Discovery Demand Savings Account Review for May 2024
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 1st May 2024 by Walter
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 | 3.50% #14 out of 23 | 4.82% | - R 137 |
| R10,000 | 3.50% #14 out of 23 | 4.82% | - R 137 |
| R100,000 | 3.50% #31 out of 35 | 6.59% | - R 3,233 |
| R100,000 | 3.50% #31 out of 35 | 6.59% | - R 3,233 |
| R250,000 | 3.50% #33 out of 37 | 6.83% | - R 8,732 |
| R250,000 | 3.50% #33 out of 37 | 6.83% | - R 8,732 |
| R1,000,000 | 3.50% #29 out of 33 | 6.65% | - R 33,029 |
| R1,000,000 | 3.50% #29 out of 33 | 6.65% | - R 33,029 |
| R5,000,000 | 3.50% #29 out of 33 | 6.65% | - R 165,145 |
| R5,000,000 | 3.50% #29 out of 33 | 6.65% | - R 165,145 |
- 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.
| Investment amount | Nominal | Industry average1 | Earnings vs average2 |
|---|---|---|---|
| R10,000 for 18+ | 3.50% | 4.82% | - -137 |
| R10,000 for 18+ | 3.50% | 4.82% | - -137 |
| R100,000 for 18+ | 3.50% | 6.59% | - -3,233 |
| R100,000 for 18+ | 3.50% | 6.59% | - -3,233 |
| R250,000 for 18+ | 3.50% | 6.83% | - -8,732 |
| R250,000 for 18+ | 3.50% | 6.83% | - -8,732 |
| R1,000,000 for 18+ | 3.50% | 6.65% | - -33,029 |
| R1,000,000 for 18+ | 3.50% | 6.65% | - -33,029 |
| R5,000,000 for 18+ | 3.50% | 6.65% | - -165,145 |
| R5,000,000 for 18+ | 3.50% | 6.65% | - -165,145 |
- 1 industry average refers to the average interest rate across all other banks
- 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.
You get a 3.5% 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 6.65%. Over one year you will earn R165,145 less 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 | R1 | 1.00% |
| AfricanBank MyWorld | R1 | 1.00% |
| AfricanBank Savings Pocket | R1 | 7.00% |
| Capitec Savings | R0 | 3.20% - 7.15% |
| FNB Linked Savings | R1 | 7.05% - 7.80% |
| Standard Bank PureSave | R0 | 5.30% - 6.10% |
| Discovery Demand Savings Account | R10,000 | 3.50% |
| Bidvest Bank Call Account | R1,000 | 4.20% - 6.20% |
| Nedbank Just Invest | R500 | 7.05% - 8.75% |
| TymeBank GoalSave | R1 | 7.00% |
