Discovery Demand Savings Account Review for October 2024

Last updated 2nd October 2024 by Walter

Introduction

The Discovery Demand Savings Account is a savings account offered by Discovery. Unlike notice or fixed deposits, savings accounts allow quick and easy access to your money.

This page summarises interest rates offered by Discovery Demand Savings Account and compares them to South Africa's savings account industry average. So you can get a good idea how the interest rates offered by Discovery Demand Savings Account compare to other banks.

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Discovery Demand Savings Account highlights

last updated 2nd October 2024 by Walter

R10k
min deposit
7.25%
interest rate

Discovery Demand Savings Account

This table shows Discovery Demand Savings Account's interest rates for a R10,000, R100,000, R250,000, R1,000,000 and R5,000,000 investment in Discovery Demand Savings Account versus the industry average.

Investment amount Nominal Industry average1 Earnings vs average2
R10,000
7.25%
#4 out of 34
4.99%
+ R
239
R10,000
7.25%
#4 out of 34
4.99%
+ R
239
R10,000
7.25%
#4 out of 34
4.99%
+ R
239
R100,000
7.25%
#31 out of 52
6.59%
+ R
698
R100,000
7.25%
#31 out of 52
6.59%
+ R
698
R100,000
7.25%
#31 out of 52
6.59%
+ R
698
R250,000
7.25%
#34 out of 55
6.76%
+ R
1,312
R250,000
7.25%
#34 out of 55
6.76%
+ R
1,312
R250,000
7.25%
#34 out of 55
6.76%
+ R
1,312
R1,000,000
7.25%
#27 out of 48
6.59%
+ R
6,988
R1,000,000
7.25%
#27 out of 48
6.59%
+ R
6,988
R1,000,000
7.25%
#27 out of 48
6.59%
+ R
6,988
R5,000,000
7.25%
#27 out of 48
6.59%
+ R
34,942
R5,000,000
7.25%
#27 out of 48
6.59%
+ R
34,942
R5,000,000
7.25%
#27 out of 48
6.59%
+ R
34,942
  • 1 industry average refers to the average interest rate across all other savings accounts for the given investment amount
  • 2 the amount of interest you will be able earn over and above the average.
    A negative amount means that the average savings account in South africa will give you more than Discovery Demand Savings Account.
How to read this table?

You get a 7.25% interest rate at Discovery Demand Savings Account for a R5,000,000 investment. The industry average for a savings account with a balance of R5,000,000 is 6.59%. Over one year you will earn R34,942 more in interest at Discovery Demand Savings Account compared to the average savings account.

Here are other similar savings accounts in South Africa which require a minimum deposit between R0 - R10,000

Account Min Deposit Rate
AfricanBank Power Pocket R11.00%
AfricanBank MyWorld R11.00%
AfricanBank Savings Pocket R16.50%
Capitec Savings R02.75% - 6.90%
FNB Linked Savings R16.80% - 7.50%
Standard Bank PureSave R05.25% - 5.55%
Discovery Demand Savings Account R10,0007.25%
Bidvest Bank Call Account R1,0003.95% - 5.95%
Nedbank Just Invest R5006.75% - 8.00%
TymeBank GoalSave R17.00%
BankZero Savings R16.70% - 7.55%