Discovery Bank - Frequently asked questions
Joining Discovery Bank
We're taking a limited number of applicants every day so leave your details to reserve your spot.
Yes, the Discovery Bank app is separate from the Discovery app. Once logged in, you'll be able to move seamlessly between the two apps to see your Discovery balances and rewards.
Anyone can join Discovery Bank. You can simply download the Discovery Bank app to your smartphone to start.
If you are already a Discovery client, you'll get even more from your current benefits with:
- Boosted Vitality Rewards
- More affordable life insurance
- Faster-growing investments
- Convenient pharmacy and healthcare co-payments
- Smarter short-term insurance.
Bank healthier and get rewarded with:
- Dynamic Interest Rates: Benefit from interest rates that flex monthly. Get higher interest rates on savings and lower rates on credit.
- Boosted Vitality rewards: Get even more from our Vitality partners like up to 100% back on gym memberships, up to 75% off flights and up to 75% back on HealthyFood at Woolworths and Pick n Pay.
- Active Rewards: Earn weekly rewards for spending responsibly.
Keep an eye on our website as we will be sharing more information soon.
Sign up on the app, and you'll be ready to go. You can customise your cards, accounts and limits and start transacting immediately.
Vitality Money is a behaviour-change incentive programme available to all Discovery Bank clients. The Vitality Money programme helps you make behaviour changes in the five financial areas that can lead to you becoming financially stronger.
The Vitality Money programme will help you improve behaviours such as having enough savings, managing your debt properly and having the right insurance in place, by:
- Helping you measure your current financial situation
- Helping you improve your financial situation through goals and a range of tools
- Rewarding you for making positive behaviour changes with Dynamic Discounts and rewards.
All the tools, benefits and rewards of Vitality Money are available to Discovery Bank clients for a small fee. The monthly fee depends on the colour of your Discovery Card:
- R55 per month for Black
- R45 per month for Platinum
- R35 per month for Gold
You do not have to apply for Vitality Money, as it is automatically available to you as soon as you become a Discovery Bank client. All you have to do to reap all the rewards and benefits of Vitality Money is to unlock Vitality Money on the Discovery Bank app.
One of the best things about Discovery Bank is that we give you the knowledge, tools and motivation to make healthier financial decisions. And then when you do, we love to reward you for your dedication to improving your financial health.
The discounts you qualify for depend on the products you sign up for, your Vitality Money status, how you manage your account, and whether you have Vitality Health as well. Your rewards will be linked to your unique profile.
Depending on your unique profile and qualifying accounts, you could qualify for maximum boosted rewards, such as:
- Dynamic interest rates that can -
- Lower your borrowing rate by up to 6%
- Boost your demand savings interest rate to up to 5.5%
- Help you earn up to 4.5% interest on your every-day account balances
- Up to 100% back on Virgin Active or Planet Fitness gym memberships
- Up to 100% back on HealthyFood at Pick n Pay or Woolworths
- Up to 75% back on HealthyGear items at Sportsmans Warehouse or Totalsports
- Up to 75% back on HealthyCare items at Clicks or Dis-Chem
- Up to 75% off local flights
- Up to 50% off international flights
- Up to 15% back on Fuel and Uber
More information about Discovery Bank
Discovery Bank is the world's first behavioural bank ? it's designed to help you become financially healthier by rewarding you for good financial decisions. We know that five financial behaviours explain 80% of the reasons why people can't meet their financial obligations, both now and in the future. Our goal is to help you understand these behaviours, help you improve on them and therefore improve your overall financial health. The better you do, the more value you unlock. We give this back to you in boosted rewards.
Add your name to the list to receive regular updates. You can also keep an eye on our website for new and exciting information coming soon.
Discovery Bank incorporates a BBBEE Scheme in which a 10% share of Discovery Bank will be allocated to qualifying participants through an equivalent value of Discovery Ltd shares. The Scheme has been structured to achieve inclusive transformation in line with the legislative requirement, as well as a commitment as part of the licensing process with the South African Reserve Bank, for black economic participation in the Bank. The approach is consistent with many other models in the financial services and banking sectors.
Our view is that a BBBEE Scheme with broad reach through directly linking to individual clients, is equitable and more beneficial than the alternative model through which only a few people or narrow groups would benefit. The Scheme will enable clients of the Bank, who qualify to participate in the Scheme, to pay for shares (and the interest on them) in Discovery Ltd through vendor financing. There will be conditional requirements that these participants will need to meet over the term of the Scheme. At the end of the vesting period, participants will receive their value in Discovery Ltd shares. Discovery Ltd shares is listed on the JSE and tradeable.
More information about the Scheme and how to participate, will be available in due course.
Safety and Security features
We use biometrics extensively in our app to prevent any fraudulent activities. We also have other security features embedded in our platform to make sure your personal information is as secure as possible.