Tax year-end is 28 February - top up your tax-free savings now!

You've worked hard over the last year - now make sure your money does too! As the tax year draws to a close, ask yourself: Have I used my full tax-free savings allowance?

With a Discovery Bank Tax-Free Savings Account, you can grow your money without paying tax on interest, helping your savings go further, faster.

Here's why it's worth acting before February ends:

• Tax-free growth: Keep 100% of your returns - pay no tax on interest earned.
• A competitive 6.5% interest rate: Earn solid growth on your savings.
• Zero monthly fees: No admin costs nibbling away at your balance.
• Flexible saving: Start from just R1,000, add money whenever it suits you, and stay in control with the convenience of your banking app.

Easy tax-free saving, right from your app

Your TFSA lives in your Discovery Bank app, making it simple to manage. You can add money whenever you like, view transaction history, and withdraw funds if you need to. Just remember: once you withdraw, that contribution allowance is gone for good. That's why TFSAs work best as long-term savings.

February deadline = use it or lose it

If you don't use your full R36,000 annual allowance by 28 February 2026, it doesn't roll over. That opportunity is gone. Go over the limit, and SARS applies a 40% penalty on the excess. But staying within the rules is worth it for stress-free, tax-efficient growth!

The South African Reserve Bank limits contributions to tax-free savings accounts to R36,000 per tax year. We recommend contributing at least 10 business days before tax year-end (by 16 February 2026) so it clears in time to count towards the current tax year. It gives your contribution time to reflect, earn interest, and removes last-minute pressure.

How to save tax-free today

1. Already bank with us?
   Log into your Discovery Bank app and tap Accounts > Add Account > Save and Invest > Tax-Free Demand Savings Account.
2. New to Discovery Bank?
   Download the Discovery Bank app, open a Demand Savings Account and add a Tax-Free Demand Savings Account
3. Have a TFSA elsewhere?
   Call 0800 07 96 97 and we'll help you transfer your previous contributions to Discovery Bank.

Whether you're saving for a future milestone, financial freedom, or simply peace of mind, a TFSA is one of the smartest places to start. And the sooner you act, the more time your money has to grow - tax-free!

Disclaimer:
This article is for informational purposes only and does not constitute financial advice. Please consult a financial adviser for personalised guidance. Interest rates shown as at 29 January 2026. Always see the Discovery Bank app for latest rates. Limits, terms and conditions apply.