Discovery Bank has unveiled its three banking accounts – Discovery Gold Card, Discovery Platinum Card, and Discovery Black Card – with prices ranging between R90 and R325 per month.
The bank was officially launched in November 2018 and since then it has slowly signed up new clients as part of its early testing period.
On 1 July, Discovery Bank started to add more clients to its platform with the aim of onboarding 1,000 new customers every day by the end of August 2019.
“We are encouraged by the substantial show of interest from non-Discovery clients,” Discovery Bank CEO Barry Hore said.
“We would like to give those who have already expressed interest, and who are patiently waiting for the opportunity to onboard, the assurance that we will get to them starting 1 July.”
Discovery Bank accounts and banking fees
The three Discovery Bank accounts include numerous features, including:
- A standalone credit card with a complimentary, separate transaction account for day-to-day banking.
- Up to 55 days interest-free for credit card transactions.
- Pay a single monthly fee for all your transactions.
- Vitality Money, which rewards you for banking healthier with Dynamic Interest Rates and boosted Vitality discounts and cash back.
- Up to 75% off local and international flights.
- A guest gets six free visits each year to 1,000s of airport lounges worldwide.
- Enhanced payment features including tap and go, Fitbit Pay, Garmin Pay, and Samsung Pay.
The Discovery Bank dynamic discounts include:
- Up to 75% off local flights and up to 50% off international flights.
- Up to 100% back on gym memberships.
- Up to 75% cash back on HealthyFood.
- Up to 50% cash back on HealthyCare and HealthyGear items.
- Up to 15% back on fuel at Shell and BP.
- Up to 15% back on Uber trips.
The table below provides an overview of Discovery Bank’s account and transaction fees.
|Discovery Full Banking Suite|
|Monthly account fee||R325||R135||R90|
|Vitality Money premium||R55||R45||R35|
|Cash withdrawal at local ATM||Unlimited||8 free||4 free|
|Cash withdrawal at local point-of-sale||Unlimited||Unlimited||Unlimited|
|Cash withdrawal at international ATM||Unlimited||R65||R65|
|Returned debit order||Free||Free||Free|
|Single credit facility initiation fee||R165||R165||R165|
|A single credit facility fee||R60||R60||R60|
|Currency conversion fee||2.75%||2.75%||2.75%|
|Card replacement fee||R150||R150||R150|
|Normal pricing applies after free transactions have been used (local ATM cash withdrawals: R4.50 + 1.5% of withdrawn amount)|