How the new Discovery Bank’s prices compare to Absa, Standard Bank, Nedbank, and FNB
- Discovery Bank is now welcoming new clients.
- The upstart bank promises consumers a host of benefits based on achieving certain goals as part of its "behavioural banking" approach.
- Business Insider SA compared the pricing on Discovery's cheapest account to the bank charges of the big four incumbents on similar accounts.
- For more stories, go to www.businessinsider.co.za.
Discovery Bank is welcoming new clients to its bank - nearly four years since the idea for the bank was first announced by Discovery CEO Adrian Gore.
The new bank promises to be the world’s first behavioural bank, offering consumers different interest rates on both credit and debit based on achieving certain goals, such as saving money.
Also read: These are the 5 things the new Discovery Bank wants to make you do, including paying off your home
The bank ties in to Discovery’s existing health rewards programme, Vitality Active Rewards, to give users benefits that can reach up to 75% discount on flights, up to 100% off on gym fees, and up to 75% back in cash for buying healthy food.
But the exact terms and conditions on the benefits consumers can expect have not yet been released.
Discovery Bank enters a market where several banks already offer rewards programmes such as FNB’s eBucks, Absa Rewards, and Standard Bank UCount.
Discovery Bank's cheapest bundle account, the Gold Account, will come with a fixed fee of R125 a month, with its Platinum Account at R195 a month, and a Black Account for R275 a month.
Here is how Discovery Bank’s Gold Account compares to similarly-priced bundle accounts at Absa, Standard Bank, Nedbank, and FNB.
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