Like every other major bank, initiating or receiving a Discover Bank wire transfer incurs a fee. The three Discovery Bank accounts (Black, Platinum and Gold) include numerous features, including: A standalone credit card with a complimentary, separate transaction account for your day-to-day banking. In fact: This savings account doesn't have any fees. Discovery bank is also telling me they can't close this account that I dont have access to, as its a whole suite. Finding ways to avoid bank fees isn’t hard, but it starts with knowing what they are and how they work. 1 Normal pricing applies after free transactions have been used (local ATM cash withdrawals: R4.50 + 1.5% of withdrawn amount)   We’ll notify you of these charges before delivering the service. Since discovery moved their credit card facility over from FNB to Discovery bank, the fees apparently went up, and after paying my credit card monthly, I now owe MORE than I started with. There is a transfer maximum allowed at those six times. Find out more. Its 2500. Discover announced Monday that it's cutting bank fees on its checking, savings, money market and CD accounts. Discovery Bank is an authorised financial services provider (FSP48657) and … Vote 2 . Please click here to login into Discovery Digital Id. Find out more. Fees on these accounts can typically cost … ACCOUNT FEE MONTHLY ACCOUNT FEE MONTHLY CREDIT FACILITY SERVICE FEE. This is how these fees fit into the wider banking market, according to Discovery: On a purely transactional basis, Discovery positions itself on the lower-middle end of the banking groups in South Africa – with its bundled option for the Gold account being the second-cheapest. There continues to be no fee for incoming wire transfers. CDs still have early withdrawal penalties (EWPs). Discovery has ‘soft’ launched its bank, onboarding a limited number of customers from its card division each day. Although you may be able to find similar features among other online banks, having no fees on its account products makes Discover stand out from most brick-and-mortar financial institutions. Discover Bank’s checking account and savings account previously didn’t have a monthly maintenance fee. Discover’s Account Guides list what has no fees and what has fees. What makes banking with us different? The group said that a full fee schedule will be published in the coming weeks. Sign up in as little as 5 minutes anytime, anywhere and have your bank branch in the palm of your hand. Additional product or service fees may be charged. DISCOVERY MILES. It’s just a very different value proposition,” he said. Incoming transfers are free, at least on Discover’s end. If you still can't find what you are looking for call: Discovery Instant Pay (real-time payments), Point-of-sale swipes: local and international, Cash deposits at Pick n Pay and Boxer stores. There is also a Purple card, which is exclusively invite-only. Fees that may apply to your account; Monthly fee: Free: Inter-account transfers: Free: Electronic funds transfers: R15: Real-time payments: R35: Debit order fee: … Discover Bank Fees. Back in June, the banking giant announced it was removing all fees across its deposit products, making banking cheaper for their customers. Terms and conditions apply. Discovery full banking suite Black Platinum Gold; Monthly fees; Monthly account fee: R325: R135: R90: Monthly Vitality Money premium: R55: R45: R35: Monthly single credit facility fee: R60: R60: R60: Total monthly account fee: R440: R240: R185: Transaction fees; Cash withdrawal at local ATM: Unlimited: 8 free 1: 4 free 1: Cash withdrawal at local point-of-sale 2: Unlimited: Unlimited: Unlimited Broken down by income group, the average bank fee ranges from R132 pm (low to medium income), to R214 pm (medium to high income) and R309 pm (high income segment). According to Discovery its fee breakdown is as a result of a comprehensive study on retail bank fees across the country. Intermediary bank fees are a different story. While the bank has given some indication of what it will be charging customers per month for its bundled accounts, it has not yet released a full fee schedule. Discover actually doesn’t have a service charge for receiving domestic wires or for receiving international wires in US dollars. Discover does not have monthly fees for its checking account, online savings account, money market account, CDs, IRA CDs or loans — period. To this end, it has launched Vitality Money, an offshoot of its Vitality Health programme, that will help customers improve their financial standing, and educate them on how to better handle their money. “This study presents a more comprehensive view of utilisation – and the real cost carried by consumers taking into account their banking behaviour,” he said. There are no fees to wire in your funds from an external bank. Read: Adrian Gore on Discovery Bank’s controversial BEE scheme. Earn up to 3.75% interest on the money sitting in your cheque account with Discovery Bank, Empower yourself with facts and regular updates on the Coronavirus (COVID-19), Insure you and your family against unexpected medical costs. The accounts are broadly defined by income level: For the bundled 1 Plus accounts, customers will pay a fixed monthly fee depending on their level – ranging from R149 and R185 per month for Gold, R213 and R240 for Platinum, and R275 and R440 for Black. The study also compares the average fees to income, to show that consumers pay 0.3% to 0.6% of their salary in banking fees. An authorised financial services and registered credit provider. Discover Bank still has an outgoing wire transfer fee of $30. Find out if it's worth opening up an account with this bank. 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