A banking app that makes saving simple

Discovery Bank is all for healthier financial habits. That's why we make opening a savings account so easy in your banking app. Add multiple savings accounts as you need ‒ one for each of your goals ‒ and enjoy competitive interest rates with zero monthly fees.

Did you know that Discovery Bank's interest rates are higher than the market average for most of our savings products, compared to the largest six banks in South Africa (based on their deposit books)?

In addition to our competitive interest rates, by improving your Vitality Money status, you can earn up to 1.5% extra with Dynamic Interest Rates on our demand and 24-hour notice accounts.

Here's just a few reasons why they're more motivated to save than ever!

Saving made simple in your super-app

• Select from a range of savings accounts with different notice periods, terms and interest rates.
• Save for any occasion by adding multiple savings accounts as you want in the banking app in just a few taps.
• All savings accounts have zero monthly fees.
• You can enjoy boosted savings rates for managing your money well on demand and 24-hour notice accounts, based on your Vitality Money status.
• Securely hide any savings accounts in your app using an advanced digital security vault.

Pick a savings account that suits your goals

Using this feature is simple. In your app, you can choose between our different types of savings accounts:

Demand Savings Account

Best for:

• Emergency funds
• Saving for short-term goals like a new phone, laptop or weekend getaway
• Keeping your money accessible while earning interest.

Why choose it:

The Demand Savings Account gives you immediate access to your money, with no minimum deposit needed. You can save as much or as little as you like, whenever you like ‒ and still earn up to 6.25% interest with Dynamic Interest Rates that put you in control.

Watch how easy it is to open a Demand savings account in the app: https://discv.co/DemandSavingsAccountVideo

Notice Savings Account

Best for:

• Saving for school fees, insurance premiums or big purchases
• Medium-term goals where you don't need instant access.

Why choose it:

With the Notice Savings Account, you choose a notice period (24 hours, or 32, 60 or 90 days) before you can access your money. In return, you earn up to 7.55% interest ‒ a great reward for your patience and planning.

Watch how to open a Notice Savings Account: https://discv.co/NoticeSavingsAcc

Tax-Free Demand Savings Account

Best for:

• Long-term savings for education, retirement or a first home
• Parents saving for their children's future
• Anyone looking to maximise returns without paying tax on interest earned.

Why choose it:

This account lets you earn 7% interest, and your returns are completely tax-free (within the annual and lifetime contribution limits set by SARS). It's a smart way to grow your money over time.

Watch how to get started: https://discv.co/TaxFreeDemandSavingsAcc

Fixed Deposit Account

Best for:

• Saving for a wedding, home deposit or overseas trip
• Investors who don't need immediate access to their money
• Locking in a high interest rate for a set period.

Why choose it:

With terms from 3 to 60 months and interest rates of up to 9.95%, the Fixed Deposit Account is ideal for disciplined savers who want to maximise returns. You can choose to have your interest paid monthly, upfront or at maturity.

How to add a new savings account

1. Log in to the Discovery Bank app.
2. Tap More.
3. Scroll down and tap Add Account.
4. Tap Save and Invest.
5. Choose an account from the list and tap See more.
6. Tick the relevant Ts & Cs boxes and tap Get this.
7. In a world that's more complex each day, you need one simple app that can do it all. Our banking app features make your life simple and convenient.

In a world that's more complex each day, you need one simple app that can do it all. Our banking app features make your life simple and convenient.

Don't miss your chance to win your share of Ð100,000

Be sure to check out our social media savings campaign on Facebook and X for tips, inspiration, and even more chances to win. Start today and let your savings work for you!

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.

Rewards are based on your engagement in Vitality programmes, Discovery products, and monthly qualifying card spend. Discovery Bank, Auth FSP. Limits, terms and conditions apply.

Rates shown are as of 23 July 2025, always check the Discovery Bank app for the latest rates.