Along with Discovery Bank and their Credit Card there are a number of savings accounts that you can open within seconds on the Discovery Bank App.

Here is a breakdown of all the savings accounts: (Fixed Deposits at the bottom of the page

Discovery Savings AccountDiscovery Notice Savings AccountDiscovery Tax-Free Savings Account
A day-to-day savings account with instant access to your moneyA savings account that gives you access to your money after a notice period of 32 daysA 32-days notice savings account with excellent tax-free returns
Monthly CostFreeFreeFree
Interest RatesUp to 6%Up to 7%Up to 6%
Preferential negotiated interest rate boost available on deposits greater than R100 000Preferential negotiated interest rate boost available on deposits greater than R100 000Preferential negotiated interest rate boost available on deposits greater than R100 000
FeaturesNo minimum balanceNo minimum balanceInvest from R1 000
Additional deposits are allowedAdditional deposits are allowed
Your money is available when you need itAccess your money 32 days after giving us notice to withdraw your fundsAccess your money 32 days after giving us notice to withdraw your funds
Inter-account transfers are freeInter-account transfers are free
RewardsBy banking healthier with Vitality Money, you can grow your savings by up to 1.5%

Discovery Tax-Free Savings Account Additional Information

  • You don’t have to pay income tax, dividends tax or capital gains tax on the returns.
  • You can only contribute up to R33 000 a year (annual limit).
  • You get to invest up to R500 000 in your lifetime (lifetime limit).
  • Legislation governs these limits and they may change.
  • If you exceed these limits, the South African Revenue Service (SARS) will penalise 40% on contributions above the limits. For example: You invest R35 000 – exceeding the annual limit by R2000, 40% of R2000 = R 800 must be paid to SARS.
  • It’s your responsibility to make sure you don’t contribute more than these limits.
  • Parents can invest on behalf of their children. However, the account will be in the child’s name, using the child’s own annual and lifetime limits.
  • You can have more than one tax free investment, however, you’re limited to the annual limit of R33 000. For example, you can invest R11 000 (with Discovery Bank), R11 000 (with Bank B) and R11 000 (with Bank C).
  • Withdrawing from your tax-free investment means you use up both limit allocations (yearly and lifetime limits). For example, if you invest R33 000 for the year in May, but withdraw R20 000 in November. You can’t top it up again that year. It also affects your lifetime total, meaning you removed R20 000 from R500 000, reducing your lifetime limit to R480 000.
  • If you don’t invest up to the annual limit of R33 000, you cannot carry the unused portion forward to the new year. For example: You invest R27 000 in year 1. The unused portion of R6 000 is not rolled-over to year 2. In year 2, you can only invest up to R33 000.
Discovery Fixed Deposit AccountDiscovery Fixed Deposit Account with interest upfront
A savings account that allows you to choose your savings periodA savings account that allows you to choose your savings period and get the interest paid upfront
Monthly CostsFreeFree
Interest RatesUp to 8.79%Up to 7.58%
Preferential negotiated interest rate boost available on deposits greater than R100 000Preferential negotiated interest rate boost available on deposits greater than R100 000
FeaturesSave from R1 000Save from R1 000
Choose to have your interest paid out monthly or at maturityChoose to have your interest paid out upfront (with a minimum deposit of R50 000)
Choose to save from 3 to 24 monthsChoose to save from 3 to 24 months
Choose to reinvest or pay out your moneyChoose to reinvest or pay out your money

Savings accounts rates and fees

Discovery Fixed Deposit Account

Savings interest ratesDeposit3 months6 months12 months18 months24 months
Interest monthly (NACM)*R1 000+7.15%7.25%7.80%8.10%8.25%
Interest at maturity (Effective)**R1 000+7.19%7.36%8.08%8.58%8.79%
Interest upfront (Effective)**R50 000+7.06%7.11%7.48%7.61%7.58%

*NACM: Nominal annual compounded monthly 
**Effective: The rate is applied to the principal amount invested.

Discovery Tax-Free Savings Account

Fees that may apply to your account
Monthly feeFree
Inter-account transfersFree
Electronic funds transfersR15
Real-time paymentsR35

Discovery Notice Savings Account

Fees that may apply to your account
Monthly feeFree
Inter-account transfersFree
Electronic funds transfersR15
Real-time paymentsR35

Discovery Savings Account

Fees that may apply to your account
Monthly feeFree
Inter-account transfersFree
Electronic funds transfersR15
Real-time paymentsR35
Debit order feeR15

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