6 ways to get the most out of your Discovery Bank accounts

Welcome to Discovery Bank! Are you ready to access a whole world of benefits and rewards – all available at your fingertips? While there are loads of things you can do on the Discovery Bank app to get the most out of your banking portfolio, here are our six top tips to make sure that you’re set up for success from day one.

1: Activate your new Discovery Bank card

We’ll deliver your new card to you within three working days of signing up on the Discovery Bank app. Your card can be delivered to your residential address or another address, but remember that the courier will deliver your new card to only you (and no-one else).

You can also choose to collect your new card from selected Discovery Stores or the Discovery Bank Client Centre in Sandton. You can expect a call from our delivery company, DSV Couriers, to confirm your delivery details.

We’ll also send your reference number by SMS as soon as you sign up. If you don’t receive this SMS, please call us on 0860 11 22 65 so that we can investigate.

Once you receive your new card, you simply need to activate it on the Discovery Bank app to start using it.

Here’s how to activate your new card:

  • Simply log into the Discovery Bank app, look for your outstanding actions at the top of your home page, and follow the on-screen prompts.
  • Use the PIN you chose when you signed up on the app. Remember, you can change your PIN on the app at any time by going to the Card Management option on the More menu.
 

2: Set up secondary cards

If you would like to link an additional card to your account for someone else, for example if you share a credit card with your partner, you can do this at any time.

How does this work?


You can add multiple secondary cards depending on your needs, but each secondary cardholder needs to register themselves on the Discovery Bank app. Registration is quick and easy, as the product details will already be pre-set up on the app.

Registering on the app will give secondary cardholders on your account the same high level of security, keeping your account safe and secure. Registering on the app will also allow secondary cardholders to track their transactions, manage limits, change their PIN, and more.

Here’s how to set up a secondary card:

  • You can add a secondary card on the Discovery Bank app by opening the More menu.
  • Select Card Management and tap + in the top right corner.
  • Follow the simple on-screen instructions, which will guide you through how to choose who to assign the secondary card to, what the purpose for the card is, and to set a credit limit for the card.
  • Once completed, this will trigger a notification to your secondary cardholder to invite them to register their profile on the Discovery Bank app in order to receive the secondary card.
 

3: Set up Vitality Money

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.

So what rewards can you earn?

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 savings interest rate to up to 6.5%
    • Help you earn up to 6.5% interest on your every-day account balances
  • Up to 100% back on Virgin Active or Planet Fitness gym memberships
  • Up to 75% cash back on HealthyFood at Pick n Pay or Woolworths
  • Up to 50% cash back on HealthyGear items at Sportsmans Warehouse or Totalsports
  • Up to 50% cash back on HealthyCare items at Clicks or Dischem
  • Up to 75% off local flights
  • Up to 50% off international flights
  • Up to 15% cash back on Fuel and Uber.

 

How does it work?

Based on our research, there are five behaviours that determine whether you are set up for a healthy financial future. These five areas are:

  • Debt management
  • Having enough savings
  • Having enough insurance
  • Retirement readiness
  • Property management.

When you first set up Vitality Money on the Discovery Bank app, we’ll help you determine how your financial health is doing by measuring your current financial situation in these five areas. In order to do this, we need to know as much as possible about your current financial situation to give you a holistic view of your finances.

Don’t worry, there is no need to answer loads of questions or upload hundreds of documents. Simply give us permission to get your financial data from your other Discovery products and other financial institutions and answer a few simple questions.  Our advanced systems will then analyse the streams and streams of data and crunch the numbers within seconds.  

Depending on your current savings, investments and debt, we give you points to show you how you’re doing in each of the five categories. You’ll also receive a Vitality Money Status – Blue, Bronze, Silver, Gold or Diamond. As you engage with the programme, you can earn more points, which will improve your Vitality Money status. The higher your status, the better your rewards.

From your banking app, you’re able to navigate to your Vitality Money dashboard and explore your personalised points calculation and what you need to do to earn more points and improve your status.

Here’s how to set up Vitality Money:

  • Log in to your Discovery Bank app.
  • Go to the home page screen.
  • Select Activate now on the top right of the Vitality Money window.
  • Follow the on-screen instructions to see how you’re doing in the five categories, receive your Vitality Money status, and to unlock your Vitality Money rewards.
  • Now you can keep track of your points calculations, benefits and rewards right there on your banking app.
 

4: Activate Discovery Pay

Imagine if paying someone was as easy as sending a text message. Now stop imagining it and start doing it. Safe, secure and simple to do… Discovery Pay will make paying your contacts a breeze.

How does it work?

Discovery Bank allows you to pay anyone who is registered with Discovery Pay using just their cellphone number. When you go to Discovery Pay on the Discovery Bank app, you’ll see all your phone contacts in your beneficiary list. If they are Discovery Bank clients and have registered for Discovery Pay, you’ll see a special badge next to their name.

You simply need to select the person you want to pay, fill in the amount and pay them right there and then. You never have to worry about exchanging banking details again, we'll take care of that and we'll keep your details safe.

Here’s how to set it up:

  • Log in to your Discovery Bank app and open the More menu.
  • Select Discovery Pay.
  • Select Receive Discovery Pay payments.
  • Check your personal details and choose the account where you’ll receive payments
Tap Save.
 

5: Sign up for Health Banking

Do you sometimes feel like you spend half your life standing in queues? Well, with Health Banking you can skip standing in the queue at your pharmacy to pay your medicine’s co-payment.

How does it work?

We give you the option to link any medical scheme administered by Discovery to one of your Discovery Bank Cards so that you can settle medical co-payments instantly at pharmacies like Dis-Chem and Clicks. This means that you can simply pick up your medicine, and we’ll take care of the rest. You can even set a limit to the maximum amount (threshold) that you’re happy for us to pay automatically. Anything over that, and the money will not be deducted automatically.

Here’s how to set it up:

  • Log in to your Discovery Bank app and open the More menu.
  • Select Health Banking.
  • Select Set Up.
  • Choose which of your bank cards to link.
  • Choose a limit threshold.

Select Next and Complete.

 

6: Personalise your banking portfolio

No two people are the same. Because people are different, unique circumstances and financial needs also differ. At Discovery Bank, we put the choice in your hands, you can shape your banking solutions according to your needs.

How does it work?

With us, you have various ways to customise your banking portfolio. These include:

  1. Adding accounts
    Whether you originally sign up for a savings or transaction account, credit card or full banking suite, you always have the option to add more accounts to your banking portfolio as the need arises.

    For example, you can add as many additional savings accounts as you want (for free) to save for a specific purpose, such as a big holiday or a deposit on a car, or you can add a second transaction account specifically for groceries.

    Here’s how to set it up:
  • Log in to your Discovery Bank app.
  • Swipe through your Accounts until you get to the Add Account window.
  • Select Add Account.
  • Choose the product you want to add and complete the on-screen instructions.
  1. Shaping your single credit facility
    Unlike other banks, where your overdraft and credit card are handled as two separate accounts, and often in separate departments, at Discovery Bank we give you a single credit facility to shape however you want. What this means is that, once you’ve been approved for an amount of credit, you can choose how much of that credit is linked to your transaction account (overdraft facility) and how much of it goes to your Discovery Card.

Here’s how to split your credit facility:

  • Simply call us on 0860 11 22 65 and we’ll assist in updating the limits according to your preferences.
  1. Setting up limits for all your cards and payment channels

With Discovery Bank, we give you full control to manage your spending limits for all your cards and payment channels, right from the Discovery Bank app. Not only will it help you keep your money and accounts safe and secure, but you can also increase and decrease limits as your needs change - making sure you’re equipped to handle unexpected changes within seconds.

Here’s how to set up your limits:

  • Log in to your Discovery Bank app and open the More menu.
  • Select Channel limits to set transfer and payment limits.
  • Select Card limits to set your card-specific limits.

Now that your banking portfolio is set up and ready to go, check out this page on how to make payments into and from your Discovery Bank accounts.

 

This content is for information purposes only and is not intended as financial advice. Please consult with a financial adviser for financial advice.

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