World Savings Day on 31 October is a reminder that financial wellness is a path towards security and independence. It doesn’t matter if you’re just starting out, scaling your career, or building a legacy for yourself or your family, smart saving habits form the foundation of growing this long-term stability.
This year, the campaign for World Savings Day, “This is not a savings account”, aims to create awareness that saving is more than just having deposit accounts. While these accounts support specific saving goals to give structure to your plan and to grow your money by earning interest, it is also about making the act of saving a sustained part of building the future you want.
Smart saving tip for where you are
Here’s how to make saving second nature:
1. For the go-getter: automate your savings ambition
You’re building your future, one paycheck at a time. The secret to making your financial wellbeing part of your budget? Pay yourself first. Set up automatic transfers to an account the moment your salary lands. With Discovery Bank’s banking app, it’s simple and quick to set up scheduled transfers between accounts to automate your savings.
And the Vitality Money behaviour-change programme helps you track your financial habits and rewards you for saving consistently. Good savings habits give Discovery Bank clients on the highest Vitality Money statuses, Diamond and Gold, more money back. They have earned over R160 million in interest savings boosts through Dynamic Interest Rates on savings products because Discovery Bank’s savings accounts are designed to support goal-based saving.
2. Let your money work while you work: mobile-first solutions help
As a professional, you’re always on the move and your money should be too. Use smart budgeting tools to identify spending leaks and redirect those funds into high-interest savings. Use Discovery Bank’s Vitality Money Financial Analyser to automatically categorise your spending to make more conscious choices about how you spend and save.
Discovery Bank savings accounts are easy to activate on the app to make sure your savings to keep pace with your success.
3. Wealth-building: Continue to save with purpose
If you’re planning for school fees, holidays, and a comfortable retirement, create savings buckets for each priority. With Discovery Bank’s approach to rewarding good financial behaviour, such as building up savings, the savings options include fixed deposit accounts that offer interest rates of up to 9.95% a year, depending on the term you choose.
Notice accounts with 32-, 60-, or 90-day notice periods also provide better interest rates than instant-access accounts. The Hybrid Fixed Deposit Account is a new account that combines competitive interest rates with flexible access to your funds, giving you the best of both worlds – earning higher interest on deposits from R10 000 while you can access a portion of your money. Whether you’re saving for a future goal or want peace of mind in case of emergencies, you’ll benefit from:
- Flexible withdrawals with access to 10%, 20%, or 30% of your savings instantly – no waiting, no penalty.
- Optional investment terms that suit your goals, from three to 24 months.
- Attractive returns of up to 7.35% interest on your savings.
- Competitive rates and a locked-in interest rate on your full investment.
The Hybrid Fixed Deposit Account in action
Lerato wants to invest an inheritance of R500 000. She wants a good interest rate but expects to use some money for short-term expenses. By placing R500 000 in the Hybrid Fixed Deposit Account instead of a usual Demand Savings Account, she will earn nearly R24 000 more in interest over 24 months, while still withdrawing R88 000, without any penalties.
It’s the perfect way to grow your savings with higher returns in interest while having the freedom to immediately access a portion of the deposited amount throughout the investment period.
Bonus tip: Celebrate your small wins every day
Saving is about daily decisions. Skip the impulse buys and let every rand you save work for the future you want. With Discovery Bank’s integrated savings accounts, tools and rewards, you can track your progress and stay motivated so you can thrive financially at every stage.
About the Author
