Discovery Bank products

Discovery Bank has a wide range of banking products designed with you in mind. Here you will find all the information you need about our range of savings solutions, day-to-day transaction accounts, state-of-the-art credit cards, full banking suites and more.

Discovery Bank products

What products does Discovery Bank offer?

Discovery Bank has a wide range of banking products to suit every need, including:

Banking Suites. A full banking experience with the best interest rates and rewards. Get the power of both a transaction and credit card account. There are four Discovery Bank Suite on offer:

Credit Cards. More than just a standalone credit card - you get exclusive benefits, lifestyle rewards, and much more. There are three Discovery Bank credit card accounts on offer:

Transaction accounts with Bundled fees. Our account for your everyday banking needs, with a bundle of free transactions. There are three Discovery Bank transaction accounts with Bundled fees on offer:

Transaction accounts with Pay-as-you-transact fees. A low-cost option that gives you an introduction into shared-value banking, that allows you to pay for what you use. There are three Discovery Bank transaction accounts with Pay-as-you-transact fees on offer:

Savings accounts. Protect and grow your money with our wide range of savings accounts at marketing-leading interest rates. Browse our demand, notice, tax-free and fixed deposit savings accounts.

Revolving Credit Facility. It's additional credit that, once approved, you have access to anytime.

What is the difference between the different Discovery Bank Collection colours?

Discovery Bank clients can sign up for products from one of four different collections. The collections you have access to depend on your qualifying gross annual income. This is done to ensure that you get the most out of our products and the Vitality Money programme, which is tailored to your income.

The different collections and their qualifying annual income are:

The Gold Collection: Lower than R350 000 a year
The Platinum Collection: From R350 000 to R850 000 a year
The Black Collection: More than R850 000 to R2.5 million a year
The Purple Account: More than R2.5 million a year.

For more information on these collections, please see the Explore accounts.

Where can I find more information about Discovery Bank accounts and products?

For more information about any Discovery Bank products, accounts, and their features, visit the Explore accounts page and choose the relevant product.

How do I apply for Discovery Bank products?

To apply for any Discovery Bank product, download the Discovery Bank app and open your account in under five minutes. You can also leave your details on the Discovery website and we'll call you back.

What credit products does Discovery Bank offer?

With Discovery Bank, you get a single credit facility that can be linked to a credit card account, an overdraft facility on your transaction account, or both.

For more information, see The single credit facility section.

Discovery Bank Suites

What is a Discovery Bank Suite?

A Discovery Bank Suite is a full banking suite comes with an enhanced credit card, paired with a superior transaction account, unlimited savings accounts, and the most flexible single credit facility in the market.

For more information about Discovery Bank Suites, please visit our Explore accounts page. You can also find out more about the single credit facility in the single credit facility section of Info and tips.

Why would I choose a Discovery Bank Suite over a Discovery Bank Card Account?

If you choose a Discovery Bank Suite over a standalone Discovery Bank Card Account, you get a state-of-the-art credit card that comes with up to 55 days of interest-free credit for select credit card transactions and built-in full transactional capabilities. You will also get access to:

A transaction account with an overdraft facility included
The bundled fee payment option
Even higher boosted rewards
Even better Dynamic Interest Rates
The Vitality Money gym benefit
Free Health Banking.

Why would I choose a Discovery Bank Suite over a Discovery Bank Transaction Account?

If you choose a Discovery Bank Suite over a standalone Discovery Bank Transaction Account, you get a transaction account for your day-to-day banking needs with an overdraft facility. You will also get access to:

A state-of-the-art credit card that comes with up to 55 days of interest-free credit for select credit card transactions and built-in full transactional capabilities
Dynamic Discounts, like up to 75% back on HealthyFood purchases and more
The bundled fee payment option
Even better Dynamic Interest Rates
Health Banking included for free

Where can I find out more about Discovery Bank Suites?

To find more information about the Discovery Bank Suites or to compare our full banking suites with other Discovery Bank products, please visit the Explore our products page.

Discovery Bank Card Accounts

What is a Discovery Bank Card Account?

The Discovery Bank Card Account gives you an enhanced state-of-the-art credit card and offers you unique rewards on a pay-as-you-transact price plan.

This state-of-the-art credit card comes with up to 55 days of interest-free credit for select credit card transactions, as well as built-in full transactional capabilities so you can create third-party debit orders, make and receive digital payments and receive salary deposits.

Where can I find out more about Discovery Bank Card Account?

To find more information about the Discovery Bank Card Account or to compare it with other Discovery Bank products, please visit the Explore accounts page.

�iscovery Account

What is a �iscovery Account?

The �iscovery Account is a fully digital banking account, with unique travel and lifestyle rewards, innovative payment capabilities, as well as Vitality Money. This account is available exclusively to Discovery clients, with zero monthly fees.

Your �iscovery Account is a digital transaction account that you can use for:

Vitality Travel - access the travel booking platform exclusive to Discovery Bank clients
Health Pay - instantly settle out-of-pocket medical expenses without the hassle of paperwork or queues
Vitality Pay - access Discovery Vitality's network of fitness partners on a pay-per-visit basis with Vitality Pay as you Gym
Contact Payments - pay other Discovery clients using just their cellphone number

The �iscovery Account also gives you access to Discovery Miles, our rewards currency that's more valuable than cash.

Who qualifies for a �iscovery Account?

You have to be a South African citizen or foreign national with permanent residency and an SA ID number, 18 years or older, and have either a Discovery Life plan, Discovery Insure plan, Discovery Invest policy, qualifying Discovery Health plan or Vitality Health membership.

If you're already a primary accountholder of a Discovery Bank transaction or credit card account, or have the previous Discovery Card first issued before we launched Discovery Bank, you don't qualify to open a �iscovery Account. If you have a Discovery Bank Transaction Account, Card Account or Suite you can already access all the great features of the �iscovery Account with your current product.

How do I open a �iscovery Account?

To open a �iscovery Account, simply:

Download the Discovery Bank app and log in using your Discovery login details.
Set up you unique Facial ID.
Choose �iscovery Account and view the account benefits.
Accept the T&Cs and select Next.
Enter your personal details and set up your virtual card.
Select Done once complete.

Do I qualify for a �iscovery Account if I am already a Discovery Bank client?

If you are already a primary accountholder of a Discovery Bank transaction or credit card account, or have the previous Discovery Card first issued before we launched Discovery Bank, you don't qualify to open a �iscovery Account. If you have a Discovery Bank Transaction Account, Card Account or Suite you can already access all the great features of the �iscovery Account with your current product.

If you are a primary accountholder of a Discovery Bank savings account only, or a secondary cardholder without your own Discovery Bank product, and you have a qualifying Discovery product or policy, then you can add the �iscovery Account using the Discovery Bank app.

Can I close my Discovery Bank accounts and open a �iscovery Account instead?

It is possible to close all your Discovery Bank accounts so you qualify for a �iscovery Account, but you'll miss out on the rewards that your current Discovery Bank product gives you.

Can I downgrade my Discovery Bank Transaction Account, Discovery Bank Credit Card Account or Discovery Bank Suite and open a �iscovery Account instead?

For now, it isn't possible to downgrade to the �iscovery Account. You'll have to close all your Discovery Bank accounts to open a �iscovery Account, but you'll miss out on the rewards that your current Discovery Bank product gives you.

I only have a Discovery Bank savings account. Can I qualify for a �iscovery Account?

If you are a primary accountholder of a Discovery Bank savings account, and you have a qualifying Discovery product or policy, then you can add the �iscovery Account using the Discovery Bank app.

If I'm an existing Discovery client, why must I verify my identity during the �iscovery Account activation process?

When you join Discovery Bank, you'll quickly and easily set up a facial ID to authenticate and verify your identity. That way, no one else can have access to your banking app except you. You'll then be able to log in to your banking app with a secure fingerprint or Facial ID, the most advanced facial recognition technology available.

If I'm an existing Discovery client, why must I provide my ID number again during the �iscovery Account activation process?

While your existing Discovery details will be prepopulated as far as possible during the account activation process, you may need to provide certain details like your ID number again for us to further verify this information. This is because South African banks are required to hold the latest and most accurate information about all their customers in compliance with the Financial Intelligence Centre Act 38 of 2001 (FICA).

Discovery Bank Transaction Accounts

What is a Discovery Bank Transaction Account?

The Discovery Bank Transaction Account provides you with a transaction account (also known as a cheque account) for your day-to-day banking needs and is available on both bundled fee and pay-as-you-transact price plans. This product comes with an optional overdraft facility.

For more information about the overdraft facility, please see The single credit facility.

Where can I find out more about Discovery Bank Transaction Account?

To find more information about the Discovery Bank Transaction Account or to compare it with other Discovery Bank products, please visit the Explore accounts page.

Discovery Bank Forex Accounts

How do I open a foreign currency account?

You can quickly and easily open one of our Discovery Bank Forex Accounts (British Pounds, Euro or US Dollar Account), or all three, on the Discovery Bank app. To add these accounts, simply:

Log in to the Discovery Bank app.
Scroll to the end of your portfolio of accounts.
Tap Add Account.
Tap Foreign Currency.
Enter your tax number (if it isn't there already).
You'll be able to open a British Pound, Euro or US Dollar Account.

You can open only one British Pound, one Euro and one US Dollar Account.

How does a foreign currency account work?

It works like a transaction account. You can receive money, make cross-border payments and do inter-account transfers between this and your other Rand accounts. All transactions are in the currency of the account, which is GBP (British Pounds), EUR (Euros) or USD (US Dollars).

You can also choose to pay an external beneficiary in more than 60 other currencies.

We use the exchange rate at the time when you complete a transaction.

Do I get the usual 55 days interest free when I buy with my multicurrency card?

No, because your multicurrency card is a debit card.

If you have enough money in your foreign currency account to cover the transaction, interest doesn't apply. If you don't have enough money in your foreign currency account, the transaction will be declined.

Do I get the usual 55 days interest free when I pay in a foreign currency with my credit card?

Yes, there is no change to this.

Foreign currency transactions using your existing credit or debit card are charged to your account in rands, Visa will apply an exchange rate to the transaction.

Exchange control

What's a Single Discretionary Allowance (SDA)?

The Single Discretionary Allowance is an amount of R1 million that the South African Reserve Bank allows you to spend outside South Africa each calendar year for specific payments.

South African residents who are 18 years or older can use this SDA for foreign transactions, including foreign exchange bought in South Africa.

The SDA covers transactions for:

Travel, gifts, alimony and loans to non-residents
Online and physical card payments related to travel.

What's a Capital Allowance?

The Capital Allowance is an annual amount of up to R10 million. Individual South African taxpayers who are 18 years or older can make investment-related transactions up to R10 million a calendar year in foreign currency.

To make foreign investments, you must have a Tax Compliance Status (TCS) PIN, which SARS will only issue if your tax affairs are in order. You can apply for the TCS PIN on SARS eFiling.

SARS can limit the Capital Allowance amount they approve for you. We'll only approve transactions within the amount that SARS allows you.

What's a Repatriated Balance?

Your Repatriated Balance is money you previously sent out of South Africa, or transferred into one of your foreign currency accounts at Discovery Bank, and then personally paid back into a Rand account at Discovery Bank.

Money that someone else from overseas paid into your Rand account won't be added to your Repatriated Balance. Your Repatriated Balance isn't linked to a calendar year and doesn't expire. It's all the money you brought back into South Africa during your lifetime as a Discovery Bank client.

Will my TCS PIN for my Capital Allowance be safe?

Yes, your Tax Compliance Status (TCS) PIN will be safe because keeping your information secure and private is our top priority. All our systems comply with the Protection of Personal Information Act (POPIA).

How do I know how much of my Single Discretionary Allowance or Capital Allowance I've used so far?

We can only show you how much you've used when you transact from your Discovery Bank accounts. We don't know about forex transactions you've done at any other bank. You can see the amounts you've transacted using Discovery channels in the Discovery Bank app:

Log in to the Discovery Bank app.
On the home page, tap More.
Tap Foreign Currency Allowances.

Why is my account locked when I try to make a foreign currency transaction?

Please call us and we'll get our Exchange Control team to investigate.

The reason could be that the South African Reserve Bank needs more information or that we've been advised you've reached your limits by transacting through another authorised dealer in addition to us.

Why can't I make an international transaction?

Please call us and we'll get our Exchange Control team to investigate.

Why can't I make a foreign currency transfer when my balances are available?

Please call us and we'll get our Exchange Control team to investigate.

What should I do if I don't agree with foreign currency allowance amounts and limits?

Please call us and we'll get our Exchange Control team to investigate.

I've used up my allowances. Can I ask for more from the Reserve Bank?

You can email a request to our Exchange Control team at Finsurv-Applications@discovery.bank.

How do I know which Balance of Payments (BOP) category to choose for a foreign exchange transaction?

Inter-account transfers will automatically show the correct category in the Discovery Bank app. For incoming and outgoing payments you'll only see a selection of applicable categories. Choose the most appropriate one.

If you're unsure, please call us and we'll get our Exchange Control team to assist.

I used the wrong balance of payments (BOP) category on a transaction; can I change it?

Please call us and we'll get our Exchange Control team to assist.

I've repatriated money as I was told to do. What's next?

Please call us and we'll get our Exchange Control team to assist.

I got a message that my Capital Allowance transaction must be validated; what now?

You must confirm any transaction that uses your Capital Allowance with SARS. You need a Tax Compliance Status (TCS) PIN, which SARS will only issue if your tax affairs are in order.

You can apply for the TCS PIN on SARS eFiling and our Exchange Control team will validate your TCS PIN with SARS. It'll take up to 24 hours.

You'll get a message in the Discovery Bank app when you'll be able to complete your transaction.

I want to transact with my Capital Allowance but I must provide my TCS PIN and expiry date. What's this for?

You must confirm any transaction that uses your Capital Allowance with SARS. You need a Tax Compliance Status (TCS) PIN, which SARS will only issue if your tax affairs are in order.

You can apply for the TCS PIN on SARS eFiling and our Exchange Control team will validate your TCS PIN with SARS. It'll take up to 24 hours.

You'll get a message in the Discovery Bank app when you'll be able to complete your transaction.

Can I use money that I repatriated from the foreign currency account earlier for a forex transaction now?

Yes, if it's money you previously sent out of South Africa or transferred into one of your foreign currency accounts at Discovery Bank, and then personally paid back into a Rand account at Discovery Bank. This will be part of your Repatriated Balance and you can see the amounts in the Discovery Bank app:

Log in to the Discovery Bank app.
On the home page, tap More.
Tap Foreign Currency Allowances.

Multicurrency card

How can I get a physical multicurrency card that is linked to my forex accounts?

You can do this on the Discovery Bank app:

Log in to the app.
Tap Cards.
Choose between a physical or virtual card.
Choose the account for which you would like to add the card (British Pound, Euro or US Dollar).

You can choose any of the three forex accounts to add the multicurrency card to. The card will automatically link to other forex accounts if you have them, and will also be linked to your nominated Rand account for fees and transactions in currencies other than USD / GBP / EUR. For physical cards, you'll also need to enter your delivery information.

Enter relevant information and select Next. Enter and confirm your PIN.

If you choose to add the card for a secondary cardholder, then you need to enter the cardholder's details. Remember that any payments made with this secondary card will use your own SDA allowance, and not the SDA allowance of the cardholder. We're working on allocating payments to the SDA allowance of the secondary cardholder as the person transacting.

How can I get a virtual multicurrency card linked to my forex accounts?

You can do this on the Discovery Bank app:

Log in to the app.
Tap Cards.
Choose between a physical or virtual card.
Choose the account for which you would like to add the card (British Pound, Euro or US Dollar).

Enter relevant information and select Next. Enter and confirm your PIN. Your card is ready to use.

You can also add it on your favourite smart device to use at tap-and-go payments using Apple Pay, Fitbit Pay, Garmin Pay and Samsung Pay.

How does the multicurrency card work?

The Multicurrency card is linked to any forex accounts you have with Discovery Bank (British Pound, Euro or US Dollar). It's also linked to a nominated South African Rand account you chose when opening your forex accounts.

You can use this one card for international transactions in various currencies and it'll automatically link to the relevant forex account based on the currency you're transacting in. For example, if you travel to the United States and use your card there, it'll automatically charge the transactions to your US Dollar Account. If you use your multicurrency card at an online merchant who uses British Pounds, it'll automatically process the transaction from your British Pound Account. If the account has insufficient funds your transaction will decline.

If you transact in a currency for which you don't have a forex account, the transaction will be processed to your nominated South African Rand account. If your nominated South African Rand account has insufficient funds, the transaction will also decline.

Your multicurrency card is blocked for transacting in South African Rands, at a South African ATM or with a merchant located in South Africa. This means that these transactions will fail.

Can I pay for iTunes (USA) with my foreign currency card?

No, unfortunately not. You can't pay for anything on iTunes or from Apple in the USA with a card that doesn't have a US billing address because the pricing is set per region. That's why South African cardholders can't buy USA content from Apple. You have to buy from a South African Apple outlet.

You can't buy from Apple USA with PayPal either.

Exchange rates

Why did I get a different exchange rate to what I saw on the internet?

The rate on the internet isn't live or current. It's the rate from some time earlier. The internet rate is also not an accurate buy-or-sell rate but rather an average or mid-rate.

When you make your transaction, we quote the real-time rate, which refreshes every 60 seconds for the British Pound, Euro and US Dollar, and at regular intervals during the day for all other currencies.

If you don't finish your transaction within this time, you'll get an updated rate. The final rate you get is the rate that you accept when you finish your transaction.

How long is the quoted exchange rate valid for?

It's a real-time rate that's valid for 60 seconds for the British Pound, Euro and US Dollar, but changes at regular intervals during the day for all other currencies.

We'll quote a new rate every 60 seconds until you complete your transaction. The final rate you get is the rate you accept when you finish your transaction.

Can I negotiate a better rate with Discovery Bank?

Unfortunately, not. You get the Discovery Bank foreign exchange rates, which are very competitive and apply to everyone and every transaction.

Why did my exchange rate change from when I started to when I finished my transaction?

If you don't finish your transaction within this time, you'll get an updated rate. The final rate you get is the rate that you accept when you finish your transaction.

Which exchange rate applies for a payment I get from outside South Africa?

When you receive a foreign currency payment, you'll get a message on the Discovery Bank app telling you what to do to accept the payment.

We quote the real-time exchange rate when you complete the exchange control information for the payment, and the rate refreshes every 60 seconds for the British Pound, Euro and US Dollar, and at regular intervals during the day for all other currencies.

If you don't accept the rate within this time, you'll get an updated rate. The final rate you get is the rate you accept when you finish your transaction.

Do I pay the 2.5% VISA charge if I use my foreign currency card outside South Africa?

If you have a foreign currency account in the same currency as you're paying, the 2.5% charge won't apply. But if the payment is in a currency that you don't have an account in, the purchase will go to the Rand account you specified for your foreign currency account fees and the 2.5% charge will apply.

What card do I use outside South Africa if I don't want to use my multicurrency card?

You can use any of your other existing Discovery Bank debit or credit cards to make payments.

Correspondent bank details

Why am I being asked for correspondent bank details for my forex payment?

Some international banks or financial institutions will ask for Discovery Bank's correspondent bank details if they don't have them. The information is listed on the SWIFT network and on the Bankers Almanac.

You can also download the correspondent bank details for Discovery Bank payments here and provide to the payer or the remitting bank.

Who is Discovery Bank's correspondent bank for international foreign currency payments?

Our correspondent bank is HSBC Bank Plc, which is located in the United Kingdom (UK). Their BIC/SWIFT code is MIDLGB22.

Where can I find the correspondent bank details for a payment into my Discovery Bank account?

We have provided the correspondent bank details for Discovery Bank below, but you can also download the correspondent bank details for Discovery Bank payments here and provide to the payer or the remitting bank.

Correspondent bank details for a forex payment

For a payer to make a forex payment to a Discovery Bank client in South Africa, they can provide the following BIC code for our correspondent bank, if required by the remitting bank:

Account Name	Discovery Bank Limited
Bank name	HSBC Bank Plc
Location	United Kingdom
BIC	MIDLGB22

Discovery Bank Savings Accounts

Does Discovery Bank have savings accounts?

At Discovery Bank, you have access to a wide range of savings accounts and you can add as many free savings accounts to your banking portfolio as you want.

The savings account options at Discovery Bank include:

A free Vitality Savings Account for your personal savings goals.
Free short- and medium-term savings accounts, such as:
- Demand Savings Accounts
- Notice Savings Accounts
- Tax-Free Demand Savings Accounts
Free long-term savings accounts that:
- Include a range of Fixed Deposit Accounts that offer you access to your money after the investment term. Investment terms can range from 3 to 24 months.
- Gives you the option to have interest paid out monthly, upfront or on maturity

Where can I find out more about Discovery Bank savings accounts?

To find more information about Discovery Bank's savings accounts or to compare our different savings accounts, please visit the Saving with Discovery Bank page.

Where can I find out more about all of Discovery Bank's savings rates?

For more information about the competitive savings rates Discovery Bank offers through its wide range of savings and investment accounts, please see the Savings accounts rates and fees page.

Do I get a card if I open a savings account?

Our savings accounts don't come with bank cards. You get physical or virtual bank cards with transaction or credit card accounts.

Discovery Bank Home Loans

What is a Discovery Bank Home Loan?

A Discovery Bank Home Loan is the first and only shared-value home loan in South Africa. Whether you're a first-time home buyer or looking to upgrade, you'll enjoy a full ecosystem of benefits and tailor-made service that starts in minutes in your Discovery Bank app. Plus, you'll get a personalised interest rate and a further discount of up to 1% on your home loan, when you manage your money well.

How do Discovery Bank Home Loans work?

Qualifying Discovery Bank clients can apply for a Discovery Bank Home Loan in the Discovery Bank app - this includes new home loans, switching your current home loan to Discovery Bank, and refinancing a paid-off property.

The main applicant will start the process in their app and can add up to three co-applicants during the app application process. You'll be asked to provide some details about the home loan you're applying for, your income and expenses, as well as other relevant details.

Discovery Bank will then provide you with an initial offer so you can see what rates, discounts and instalments you could qualify for. This whole process can be completed in as little as five minutes.

What types of home loans can I apply for with Discovery Bank?

Discovery Bank offers three types of home loan financing options, namely:

New home loan - You can apply for a new home loan on an existing property.
Switch - You can move your existing home loan facility to Discovery Bank.
Refinance - You can apply for a new loan on an existing property that you own to get extra cash equal to the value of the property.

What is the difference between a switch and refinance home loan from Discovery Bank?

Switching your home loan is when you move an existing home loan account to Discovery Bank. You'll have the option to add an additional cash amount over and above the outstanding loan amount.

Refinancing your home loan is when you own an unbonded property and you want to apply for a new loan to get extra cash equal to the value of the property.

If I switch my bond to Discovery Bank, can I choose a different payment term?

Yes, you'll be able to select a new loan term when you apply in the Discovery Bank app. The terms we offer you will be based on your age, the loan amount and its affordability to you.

Applying for a Discovery Bank Home Loan

How do I apply for a Discovery Bank Home Loan?

You can apply for a Discovery Bank Home Loan and get an initial offer in minutes using the Discovery Bank app. Simply update to the latest version of the Discovery Bank app, then:

Log in to the banking app.
Tap Accounts then tap the menu in the top-right corner
Tap Add Account
Select Home Loan
Accept the terms and conditions at the bottom of the screen and tap Next
Select if you want to apply for a new home loan, switch your existing home loan, or refinance a paid-up property.
Provide the necessary information and document and submit your application for assessment.

Who can apply for a Discovery Bank Home Loan?

To qualify as a main applicant for a home loan, or to be added as a co-applicant to a home loan application:

You must be a Discovery Bank client with a transactional account.
- If you're a secondary cardholder, you must add a qualifying primary Discovery Bank account.
Your account must be in good standing, meaning:
- Your Discovery Bank accounts or credit facilities are not overdrawn, in arrears, in default, or subject to any legal process with Discovery Bank.
- You're not under debt counselling, administration or sequestration.
- Your verification and anti-money-laundering information is up to date.
You won't be able to apply if you have any other Discovery Bank credit applications in progress.
You must agree that we can retrieve and use your credit bureau information.

What do I need to qualify for a Discovery Bank Home Loan?

When you apply for a Discovery Bank Home Loan in the Discovery Bank app, you'll need to provide the following information for Discovery Bank to assess if you qualify:

Confirmation of your personal information (like your population group, country of residence, highest qualification, marital status and your number of dependants) and those of your co-applicants (if you have any).
Details of the property being bought, switched or refinanced. You'll need a letter confirming the physical address and information about the property's roof and type of boundary.
Your employment information and those of your co-applicants (if you have any).
Your monthly income, expenses and credit repayments and those of your co-applicants (if you have any).
Payment information for the home loan repayment.
You'll have to upload documents as part of the application. Based on your employment, income and property information, the documents needed will be shown in the banking app.

All new home loan purchases will need a signed offer to purchase document that the seller has accepted. The document must have been completed in full.

How do I check if I qualify for a Discovery Bank Home Loan?

You can check if you qualify for a Discovery Bank Home Loan in the Discovery Bank app. Simply update to the latest version of the Discovery Bank app, then:

Log in to the banking app.
Tap Accounts then tap the menu in the top-right corner
Tap Add Account
If you qualify for a Discovery Bank Home Loan, the Home Loan option under Products will be blue and you can continue with your application.

If it's greyed out, you don't qualify for a home loan at this point. The reason for not qualifying will be shown on the tile - for example: Credit application in progress.

How much do I qualify for with a Discovery Bank Home Loan?

You can check the home loan amount you could qualify for in the Discovery Bank. Simply log in and supply your income and loan information by starting a home loan. You'll see an estimate of the contracted interest rate, monthly repayment, interest rate discount and once-off fees that'll apply to your home loan.

How much cash can I get with a Discovery Bank Home Loans switch application?

The value you'll qualify for is based on your current loan balance versus the property value. When providing the Income and Loan Information during the application, you'll be able to enter an additional cash amount over and above the outstanding loan amount, but less than the estimated property value.

The estimated property value is subject to confirmation after a physical inspection by an accredited property valuer. This inspection is part of the credit assessment stage of the application.

How much cash can I get with a Discovery Bank Home Loans refinance application?

The value you can qualify for is based on the property value. When providing the Income and Loan Information during the Discovery Bank Home Loan application, you'll be able to enter a loan amount over the minimum amount shown on the screen but less than the estimated property value.

The estimated property value is subject to confirmation after a physical inspection by an accredited property valuer. This inspection is part of the credit assessment stage of the application.

Do I need to give notice to my current bank?

Your bank may require a notice period of up to 90 days to avoid an early settlement penalty. Give notice as soon as you accept the Discovery Bank Home Loan offer. The bond attorneys will send a request for cancellation figures to the current bond holder but only after the attorneys have been instructed.

How do I get pre-approved for a Discovery Bank Home Loan?

Discovery Bank Home Loans are very personalised and consider your changing financial conditions to offer you better personalised rates and discounts. Discovery Bank therefore doesn't offer pre-approval of home loans.

Can a business get a Discovery Bank Home Loan?

Discovery Bank doesn't offer home loans to businesses at this point. You need to apply for a Discovery Bank Home Loan as an individual for us to offer you the best interest rates and discounts based on how well you manage your money.

Can I apply for a Discovery Bank Home Loan if I want to buy into a development?

For now, you can only apply for loans on existing residential properties. Discovery Bank will announce through all our communication channels when home loans for developments become available.

Can I use part of my Discovery Bank Home Loan for renovations?

If you're switching your existing home loan to Discovery Bank, you'll have the option to add an additional cash amount over and above the outstanding loan amount but less than the estimated property value. This can be used however you choose, including renovations.

Alternatively, you can access funds for renovations using your built-in Revolving Credit Facility.

How do I switch or transfer my home loan to Discovery Bank?

You can apply to transfer your existing home loan facility to Discovery Bank by selecting to switch your home loan during the application process in the Discovery Bank app. Simply update to the latest version of the Discovery Bank app, then:

Log in to the banking app.
Tap Accounts then tap the menu in the top-right corner
Tap Add Account
Select Home Loan
Accept the terms and conditions at the bottom of the screen and tap Next
Select Switch your home loan and complete the application steps.

What is a main applicant when applying for a Discovery Bank Home Loan?

The main applicant is the person who initiates the home loan application. If you're the main applicant, you can complete the application as a single applicant or add co-applicants.

As the main applicant, you're responsible for:

The selections made in the home loan calculator to maintain the estimated interest rates.
The uptake of Discovery insurance policies that influence projected interest rates.
Maintaining the Vitality Money statuses that influence the interest rates.
The monthly loan repayments.
Transferring money into and out of the home loan facility.

If the main applicant is married in community of property or has a foreign marriage, their spouse must by law be added as a co-applicant on the application.

What is a co-applicant when applying for a Discovery Bank Home Loan?

A co-applicant is an additional person considered in the underwriting and approval of a loan or other type of application. A main applicant can add three co-applicants to an application.

Applying for a loan with a co-applicant can improve the chances of loan approval and get more favourable loan terms. For example, adding a salaried co-applicant increases the combined income, which makes qualifying for a higher loan amount possible.

The co-applicants' marital and credit statuses can affect the application.

What's an offer to purchase?

An offer to purchase (also known as a sale agreement) is the legal document or contract you complete and sign when you intend to buy a home.

What is the maximum loan term offered by Discovery Bank?

You can apply for a Discovery Bank Home Loan with a maximum loan term of 30 years.

If I get a better rate or offer at another bank, will Discovery Bank match or beat that offer?

If you have a written offer from another institution or bank, you can ask your sales consultant for an interest rate review. Our credit panel will review the offer and your sales consultant will give you feedback.

Home loan interest rates and discounts

How does Discovery Bank Home Loan interest work?

Your effective interest rate will be made up of a contracted interest rate less the interest rate discount (which is discretionary and re-calculated each month).

The contracted interest rate is linked to the JIBAR interest rate, and your personalised link rate is based on your circumstances, for example, your employment status and type, your credit score and if a deposit will be paid.

The Summary of Estimated Rates you see in the home loan application isn't final.

You'll see your final, effective interest rate in the Letter of Acceptance document after the loan is approved.

What is JIBAR?

JIBAR, the Johannesburg Interbank Agreed Rate, is the average rate at which banks lend to each other in the interbank market.

Three-month JIBAR is an independently determined three-month rate quoted on the SA Futures Exchange. The SA Reserve Bank sets and periodically revises the REPO rate. REPO and JIBAR rates move similarly, but JIBAR is adjusted on set quarterly dates and is about 0.2% to 0.5% above REPO at any time.

We use three-month JIBAR as our base rate, while other banks add 3.5% to the REPO rate to determine their Prime rate. Unlike other banks that use Prime as their base rate, we add a personalised link rate (depending on your risk profile) to JIBAR to get to the contracted interest rate we apply to your home loan.

After your home loan is approved, our lending rates are reset every quarter when JIBAR is reviewed. We use the latest market-quoted JIBAR rate to determine your contracted interest rate for the following quarter.

The effect on you is that your interest won't move at the same time as Prime, but only on predetermined quarterly reset dates.

What is the Discovery Bank Home Loan interest rate discount?

The interest rate discount is a benefit we offer for Discovery Bank Home Loans, and is recalculated each month based on the main applicant's behaviour. This means, you could reduce your effective interest rate if the main applicant enhances their Discovery product portfolio and uses Discovery Bank as their primary bank.

To be eligible for the interest rate discount, the main applicant must:

Be in good standing every month on their banking portfolio
Have Vitality Money active
Pay their home loan from a Discovery Bank account
Meet their monthly qualifying spend or meet a lesser qualifying spend and pay at least two debit orders from a Discovery Bank transactional account, meaning:
- �iscovery Account
- Transaction account (pay-as-you-transact or bundled fees)
- Credit card.

The Discovery Bank Home Loan interest rate discount is based on:

The main applicant's Discovery Bank product
The main applicant's Vitality Money status
The specific products from Discovery Life and Discovery Insure tailored to the home loan offering
If the main applicant is a Discovery employee.

The interest rate discount will be calculated at the end of the month and applied from the first of the following month.

What percentage discount can I get on my Discovery Bank Home Loan?

Discovery Bank clients can get an interest rate reduction of up to 1% on their Discovery Bank Home Loan. This interest rate deduction is calculated based on:

Your Discovery Bank product: Up to 0.25% reduction
Your Vitality Money status: Up to 0.25%
Your home loan-related Discovery Life and Discovery Insure products: Up to 0.50% reduction

Note: Clients with a sectional title property, will not be able to apply for Discovery Insure's building cover, so would therefor qualify for a maximum of 0.875% and not 1%. For more information on this, please see: What percentage discount can I get on my home loan with Discovery Life and Discovery Insure products?

What percentage discount can I get on my home loan with my Discovery Bank product?

The main applicant on the Discovery Bank Home Loan will receive the following interest rate reduction based on their qualifying Discovery Bank product - based on the Highest Price Indicator (HPI):

Discovery Bank product	Home loan interest rate discount
�iscovery Account	0%
PAYT Transaction Account - With Pay-as-you-transact fees (PAYT)	0%
Credit Card Account	0.10%
Transaction Account - with Bundled fees	0.25%
Discovery Bank Suite	0.25%

How does my Vitality Money status impact my Discovery Bank Home Loan interest rate?

The main applicant on the Discovery Bank Home Loan will receive the following interest rate reduction based on their Vitality Money status:

Vitality Money status	Home loan interest rate discount
Blue	0%
Bronze	0.05%
Silver	0.10%
Gold	0.15%
Diamond	0.25%

What percentage discount can I get on my home loan with Discovery Life and Discovery Insure products?

As a Discovery Bank client, you stand to benefit from a discounted interest rate by taking up Discovery Insure Building cover, Discovery Insure Contents cover and Discovery Life Home Loan Protector cover.

If you sign up for the Discovery Life Home Loan Protector cover and maintain a specific Vitality Money status, you will get the following interest rate discounts:

Vitality Money status	Home loan interest rate discount
Blue	0%
Bronze	0.05%
Silver	0.10%
Gold	0.15%
Diamond	0.25%

If you sign up for Discovery Insure Building and Contents cover and maintain a specific Vitality Money status, you will get the following interest rate discounts:

Vitality Money status	Contents cover only	Buildings cover only	Building and Contents cover
Blue	0%	0%	0%
Bronze	0.025%	0.025%	0.05%
Silver	0.050%	0.050%	0.10%
Gold	0.075%	0.075%	0.15%
Diamond	0.125%	0.125%	0.25%

Note: Clients with a sectional title property, will not be able to apply for Discovery Insure's building cover, so would therefor qualify for a maximum of 0.875% and not 1%.

Where can I see my Discovery Bank qualifying spend/interest rate discount information?

Once your Discovery Bank Home Loan facility is open, you'll be able to see your monthly interest rate discount information in the Discovery Bank app by selecting the home loan account on the Accounts tab.

Managing your Discovery Bank Home Loan

How do I keep track of my Discovery Bank Home Loan application?

You can see the latest status of your application with a home loan tracker in your Discovery Bank app at any time. You and your co-applicants (if you have any) will also get notifications of key milestones as the application progresses.

After you've completed capturing your application and we've checked that your documents are in order, an SA Home Loan sales consultant will be assigned to your application.

They'll keep in touch about the progress of your application assessment and will be available to discuss the details of your application and loan agreement.

Can I use my own insurance or do I have to take up Discovery insurance?

You can choose to take up the Discovery Insure offer or provide proof of insurance by a third party, however as a Discovery Bank client, you stand to benefit from a discounted interest rate by taking up Discovery Insure Building cover, Discovery Insure Contents cover and Discovery Life Home Loan Protector cover.

Discovery Life offers Home Loan Protector cover for all property and application types. While this cover isn't mandatory, it insures the full home loan against death and a list of defined events.

Building insurance or Homeowners Cover (HOC) insurance is mandatory for all freehold or non-sectional title properties and application types, meaning new home loans, switch and refinance applications.

This insurance is necessary to protect the financial risk Discovery Bank undertakes in case the structure of the dwelling suffers damage, and it gives you peace of mind in the event of sudden and unforeseen circumstances.

Building insurance isn't required for sectional title properties unless not covered by the body corporate. You'll need to provide proof of where the body corporate pays for building or HOC insurance.

Contents cover is optional for all property types.

How do I pay off my Discovery Bank Home Loan faster?

Your monthly repayment will be debited from your selected Discovery Bank account. However, you can make additional payments into your Discovery Bank Home Loan to pay it off faster and save on interest. To make additional payments to your home loan from one of your Discovery Bank accounts, simply log in to you Discovery Bank app and follow the steps for transferring between accounts.

Can I pay my Discovery Bank Home Loan off early?

Yes, you can make additional payments into your Discovery Bank Home Loan to pay it off faster and save on interest. To make additional payments to your home loan from one of your Discovery Bank accounts, simply log in to you Discovery Bank app and follow the steps for transferring between accounts.

Fees and additional costs

What fees will apply to my Discovery Bank Home Loan application?

The fees involved with a Discovery Bank Home Loan are typical for home loans in South Africa. You'll see a summary of the estimated fees on the Summary of Estimated Rates screen during your home loan application in the Discovery Bank app.

What fees apply to switching my home loan to Discovery Bank?

The following fees will apply when switching your existing bond to Discovery Bank:

A cancellation fee from your current bank
A bond registration fee
A Discovery Bank initiation fee.

You'll see the estimated fees on the Summary of Estimated Rates screen. These fees will be confirmed on the Letter of Acceptance after the loan has been approved.

To avoid the cancellation fee, give your current institution or bank notice to switch your home loan as soon as you accept the offer or sign the Letter of Acceptance.

What fees apply to refinancing my home loan with Discovery Bank?

When refinancing your property with Discovery Bank Home Loans, the following fees will apply:

Bond registration fees
Bank initiation fees.

What is the monthly servicing fee for a Discovery Bank Home Loan?

You'll pay a monthly credit service fee of R69.00 on your Discovery Bank Home Loan.

Do I pay transfer duties with a Discovery Bank Home Loan?

You must pay transfer duties to SARS if you're buying a home valued over R1,100,000. Transfer duties are a percentage of the cost of the home and are determined by the buyer's legal status (private, company, trust, etc.). Private buyers pay transfer duties on a sliding scale based on the value of the property.

Transfer duties are for new home loans only. The seller conveyancer will confirm the amount.

What conveyancing costs and attorney fees apply when applying for a Discovery Bank Home Loan?

As with all home loan applications, the seller appoints the conveyancing attorney to transfer the property, but the buyer pays the conveyancing attorney the fees for transferring the property into their name.

In the same way as transfer duties, the fees are determined on an upward sliding scale in direct proportion to the cost of the property being bought. The calculated fee must be paid before or simultaneously with registration or transfer of the property. An exemption of R1,100,000 applies to transfer duties but not to these transfer fees.

Transfer fees are for new home loans only. The seller conveyancer will confirm the fees.

What bond registration fee will I pay on a Discovery Bank Home Loan?

For the service of registering your bond at the Deeds Office, you'll be charged a bond registration fee or attorney costs. This fee can vary, but you'll see an estimate in the Discovery Bank app when you apply for a home loan. This fee is charged by our attorney panel and will be confirmed on the Letter of Acceptance at the offer stage.

The bond registration fee is for new home loan purchases, switching your home loan and refinancing an existing home loan.

What initiation fees apply on a Discovery Bank Home Loan?

The National Credit Act allows finance providers to charge their customers initiation fees of up to R6,037.50 (R5,250 + VAT). You'll pay us this fee for processing your home loan application and opening your home loan facility.

The initiation fee is for new home loans, switching your home loan and refinancing an existing home loan.

Can I add all the fees to my Discovery Bank Home Loan to capitalise the fees?

Whether you can capitalise the fees to your Discovery Bank Home Loan depends on the type of loan you're applying for:

For a new home loan, you can't capitalise your registration and initiation fees. You must pay these fees upfront, at registration.
For a home loan switch, you can either add your registration, initiation and cancellation fees to your home loan (meaning you can capitalise the fees) or pay these fees at registration.
For refinancing your home loan, you can either add your registration and initiation fees to your home loan (meaning you can capitalise the fees) or pay these fees at registration.

Capitalising these fees is subject to credit approval and may affect your contracted interest rate.

Discovery Bank Revolving Credit Facility

How does the Revolving Credit Facility work?

The Discovery Bank Revolving Credit Facility makes credit available to you if you qualify.

You'll go through our credit validation process to see how much you qualify for.

You can only get a Revolving Credit Facility if you have one or more of the following accounts:

Credit card account
Transaction account
�iscovery Account.

With the Revolving Credit Facility, you can get money when you need it. You'll transfer the money from the facility into a Discovery Bank account where you can make payments or cash withdrawals.

You'll only pay for the facility when you use it, meaning if you have an end-of-day debit balance of at least R500 at any point during the statement period.

I only have a Discovery Bank savings account. Can I get a Revolving Credit Facility?

No, unfortunately our Revolving Credit Facility is only available if you're already a Discovery Bank primary accountholder with Vitality Money, meaning you have a transaction or credit card account or �iscovery Account.

You can add a qualifying account in the Discovery Bank app.

Then you can open a Revolving Credit Facility in the app.

I haven't joined Discovery Bank; can I open just a Revolving Credit Facility on its own?

You can download the Discovery bank app and join with a qualifying account.

Then you can open a Revolving Credit Facility in the app.

I still have only the credit card from before you launched Discovery Bank and no other Discovery Bank products. Can I open a Revolving Credit Facility?

No, unfortunately the Revolving Credit Facility is only available if you're already a Discovery Bank primary accountholder with Vitality Money, meaning you have a transaction or credit card account or �iscovery Account in good standing.

You can download the Discovery bank app and join with a qualifying account.

Then you can open a Revolving Credit Facility in the app.

How are fees charged on the Revolving Credit Facility?

The first time you use your Revolving Credit Facility, either to transfer money out of it or pay money into it, we'll charge you a once-off initiation fee of R350.

We'll charge you the standard monthly facility fee of R69 only if you have an end-of-day debit balance of at least R500 at any point during the statement period.

Discovery Bank Fees

What do Discovery Bank products cost?

The monthly fees will depend on the banking product and card colour you choose. Select a Discovery Bank product below for detailed information about its fees structure. You can also find the fees guide for each product on that product's page in the Explore accounts section of our website.

�iscovery Account

The �iscovery Account

The Gold collection

The Platinum Collection

The Black Collection

The Purple Suite

Discovery Bank Purple Suite

Corporation for Deposit Insurance

What is CODI?

The Corporation for Deposit Insurance (CODI) is a government scheme under the South African Reserve Bank to insure the bank deposits of clients in South Africa. Its purpose is to protect the money you've deposited into a qualifying bank account against the risk that the bank may fail for any reason and be liquidated. In case of a bank failure and its liquidation, clients who have deposits in that bank will be informed exactly when and how much of their money they'll get back, up to a limit of R100,000 per depositor per bank.

Who gets CODI cover?

Bank clients get automatic cover for deposits in their name. This means CODI guarantees and will repay money deposited in your qualifying Discovery Bank account up to the value of R100,000.

CODI also covers deposits in forex accounts up to the R100,000 limit but will convert foreign currency balances to South African rand before paying the depositor if a bank fails and is liquidated.

Must I pay for CODI?

No, we'll pay for the scheme. CODI will use the information we share with them to calculate our monthly contribution.

Which accounts will CODI cover?

CODI will cover positive balances in these transaction, savings and deposit accounts:

Discovery Bank Transaction Account
�iscovery Account
Discovery Bank Forex Account
Demand Savings Account
Vitality Savings Account
Tax-Free Demand Savings Account
Notice Savings Account
Fixed Deposit Account.

CODI won't cover loan accounts or overdrawn balances on transaction accounts. It won't cover debit balances in credit card accounts either.

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