The smartest savings hack? Choosing the right account for the right goal

The reality is that saving isn't just about putting money aside. It's about choosing the right savings solution for the right goal.

Whether you're building an emergency fund, planning a dream holiday, saving for your child's future, or growing a lump sum investment, the way you save can make a meaningful difference to your returns.

Discovery Bank offers a range of savings accounts designed for different needs, all available in the Discovery Bank app with no monthly fees. Better yet, you can open multiple savings accounts and create a dedicated savings plan for each goal.

Here are five simple savings hacks to help you make the most of National Savings Month.

Savings hack #1: Give every savings goal its own account

One of the biggest reasons people struggle to save is because all their savings sit in one place.

Instead, create separate savings accounts for specific goals. One for your emergency fund. One for your annual holiday. Another for school fees or a new car deposit. By giving every goal its own dedicated account, it's easier to track your progress and stay motivated.

With Discovery Bank, you can open up savings accounts with no monthly fees, directly in the app in just a few taps, helping you stay organised and focused on your goals.

Savings hack #2: Keep emergency savings accessible

Every savings plan should start with an emergency fund.

A Demand Savings Account is ideal for money you may need at short notice, while still earning competitive interest. It's designed for short-term goals, unexpected expenses and flexible saving, giving you access to your money whenever you need it.

Discovery Bank clients can earn up to 6% interest, depending on their account and Vitality Money status.

Savings hack #3: Earn more by giving your money some notice

If you don't need immediate access to your savings, consider a Notice Savings Account.

A simple way to boost your returns is to match your notice period to your goal. Saving for school fees or a big planned purchase? A Notice Savings Account rewards you for planning ahead.

Discovery Bank offers notice periods ranging from 24 hours to 90 days, with rates of up to 7.3%.

Savings hack #4: Lock in higher returns with a Fixed Deposit Account

If you're saving towards a goal that's still a few years away, a Fixed Deposit Account can help your money work even harder.

Whether you're saving for a deposit on a home, to pay for a wedding, planning an overseas trip for your family or simply looking to grow a lump sum investment, a Fixed Deposit Account lets you lock in a competitive interest rate for a set period.

Discovery Bank's Fixed Deposit Account offers terms from 3 to 60 months, with returns of up to 9.58% when interest is paid at maturity. You can also choose to receive interest monthly or upfront, depending on your financial needs.

The savings hack? The longer you leave your money invested, the harder it can work for you.

Savings hack #5: Get the best of both worlds with a Hybrid Fixed Deposit Account

One of the biggest barriers to investing for longer periods is the fear that you might need access to your money unexpectedly. That's exactly why Discovery Bank introduced the Hybrid Fixed Deposit Account.

This innovative account combines the higher returns of a fixed deposit with the flexibility of immediate access to a portion of your investment. You can choose to keep 10%, 20% or 30% of your initial investment accessible at any time, while the remainder stays invested for your chosen term.

With terms ranging from 3 to 24 months and interest rates of up to 7.35%, it's an ideal solution for savers who want stronger returns without sacrificing flexibility. Investments start from R10,000 and there are no monthly fees.

Start small. Start now.

National Savings Month isn't about making drastic changes overnight. It's about taking steps towards a healthier financial future.

Whether that's building an emergency fund, opening a Notice Savings Account, locking in higher returns with a Fixed Deposit Account, or exploring the flexibility of a Hybrid Fixed Deposit Account, the most important step is simply getting started.

With Discovery Bank's range of savings solutions available in the banking app, saving for your future has never been simpler.

This article is intended for information purposes only and does not constitute financial advice. For advice tailored to your personal circumstances, please consult your financial adviser. Interest rates are subject to change. Always see the Discovery Bank app for the latest rates and product information.