[imagesource: Discovery]

South Africa has one of the highest rates of income inequality in the world, which is reflected in different sectors of society in different ways.

Where you fall on the wealth spectrum can affect everything from the type and quality of medical care that you can access, to the kinds of bank accounts that you’re able to open.

According to BusinessTech, in order to be considered wealthy enough to open a top-shelf private banking account, you need to be making in the region of, or more than R1,5 million a year.

If you want to open a Discovery Bank Purple account, you’d better be pulling in upwards of R2,5 million a year.

According to Discovery:

As a high net-worth individual, and whether you take advantage of one or all of the Purple offers available, you will experience a unique personal touch, backed by a team of trained professionals. This team will make sure that you enjoy a truly bespoke Discovery experience tailored exactly to your unique needs.

Oh, and did I mention that it’s invite-only? Would you even want it if it wasn’t?

Available by invitation only, the ultra-exclusive Discovery Bank Purple Wealth Suite gives you a banking experience like no other. This suite includes an enhanced vertical metal credit card, which unlocks superior value. You get up to 100% off local and international business class flights for you and your spouse, luxury accommodation through the Purple Hotel Collection, unlimited airport lounge visits, and a wealth of other exclusive rewards. You also get to enjoy a personalised banking experience, access to Discovery Bank Treasury for better rates on investments, and a free gym membership at any Virgin Active or Planet Fitness health club in South Africa.

You can check out a comprehensive PDF of everything that the account offers, but here’s a breakdown of the basic features:

• Discovery Bank Purple Suite: With Discovery Bank Purple Suite you have the benefit of a full suite of banking products, plus unlimited free savings accounts.
• Digital Banking: You can manage all of the account features through the banking app.
• Digital Payments: You can use Discovery Pay to pay all of your contacts who are Discovery members, using their cellphone number. You also have access to Health Banking for instant settlement of medical co-payments.
• Smart Savings: Earn ‘market-leading interest rates across a selection of savings accounts.
• Vitality Money: The higher your Vitality Money status, the more financially healthy you are, the better your rewards. You earn Vitality Money points for good financial behaviour and keeping your assets at a decently high number.
• Dynamic Interest Rates: Your interest rates are linked to your banking behaviour, so you’ll earn better rates by managing your money better.
• Dynamic Lifestyle Rewards: Get up to 75% off flights, up to 75% back on HealthyFood, up to 100% in savings on gym fees, and more.
• Discovery Miles: Earn Discovery Miles everywhere you shop and spend them on anything you like.
• Vitality Active Rewards: Achieve all of your Vitality Active Rewards goals and you will get a new iPhone.

In summary, they manage your physical and financial health all from a handy app.

Image: Discovery

Sure, you have to carry around a credit card the colour of Barney the Dinosaur, but I guess it’s worth it to have someone pat you on the head every time you don’t overspend.

You can read more about Discovery Purple here.

[sources:discovery&discovery&businesstech]