Discovery Bank Gold Cheque Account Review 2023

Discovery Gold Cheque Account

Discovery Gold Account is a transactional account for people earning less than R350,000.00 per year. The monthly account fee for the PAYU option is R10.00, and the bundled option is R110.00.

The Discovery Gold Account includes the Vitality Money premium membership, which costs R10.00 per month for the PAYU account. Holders of Discovery Vitality Money Accounts can earn up to 10% cash back in the form of Discovery Miles points.

Discovery Miles is a reward program that gives cash back in the form of points when you use your Discovery Gold account. Account holders receive a 15% discount when purchasing airtime, shopping on Vitality Mall, or shopping at over 40 Discovery retail partners when they use their Discovery Miles.

On positive balances, the Discovery Gold Account earns up to 4% interest. Account holders can open a savings account and earn up to 5.25% interest on their savings.

Aside from savings and discounts, the Discovery Gold Account offers a variety of exciting features and benefits. These benefits are discussed further below.

Discovery Gold Account Benefits

  • Discovery Gold Suite members earn up to 40% discount when shopping at selected merchants. 
  • Interest on borrowing of 2% less than interest. 
  • With Vitality Money Platinum status, account holders get maximum rewards. 
  • Can open real time forex accounts. 
  • Can add virtual cards at no additional cost. 

Discovery Gold Account Fees 2023

Fee DescriptionAmount
Monthly Account FeeR10.00 
Monthly Vitality Money Premium R10.00 
Additional Virtual Card FeeFree
Monthly Additional Transaction AccountsR10.00
ATM cash withdrawalR5.00 + 2.25% of withdrawal amount
International ATM cash withdrawalR80.00
Local Point Of Sale cash withdrawalR2.00
Debit order feeR3.75
Digital payments R2.50
Instant payments for amounts above R1,000.00 R5.00 + 0.50% (max R25.00)
Contact Payments Free
Prepaid Products and Services Purchases Free
Payment Notification FeeFree
Currency Conversion Fee2.75%
Card Replacement Fee One free then R200.00 each afterwards 

Application process

Applications are processed and completed within 5 minutes on the Discovery banking app or their website.

Requirements of Discovery Gold Cheque Account

  • Must be over the age of 18 years at the time of application.
  • Must earn R350 000 or less per year.
  • Upload South African ID or passport with a permit for non-South Africans

What is Discovery Vitality money?

Vitality Money is a rewards program that promotes responsible financial management. Spending, debt, investments, savings, and insurance products are all tracked by the rewards program. 

Discovery Gold Account holders can get up to 75% cash back on purchases by managing debt, saving a certain amount of money, and purchasing various types of insurance products.

Vitality Money keeps track of the following:

  • Debt 
  • Savings
  • Insurance 
  • Retirement 
  • Property 

Account holders must manage the above-mentioned key financial points in order to receive the highest discounts and cash back.

Competitive Advantages of the Discovery Bank Gold Account

  • You can earn interest on your account positive balance.
  • Features include contactless payment options, which is a much-needed feature, especially amid social distancing measures. 
  • Up to 75% back through Vitality Money.
  • Account registration is hassle-free and paperless. It takes an average of 5 minutes to get account confirmation after registering.
  • Very low monthly account fees.

Competitive Disadvantages of the Gold Account

  • To get the highest rewards, account holders need to get different investment and insurance products.
  • Enrolment into the Vitality Money Premium come with a monthly fee.


South Africans have always struggled with saving and proper debt management, Discovery’s approach to reward healthy financial management will assist in improving the way people relate to money. The Discovery Gold account is one of the best entry level accounts as it comes with many discounts and rewards. Moreover, the account is easy to maintain with a monthly account fee of R10.00 for a PAYU option.

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