The South African Reserve Bank announced a 0.25% decrease in the repo rate to alleviate the financial strain on South Africans. Here's what you need to know:
- The personal borrowing rate will reduce by 0.25% from 24 July.
- The deposit interest rates will remain in place until 6 August 2020 for you to lock in a higher interest rate on your savings.
Keep saving and secure a higher interest rate until 6 August
In support of Savings Month, we are not applying the repo rate change on our savings products immediately. The interest rate you earn on your existing savings products will stay the same until 6 August 2020. If you don't have an existing savings product, you can still benefit from this offer. If you open a Fixed Deposit Account before the new rates go live on 6 August (in other words, before midnight on 5 August 2020), you can secure the current interest rate for the duration of your investment, which means your savings will be unaffected by the 0.25% interest rate cut.
New: 24-hour Notice Savings Account for maximum growth of short-term savings
You can invest your money for a short term. With the new 24-hour Notice Savings Account, you have access to your money after 24 hours, while you also get the following benefits:
- Up to 5.50% interest (which will decrease to 5.25% on 6 Aug 2020) with Vitality Money and the Dynamic Interest Rate boost.
- Zero monthly account fees and free transactions3.
Supporting long-term goals with rewards for saving more for longer
As a client of Discovery Bank, you can enjoy market-leading interest rates of up to 9.01%1 (for clients younger than 55 years) with our 36-month Fixed Deposit Account until the end of August 2020. The minimum deposit is only R10 000, and you'll pay zero monthly fees.
Paying less on credit
In line with the repo rate cut, personal borrowing rates will also decrease. With our Dynamic Interest Rates, you have the opportunity to reduce your interest rate on borrowing by up to 6% more.
Make the best choice to keep growing your savings with one of the Discovery Bank savings solutions. You'll be guaranteed a higher interest rate until the rate changes on 6 August 2020, and market-leading growth of your investment. Read more about our interest rates and special offers including a 36-month fixed deposit and our new 24-hour Notice Savings Account.
1 This is the effective interest rate of the 36-month Fixed Month Deposit Account paid at maturity.
2 Rates quoted as at 7 July 2020. Balances up to R500 000 compared against the 4 largest retail banks for comparable products and investment terms.
3 If on a bundled fee option. Products available as part of a promotion. Discovery Bank reserves the right to withdraw any product without prior warning.