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 | 1%*** | 5.75% | 5.75% | 8% |
*NACM: Nominal annual compounded monthly
***Base rate of 3.5% on positive balances in transaction and credit card accounts on Discovery Bank Suites
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 | 5.35% | 5.85% | 8.45% | 8.5% | 8.55% |
*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 | 7.3% | 8.1% | 9% | 8.4% | 8.75% | 8.85% | 9% |
| Interest at maturity (Effective)** | R10 000 | 7.34% | 8.24% | 9.38% | 8.92% | 9.52% | 10.09% | 11.31% |
| Interest upfront (Effective)** | R10 000 | 7.21% | 7.91% | 8.58% | 7.87% | 8% | 7.75% |
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.
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.