While everyone was panicking about the fact that Discovery wasn’t letting them earn Vitality points using TomTom watches, the company was hard at work putting the final touches on their new bank.

The Discovery Bank operates from their new headquarters in Johannesburg, a towering R23 million a month rental in Sandton.

The bank was officially launched in November 2018, and since then it has slowly signed up new clients as part of its early testing period.

Their plan is to sign 1 000 new clients every day until the end of August.

MyBroadband has some insight into their bank accounts and banking fees.

The three Discovery Bank accounts (Black, Platinum and Gold) include numerous features, including:

• A standalone credit card with a complimentary, separate transaction account for your day-to-day banking.
• Up to 55 days interest-free for credit card transactions.
• Pay a single monthly fee for all your transactions.
• Vitality Money, which rewards you for banking healthier with Dynamic Interest Rates and boosted Vitality discounts and cash back.
• Rewards include up to 75% off local and international flights.
  A guest gets six free visits each year to 1,000s of airport lounges worldwide.
• Enhanced payment features including tap and go, Fitbit Pay, Garmin Pay and Samsung Pay.

The Discovery Bank dynamic discounts include the following:

• Up to 75% off local flights and up to 50% off international flights.
• Up to 100% back on gym memberships.
• Up to 75% cash back on HealthyFood.
• Up to 50% cash back on HealthyCare and HealthyGear items.
• Up to 15% back on fuel at Shell and BP.
• Up to 15% back on Uber trips.

Here’s an overview of Discovery Bank’s account and transaction fees:

I will leave you to pick that offering apart, and figure out how it corresponds to what you’re currently paying.

More competition in the banking sector is always welcome, I guess.

[source:mybroadband]