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Discovery Bank expands banking and lifestyle benefits

Discovery Bank this week announced the launch of an account with no monthly fees and a Vitality pay-as-you-gym option as it reached one million accounts since opening to the public in 2020.

The banking arm of the Discovery Group disclosed details of several new products and benefits for clients at a briefing for financial advisers and brokers on Monday.

Discovery Bank said it now has one million accounts held by more than 450 000 clients, with more than R11 billion in deposits and R4.5bn in credit advances.

In December last year, the bank said it had about 400 000 clients and was adding 600 new clients a day. It aimed to break even in 2024, when it expects to have reached a total client base of between 600 000 and 700 000 customers.

Clients of the Discovery Group who don’t already have an account with Discovery Bank qualify for the Discovery Account, a digital-only account with no monthly fees.

Discovery Bank is offering Vitality pay-as-you-gym to all clients, who can access more than 170 Virgin Active and Planet Fitness clubs nationwide. Clients scan the QR code at the entrance, pay the access fee of between R75 and R100 (depending on the facility) from a Discovery Bank transaction account or credit card, or use their Discovery Miles.

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 and get a free smoothie after their first visit.

Discovery Bank also announced new travel benefits, such as The Lounge, which is a partnership between the bank and SAA that provides clients with access to a pre-flight relaxation area at OR Tambo, Cape Town and King Shaka airports.

As an introductory offer, clients with Platinum, Black or Purple Discovery cards have unlimited use of The Lounge until the end of this year.

In addition to domestic departures at OR Tambo and Cape Town airports, Priority Fast Track is now available at international arrivals at OR Tambo for Discovery Bank Purple cardholders, enabling them to skip the passport control queues for international and regional trips.

Discovery said SAA and CemAir will join the Vitality Travel flight partner network, which currently includes Safair, Airlink and Lift.

The Vitality Travel platform’s accommodation listings now also provide access to properties listed on Booking.com “at their best available rates”.

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