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Discovery bank Gold cheque account Review 2022

Published by
Parddon Khumalo

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.

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The bank compensates its customers for good money-handling behaviors, which appears to improve the customer’s financial outlook.

Discovery Bank Gold Collection

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).

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 fees

Monthly account fee R105

MonthlyVitality Money premium R15

Monthly single facility fee (optional) R30

Total monthly account fee R120

Transaction fees

Cash withdrawal at local ATM 4 free

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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

Other fees

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.

Dynamic interest rates

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%.

Application process

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

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.

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.

Conclusion

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.

Discovery bank Gold cheque account Review 2022
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Parddon Khumalo

Published by
Parddon Khumalo
Tags: Discovery
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