The Discovery Gold Cheque Account, also known as the Gold Transaction Account, is one of the most popular entry-level accounts in the banking industry. It has all of the fundamental features you’d expect from a regular bank’s check account. The Gold transact account, on the other hand, has all smart banking capabilities. Discovery Bank has been the first and only visible behavioural bank since its establishment in 2019. The term ‘behavioural bank’ refers to a financial institution that rewards healthy or positive banking habits.
The bank compensates its customers for good money-handling behaviors, which appears to improve the customer’s financial outlook.
In reality, you can choose between three accounts: Gold Transaction, Gold Credit Card, or Gold Suite. The Suite account combines the benefits of both the credit card and transactional accounts. In this post, though, we’ll look at the features and benefits of the Discovery Gold Transaction account ( Cheque account).
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
After the free transactions have been spent, normal pricing applies (local ATM cash withdrawals: R4.50 + 1.5% of the withdrawn amount). You can continue to make free withdrawals at Pick n Pay, Checkers, and Shoprite locations, as well as select Spar locations. The maximum withdrawal amount varies from one merchant to the next.
Your account’s positive balance can earn you up to 3.75% interest. The interest rate on your positive balance goes from 2.25% to 3.75% on average. The interest rate on a demand savings account might be as high as 4.75%. The savings account interest rate ranges from 3.25% to 4.75%. The borrowing rate can be reduced by up to 6%, with rates ranging from 17.5% to 11.5%.
Applications are processed and completed within 5 minutes on the Discovery banking app or their website.
The world’s first behavioural bank, promoting good financial habits. The Vitality money points are gained by practicing positive banking habits, such as saving, spending, and managing debts. The incentives or awards are comparable to those given to Discovery Vitality members who reach specific fitness levels. 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.
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.