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

Pay as you transact – Credit account

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However, if customers exceed these bundled limits, a withdrawal fee of R4.50 plus 1.5% of the withdrawn amount will be charged.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

Bundled – Full banking suite (Transactional and Credit)

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.

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