Discovery Bank: Accounts, savings & fees

Transaction accounts: bundled vs pay-as-you-transact

Every Discovery Bank transaction account gives you full transactional capabilities — third-party debit orders, digital payments, salary deposits — plus access to Real-Time Forex Accounts. The difference between bundled and pay-as-you-transact pricing is simply how you pay: one flat monthly fee covering most transactions, or a lower starting fee with per-transaction charges after that.

A Purple Transaction Account sits above Black for clients earning more than R2.5 million a year, as part of Discovery Bank's top income collection — contact Discovery Bank directly for current Purple pricing, as it isn't published on the standard public fee pages. Fees are reviewed periodically, so always check the current Fees Guide on discovery.co.za before you commit.

Transaction account interest: how the tiers compare

Each tier unlocks a different ceiling on Dynamic Interest Rates — the boost to your positive transaction-account balance and linked demand savings accounts you can reach at the highest Vitality Money status:

These figures represent the maximum boost available at Diamond Vitality Money status on each account; your actual rate depends on your status at any given time and can change. Always confirm current rates in the Discovery Bank app, as published rates are updated periodically.

The fee-free Ðiscovery Account

Existing Discovery clients — for example, those who already hold Discovery Health medical aid or a Discovery Life, Invest or Insure policy — can open a Ðiscovery Account at R0 a month. It gives access to Discovery Pay and the Vitality Money programme without the full feature set of a dedicated Transaction Account, making it a low-commitment way to start engaging with Vitality Money and Discovery Bank rewards before deciding whether to upgrade to a full transaction account.

Savings accounts: rates and features

All Discovery Bank savings accounts carry no monthly fee, and you can open as many as you like alongside a transaction account. Interest is calculated on your daily balance and paid monthly. Rates below are the base and Vitality Money-boosted range as published on Discovery Bank's official Notice Savings Account page and savings comparison materials:

Only the Demand and 24-Hour Notice savings accounts get the extra Vitality Money-linked Dynamic Interest boost of up to 1.5%; the longer notice and fixed-term accounts pay a set published rate based on the term you choose, not your Vitality Money status. Rates change periodically — always check the current published rate in the Discovery Bank app before opening an account or relying on a specific figure. Savings accounts don't come with a bank card; a card requires a transaction or credit card account.

Real-Time Forex Accounts

Qualifying Discovery Bank transaction account holders get free access to Real-Time Forex Accounts in US Dollars, British Pounds and Euros, available 24/7 in the app. There are no fees to transfer or convert between a forex account and your rand account, and Discovery Bank helps you track and manage your foreign currency allowances. You can add a free virtual card linked to a smart device for payments while travelling, or order a physical card for cash withdrawals abroad.

Discovery Bank branch code and account details

Discovery Bank uses one universal branch code across every account and product — there's no separate code per branch, since the bank has no physical branches to begin with. This is the code you'll need whenever you set up an EFT, add Discovery Bank as a beneficiary at another bank, or complete a form asking for your "branch code" or "universal code."

This single branch code (679000) applies whether you're setting up a debit order, receiving a salary deposit, or adding Discovery Bank as a beneficiary from another South African bank's app. For international transfers, you'll also need Discovery Bank's SWIFT/BIC code — several third-party sites quote different SWIFT codes for Discovery Bank, so rather than risk a wrong or outdated one here, confirm the exact SWIFT code directly in the Discovery Bank app or by calling 0800 07 96 97 before sending or receiving an international payment.

Is my money protected?

Discovery Bank is a SARB-licensed bank, and qualifying deposits — including balances in transaction, savings and forex accounts — are automatically covered up to R100,000 per depositor under the Corporation for Deposit Insurance (CODI) in the event of a bank failure and liquidation. This is automatic; you don't need to apply or register separately for the cover.

Which account type suits you?

• Low, occasional transaction volume → pay-as-you-transact keeps your fixed monthly cost lowest
• Frequent transacting, debit orders and card swipes → bundled pricing is usually cheaper once you exceed the included free transactions
• Already a Discovery client wanting to try Vitality Money banking with no commitment → the fee-free Ðiscovery Account
• Building an emergency fund with instant access → Demand Savings or Tax-Free Demand Savings
• Saving toward a fixed goal with a known timeline → Notice or Fixed Deposit accounts, for the higher locked-in rate

Frequently asked questions