Discovery Bank hits one million accounts, offers no-fee accounts to all group clients

play article
Subscribers can listen to this article
The million accounts are held by over 450 000 clients.
The million accounts are held by over 450 000 clients.
Image supplied

Discovery Bank has launched a variety of offerings, including access to a no-fee account for all clients of the Discovery group and a Vitality pay-as-you-gym system for over 170 Virgin Active and Planet Fitness clubs, after it achieved a million accounts since its public launch in 2020.

"The bank has scaled quickly and built a uniquely powerful digital banking and technology capability. This is now being deployed as the de facto operating system for the Discovery Group in South Africa," Discovery Bank CEO Hylton Kallner said in a statement.

"Discovery Bank’s digital payments technology, advanced security features and shared value rewards capabilities represent a unique opportunity to deliver new products and digital services to all of our clients."

The million accounts are held by over 450 000 clients, with over R11 billion in deposits and R4.5 billion in credit advances currently. 

Kallner said hitting the milestone of the first million accounts was an "an endorsement of our shared-value banking model and provides us with a strong foundation to continue to disrupt the market".

"With all of the new services and capabilities announced today, our goal is to do just this and further enhance our clients’ banking, travel and payments journeys, and enable Discovery Bank as the operating system for all Discovery clients and products."

Discovery group clients who don’t already have a bank account, now have access to one.

"It is a fully digital banking account at zero monthly fees, that is easy to activate; clients can access their full Discovery product portfolio in the app and also have access to these benefits," the bank said.

The bank has also highlighted its new airport lounge with SAA, and the Vitality pay-as-you-gym. The pay-as-you-gym is available to all Discovery Bank clients, and requires them to scan a QR code at the entrance of the more than 170 Virgin Active and Plant Fitness gyms, and pay an access fee of between R75 to R100, depending on the facility.

"As an introductory special offer, Discovery clients can make unlimited use of Vitality Pay as you gym for free between 20 June and 31 July 2022 and get a free smoothie after their first visit."


Get the biggest business stories emailed to you every weekday.

Go to the Fin24 front page.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Show Comments ()
Rand - Dollar
Rand - Pound
Rand - Euro
Rand - Aus dollar
Rand - Yen
Brent Crude
Top 40
All Share
Resource 10
Industrial 25
Financial 15
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders