Discovery Bank - Frequently asked questions
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, 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.
With our Vitality Money programme, we aim to help you get all the right things in place – from building up your emergency savings, helping you manage your debt, determining the right amount of insurance, showing you the ways to save for retirement, and encouraging you to invest in assets.
As you engage, you can improve your Vitality Money status from blue to gold, and then diamond. The higher your status, the better your rewards.
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 out from our Vitality partners like up to 100% cash back from gym, up to 75% off flights and up to 75% cash 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.
Add your name to the list so you can be one of the first to join early next year. We'll contact you as soon as our staff beta test is complete.
Signing up is easy: Join in minutes on our app with a paperless FICA process and the ability to use a selfie as your unique identifier.
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.
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.
Once you have downloaded the Discovery Bank app, the app is zero-rated, meaning you won't be charged for any data when using the app.
Anyone can join Discovery Bank. Once our staff beta test is complete, you can simply download the Discovery Bank app to your smartphone to start.
If you are a Discovery client, you'll get even more out with:
- Boosted Vitality Rewards
- More affordable life insurance
- Faster-growing investments
- Convenient pharmacy and healthcare co-payments
- Smarter short-term insurance.
We have designed our products around you and your family.
Our Discovery 1 Account gives you one card for your transaction account and your credit card, with one interest rate and one limit. It's simple, transparent and efficient banking for all your needs.
Add an additional transaction account to build your Discovery 1 Plus Account for more active banking, features and rewards.
Our product offering includes a Vitality Savings Account when you sign up.
Sign up on the app, and you'll be ready to go. You can customise your cards, accounts and limits and start transacting immediately.
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.
Discovery Bank incorporates a BBBEE Scheme in which a 10% shareholding in the Bank will be held by qualifying participants. 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 direct black ownership 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 the Bank through vendor financing. There will be conditional requirements that these participants will need to meet over the term of the Scheme. As Discovery Bank is not a separate listed entity, the shares will not be tradable.
More information about the Scheme and how to participate, will be available when the Bank launches to consumers in March 2019.