term.

The tax year ends in February - so act now

If you don't use your full R36,000 allowance for this tax-year before 28 February 2025, you lose it - there's no carry-over to the next year. If you're transferring funds from another bank, remember to send them a few days ahead to ensure they reach us before the new tax year begins on 1 March 2025, else they'll be allocated to the following year's allocation limit.

On the flip side, if you go over the limit, you'll face a hefty 40% penalty on the extra amount. So, stay within the limits and take advantage of this opportunity to save for your future, stress-free.

How to save in a Tax-Free Demand Savings Account today

1. Already a client? Just log in to your Discovery Bank app, select More from the bottom navigation menu, scroll down and tap Add Account. Choose the Tax-Free Demand Savings Account option and follow the prompts.

2. New to Discovery Bank? Download the Discovery Bank app to begin the registration process and open a Demand Savings Account. Once your account is set up, you can add a Tax-Free Demand Savings Account and start contributing immediately.

3. Have a tax-free savings account elsewhere? If you're missing out on Discovery Bank's great interest rates, call us on 0800 07 96 97 by 17 February 2025 and we'll help you transfer your existing tax-free savings balance.

Whether it's for retirement or your child's education, a tax-free savings account can help you get there. Remember, the sooner you contribute, the more time your money has to grow, so act today to invest in your future!

This article is for informational purposes only and does not constitute financial advice. For personalised advice, please consult your financial adviser. Always see the Discovery Bank app for the latest interest rates.