Here are Discovery’s new banking fees

Discovery Bank is opening its doors to new customers, following a trial period, and has published its banking fee schedules across all its new bundled accounts.

The bank has three cards available to new clients, Gold, Platinum or Black. A fourth Purple card is exclusively invite-only.

The group’s entry-level account is a pay-as-you-transact (PAYT) Gold account, which carries a monthly fee of R5, with an additional R5 charge for the Vitality Money subscription (R10 per month, total).

Discovery Bank claims to be the world’s first “behavioural bank”, through which it will offer rewards and incentives to drive clients to ‘healthier’ banking options.

Vitality Money is an offshoot of the Vitality Health programme, which aims to help customers improve their financial standing, and educate them on how to better handle their money.

Other accounts, across Gold, Platinum and Black, have different total fees depending on the type of account: a transactional account, or a credit account with an overdraft.

The PAYT accounts carry the lowest fees, ranging between R10 (Gold PAYT) and R125 (Black credit). Bundled accounts range between R120 per month (Gold transaction) to R380 a month (Black credit card + transaction).

The full fee schedules are below:


Pay as you transact – Transactional account

Monthly Fees Black Platinum Gold
Monthly fee R60 R30 R5
Vitality Money premium R25 R15 R5
Transaction Fees
Cash withdrawal at local ATM R4.50 + 1.5% of withdrawn amount R4.50 + 1.5% of withdrawn amount R4.50 + 1.5% of withdrawn amount
Cash withdrawal at point-of-sale R2 R2 R2
Cash withdrawal international ATM R65 R65 R65
Debit orders R3.75 R3.75 R3.75
Payments R2.50 R2.50 R2.50
Real-time payments R10 R10 R10
Discovery Pay R2.50 R2.50 R2.50
Other fees
Inter-account transfers Free Free Free
Payment notifications Free Free Free
Account notifications Free Free Free
Returned debit order Free Free Free
Declined transactions Free Free Free
Single credit facility initiation fee R165 R165 R165
Single credit fee R30 R30 R30
Currency conversion fee 2.75% 2.75% 2.75%
Card replacement fee R150 R150 R150

Pay as you transact – Credit account

Monthly Fees Black Platinum Gold
Monthly fee R110 R60 R30
Vitality Money premium R45 R30 R15
Transaction Fees
Cash withdrawal at local ATM R4.50 + 1.5% of withdrawn amount R4.50 + 1.5% of withdrawn amount R4.50 + 1.5% of withdrawn amount
Cash withdrawal at point-of-sale R2 R2 R2
Cash withdrawal international ATM R65 R65 R65
Debit orders R3.75 R3.75 R3.75
Payments R2.50 R2.50 R2.50
Real-time payments R10 R10 R10
Discovery Pay R2.50 R2.50 R2.50
Other fees
Inter-account transfers Free Free Free
Payment notifications Free Free Free
Account notifications Free Free Free
Returned debit order Free Free Free
Declined transactions Free Free Free
Single credit facility initiation fee R165 R165 R165
Single credit fee R30 R30 R30
Currency conversion fee 2.75% 2.75% 2.75%
Card replacement fee R150 R150 R150

Bundled accounts

The Gold account has a fixed monthly fee of R90, and includes four free withdrawals at any local ATM, and unlimited withdrawals at point-of-sale.

However, if customers exceed these bundled limits, a withdrawal fee of R4.50 plus 1.5% of the withdrawn amount will be charged.

For the Platinum account, at R135 a month, the bundled limit is eight free withdrawals, and for for the Black account, withdrawals are unlimited – but the fixed monthly fee is R325 a month.

The monthly account fee excludes a Vitality Money premium, which is charged at R55, R45 and R35 for Black, Platinum and Gold accounts, respectively.

Unlimited transactions carry an unspecified fair use policy, and once all free transactions are used up, normal rates (PAYT) apply.

The table below outlines Discovery’s bundled account fees:


Bundled – Transactional account

Monthly Fees Black Platinum Gold
Monthly fee R250 R180 R105
Vitality Money premium R25 R15 R15
Transaction Fees
Cash withdrawal at local ATM Unlimited 8 free 4 free
Cash withdrawal at point-of-sale Unlimited Unlimited Unlimited
Cash withdrawal international ATM R65 R65 R65
Debit orders Unlimited Unlimited Unlimited
Payments Unlimited Unlimited Unlimited
Real-time payments R10 R10 R10
Discovery Pay Unlimited Unlimited Unlimited
Other fees
Inter-account transfers Free Free Free
Payment notifications Free Free Free
Account notifications Free Free Free
Returned debit order Free Free Free
Declined transactions Free Free Free
Single credit facility initiation fee R165 R165 R165
Single credit fee R30 R30 R30
Currency conversion fee 2.75% 2.75% 2.75%
Card replacement fee R150 R150 R150

Bundled – Full banking suite (Transactional and Credit)

Monthly Fees Black Platinum Gold
Monthly fee R325 R135 R90
Vitality Money premium R55 R45 R35
Transaction Fees
Cash withdrawal at local ATM Unlimited 8 free 4 free
Cash withdrawal at point-of-sale Unlimited Unlimited Unlimited
Cash withdrawal international ATM Unlimited R65 R65
Debit orders Unlimited Unlimited Unlimited
Payments Unlimited Unlimited Unlimited
Real-time payments Unlimited R10 R10
Discovery Pay Unlimited Unlimited Unlimited
Other fees
Inter-account transfers Free Free Free
Payment notifications Free Free Free
Account notifications Free Free Free
Returned debit order Free Free Free
Declined transactions Free Free Free
Single credit facility initiation fee R165 R165 R165
Single credit fee R30 R30 R30
Currency conversion fee 2.75% 2.75% 2.75%
Card replacement fee R150 R150 R150

Discovery’s pay as you transact fees were not available at the time of publishing, but will be added as soon as they are published.


Read: Discovery Bank will convert miles into e-money

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Here are Discovery’s new banking fees