We as an accredited financial advisor can assist you in opening a Discovery Bank account. So which Discovery Bank product is right for you? Discovery Bank in South Africa is the banking brand of Discovery Group, a well-known South African-founded financial services organisation. It was established with the approval of the South African Reserve Bank in 2016. In the past three years, it has been actively growing its mass affluent client base, and now has more than 1 million customers. Here we explain the prerequisites for applying for a Discovery Bank account, as well as the key features of Discovery Bank products. The advantages of Discovery Bank Discovery Bank is a digital bank that focuses on the use of user-friendly technology and powerful security features, allowing customers to safely operate various banking and financial functions on their mobile apps, including: - Checking account balances - Opening a new savings account - Opening a new fixed deposit account - Opening foreign exchange accounts (USD, GBP, EUR) - Opening tax-free savings account - Earn Discovery Miles - View financial portfolio summary on all products you have with Discovery, including Life, Invest, Health and Insure. Discovery Bank is a financial behavioural bank, using gamification to help customers improve financial discipline and financial wellness in the following five areas: savings, investment, real estate, retirement, and debt. If the customer closes all five rings, he will reach the Diamond Vitality Money status, enjoying the best interest rates on positive balances and deposits, and earn the most Discovery miles. Discovery Miles is a virtual currency that can be used to shop online, buy airline tickets, exchange for coffee or game points. Discovery Bank gives interest on account balances. WIth the traditional Big Four banks, there is no interest paid on the positive balance in the transaction account or cheque account. Discovery Bank disrupts the market and allows customers to earn interest on the positive balances of the credit card or transaction account. This gives more money to customers. Disadvantages of Discovery Bank There are no physical branches, and all transactions must be performed on mobile phone app or on the website by customers. If you encounter any problems, you must contact the customer service centre of the bank. Prerequisites for applying for a Discovery Bank account - Customers are already familiar with using the mobile apps of mainstream South African banks such as FNB and Standard Bank to view accounts, download statements, and transfer funds. - Customer has a South African ID card or green ID book. - The client has an annual income of at least R100,000. - Proof of residential address (not older than three months) - Three-month bank account statements showing regular monthly income deposits at a bank. Discovery Bank Products Discovery Bank has four tiers, from Gold, Platinum, Black to the highest level Purple. Gold tier requires an annual income of R100,000 to R350,000. The products, monthly fees and benefits are as follows: Customers can choose to only open a transaction account, credit card account or package (Suite, including both transaction account and credit card). Platinum tier requires an annual income of R350,000 to R850,000. The products, monthly fees and benefits are as follows: Customers can choose to only open a transaction account, credit card account or package (Suite, including both transaction account and credit card). Black tier requires an annual income of R850,000 to R2,500,000. The products, monthly fees and benefits are as follows: Customers can choose to only open a transaction account, credit card account or package (Suite, including both transaction account and credit card). Clients have access to six airport lounge visits a year and Airport Priority Fast Track. Purple tier requires an annual income of more than R2.5 million. The package, monthly fees and benefits are as follows: Customers can enjoy unlimited airport lounge visits and Airport Priority Fast Track. If you are interested in opening a Discovery Bank account, please email service@daberistic.com with your name and cell number.
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AuthorKevin Yeh Archives
January 2025
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