Discovery bank: Improving your financial health with rewards for managing your money
November 8, 2020
Discovery bank – Banks are meant to keep your money in safe custody, more than that, some banks are out to give beyond the usual transaction experience.
On this premise, Discovery bank centers it activity in affording customers a healthy financial habit.
While other banks charge for services rendered, this bank rewards you for staying true to your commitment as a loyal customer, not to bribe you to stay anyway, but to further ensure you get the best for simply assenting to do business with her.
About Discovery Bank
This is a financial institution that aims at helping people to live a healthier life, while protecting such lives are on top of priority.
It works with a shared value insurance model that delivers a better health and value for its clients alike.
This is a bank that doesn’t just store your money, but changes your relationship with it.
It believes that incentivizing you to make better financial decisions will generate higher savings levels, lower risk and increased wealth for the society.
The bank offers a number of account that suits all category of users in the following arrangement;
- Best rewards account
- Credit with a dynamic borrowing rate
- Maximum returns on savings.
The idea is that South Africans spend more than they earn, this in turn affects their financial health, this results to big financial conditions like
- Inability to manage or deal with unplanned expenditure
- Having expensive and unsustainable debt the most of it is;
- Not being prepared for retirement
The bank has gone out of its way to instruct on controllable behaviors that could help South Africans live a healthier life, these include,
- Spending less than they earn
- Imbibing a regular savings culture
- Paying off their properties
- Long term investment
- And buying into insurance policy to protect against insurable events
Medical aid plans
To help you live a healthier life, the bank painstakingly introduce a number of medical plans to help you live healthy and longer, these are;
1. Hospital – Here there’s no limit to hospital cover you can get, on any of its plans, you can use a private hospital if need be.
2. Chronic illness benefit (CIB) – This is for chronic disease patients
3. Screening and prevention – This covers vital tests for early detection and signs of serious illness.
4. Above threshold benefit – This gives additional day to day cover, after the limit has been reached
5. Day to day extender benefit – This is ideal when you have spent your annual medical savings account allocation.
6. Maternity benefit– This is a benefit for maternity and early childhood which covers healthcare services pre and post birth period.
7. Medical savings account – This pays your day to day medical expenses on select plan, however from available funds allocated to your MSA.
Discovery Bank online account/How to open online account
The online account has a major benefit of high interest rate than the brick-and-mortar bank account.
Consequently, the online account has a higher interest rate than the conventional savings account.
The following steps can aid get a Discovery online bank account;
- See features, interest and fees Here
- Open account here Kindly complete/fill in the application, this include personal and identifying information like date of birth, address, phone number, email address and tax identification number
- Choose account type, individual or joint account
- Designate beneficiaries in case you die,
- Fund your account to minimum threshold
- Set up your log in information, create a username and password for your account.
Discovery bank interest rate/fees
As a client of the bank, you stand to enjoy market leading interest rates of up to 9.01%, this is for clients younger than 55 years with a 36 months fixed deposit account. The minimum deposit is R10,000 you will pay zero monthly fee.
Savings account rates and fees
|Savings interest rate||Discovery bank transaction account||Demand savings account||24-hour notice savings account||32-day notice savings account||Tax free notice savings account|
NACM: National .annual compound monthly, this rate is applied to the principal amount invested.
Fixed deposit account
|Savings interest rates||Deposit||3 months||6 months||12 months|
|Interest monthly||R10 000||4.65%||5.35%||6.25%|
|Interest at maturity||R10 000||4.67%||5.41%||6.43%|
|Interest upfront||R10 000||4.61%||5.27%||6.04%|
Discovery bank credit cards
Credit cards are for your on the spot transactions, to this end you need a card that rewards you for transactions, as well with little or no fees on your path.
Sign up here for a credit card that suits you.
Discovery bank contact number
- 0800 07 96 97
- For fraud or stolen card call: 011 324 4444
Discovery bank website
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