We have the perfect savings account for your 2023 financial goals
Saving for a rainy day, a comfortable retirement or a luxury holiday? Discovery Bank has a wide range of savings accounts to help you achieve your 2023 financial goals. Plus, you get some of the best interest rates in South Africa.
Remember the old saying, "Every little bit counts"? It's certainly true for saving money where small changes can have a big impact on your bank balance.
Discovery Bank clients with Vitality Money can save money daily by making the most of their Discovery Miles discounts. They can get up to 40% off when they spend their Discovery Miles at our online and in-store retail partners.
The best part? This is money that can be put towards your savings account.
But remember, you need an account that matches your SMART savings goal.
Your savings goal should be SMART
Specific - say exactly what you want to do
Measurable - to keep track of your progress
Achievable - be realistic so that you can reach it
Relevant - the goal has to matter or add value
Time-bound - steps to reach the goal in a specific time frame
How to find the right savings account for you
Our wide range of savings products are tailored to suit your needs, whether you're saving for emergencies or towards a medium-term or long-term goal. Why? Because choosing the right account to match your savings goal can help your money grow faster.
Things you need to consider:
- How quickly do you want to access your money?
- Which is of more importance to you, quick access to your funds or higher interest rates?
- How much money do you have available to save right now?
- Do you need the ability to add more funds in future??
Once you've answered these questions, you can choose from a wide range of savings accounts, including tax-free savings, fixed deposit and notice saving accounts with market-leading, interest rates. Plus, you can add a free savings account in your banking app in just a few taps.
Let's see how our accounts compare:
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Demand Savings Account > Up to 6% interest1 > No minimum amount needed > Control how often and how much you want to save > No monthly fee
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Notice Savings Account > Up to 6.5% interest1 (24-hour notice) > 7.25% interest1 (32-day notice) > 6.5% interest (60-day notice) > 6.7% interest (90-day notice) > Get access to your money by giving us the stipulated notice > Add additional funds whenever you need > Earn a Dynamic Interest Rate boost on 24-hour notice accounts > Start saving from any amount > No monthly fee
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Tax-free Demand Savings Account > Earn 6.5% interest1 on savings, tax-free > Save from R1,000 up to your tax-free contribution limits > Add additional funds whenever you want > No monthly fee
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Fixed Deposit Account > Up to 12.1% interest2 > Save a lump sum upfront and earn monthly interest > Minimum balance of R10,000 > Choose your investment term, from 3 to 60 months > No monthly fee
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¹Interest quoted at nominal annual compounded monthly (NACM).
²Interest quoted at period effective rate.
All interest rates and fees are as at the publication date.
Here's how our notice savings accounts outshine the rest
What is a notice savings account? Simply put, you let us know within a specific notice period when you want to withdraw your money. The longer the money stays in your account, the more we can help it grow for you.
Explore our savings accounts to learn more. Already know which one you want? Add a new savings account in just a few taps on your banking app.
Need a little help freeing up more for savings?
A staggering 93% of clients who did a Worth financial education course in the Discovery Bank app in 2022 reported feeling more confident about how to invest and build their wealth.
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.
Travel is more affordable than ever with Vitality Travel
Get between 10% and 75% off flights when you book your local or international flights with Vitality Travel. Then, get up to 25% off accommodation from our partners across South Africa including hotels, B&Bs, luxury resorts, thrilling game lodges and more, for all Vitality Health members and qualifying Discovery Bank clients. Enjoy 15% off your next trip when you book exclusive holiday packages. Plus, save up to 25% on car hire.
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Did you know? You can shop at our extensive network of online and in-store Discovery Miles partners using your Discovery Bank app. Shopping for essentials and spoils has never been easier or more convenient.