The Discovery Gold Cheque Account also referred to as the Gold Transaction Account is one of the entry-level accounts that have taken the banking market by storm.
It offers all basic features you might expect from a cheque account proffered by any traditional bank. However, the Gold transact account has all smart banking features.
Ever since the bank’s launch in 2019, Discovery Bank has remained the first and only visible behavioural bank. The term ‘behavioural bank’ comes from its feature of rewarding healthy or good banking behaviours. The bank rewards its clients for good money-handling habits which in turn seems to improve the client’s own financial perspective.
Discovery Bank Gold Collection
In actual fact, you have the options of choosing from three accounts, the Gold Transaction, Gold Credit Card account, or the Gold Suite account. The Suite account has both features from the credit card account and the transactional account.
However , in this article we explore the features and rewards in the Discovery Gold Transaction account ( Cheque account).
Discovery Gold Cheque Account features
- The account has all transactional capabilities, with the Gold cheque account you are able to do third-party debit orders, make and receive EFT payments, and receive salary deposits among other general cheque account features.
- You get Vitality Money, which rewards you for banking healthier with Dynamic Interest Rates and boosted Vitality rewards. By the end of this publication, we are going to explain the Discovery Vitality rewards.
- There are enhanced payment features including tap and go, Fitbit Pay, Garmin Pay and Samsung Pay. Fitbit, Garmin and Samsung pay are mobile payment systems that work with contactless payment readers, these allow you to check out from your wristwatch or smartphone without reaching to your wallet or cards.
Monthly account fee R105
MonthlyVitality Money premium R15
Monthly single facility fee (optional) R30
Total monthly account fee R120
Cash withdrawal at local ATM 4 free
Cash withdrawal at local point of sale unlimited
Cash withdrawal at international ATM R65
Debit orders and payments unlimited
Discovery Instant Pay (real-time payments) R10
Discovery Pay and prepaid payments unlimited
Point-of-sale swipes: local and international free
Cash deposits at Pick n Pay and Boxer stores R19.95 per R5 000
Secondary card (monthly) R30
Single credit facility initiation fee R165
Currency conversion fee 2.75%
Card replacement fee (one free per year) R150
Health Banking (monthly) R10
Normal pricing applies after free transactions have been used (local ATM cash withdrawals: R4.50 + 1.5% of the withdrawn amount). To continue free withdrawals, you can withdraw money at Pick n Pay, Checkers and Shoprite outlets, and selected Spar stores. The withdrawal amount limits may vary from one merchant to another.
Dynamic interest rates
There is up to 3.75% interest in the positive balance of your account. On average, the interest to be earned on your positive balance ranges from 2.25% to 3.75%.
The demand savings account can earn up to 4.75%. The range of the savings account rate is from 3.25% to 4.75%.
The borrowing rate can be up to 6% less, paying a borrowing rate ranging from 17.5% to 11.5%.
Applications are processed and completed within 5 minutes on the Discovery banking app or their website.
Requirements for the Discovery Gold Cheque Account
- Be 18 years or older
- Must earn less than R350 000 a year
- Upload South African ID or passport with a permit for non-South Africans
The Discovery Vitality money
Just like the Discovery insurance’s rewards, the Discovery Bank also rewards or incentives good behaviour on handling money. The bank prides itself for being the world’s first behavioural bank, encouraging healthy financial behaviours.
The Vitality money points are earned for practising good banking behaviour, which includes the way you save, spend and manage debts.
The incentives or rewards offered are similar to those offered to Discovery Vitality members who achieve fitness statuses. However, when awarding the Vitality Money points the bank considers the following financial behaviours:
Spending ratio- to improve your financial health, the bank encourages you to spend less than you earn. The bank also looks at how much you spend on
unsecured debt, such as credit cards and personal loans
Insurance- you earn points for having adequate insurance that will protect you against unexpected expenses or loss of income.
Regularly saving- saving for a rainy day improves your financial health,
hence Discovery bank rewards points for being a regular saver.
Asset management- compares your property value to your home loan
balance. In case you are not a property owner, then the value of your
alternative investments are also taken into account.
Planning for retirement also earns you points. It gives them the impression
that even after retirement, you will be financially independent.
Competitive advantages of the Discovery bank Gold Cheque account
- You can earn interest on your account positive balance
- Exclusive 48-hour pre-booking access to Big Concerts events
- Features include contactless payment options, which is a much-needed feature, especially amid social distancing measures.
- Account registration is hassle-free and paperless. It takes an average of 5 minutes to get account confirmation after registering.
- Unlike other banks, Discovery does not only incentivise for internal product use but it will award incentives if you can show savings products from other institutions as well
Competitive disadvantages of the Gold Cheque account
- Their banking app has been widely condemned for inefficiency especially on the signing up process. This is a huge turn off for a digital bank because there are no branches to visit so as to get assistance.
South Africans have always struggled with saving and proper debt management. Therefore, Discovery’s approach to reward healthy financial management will assist in improving the way people relate to money.
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