Get a Vitality status for your bank balance
Discovery’s new bank due to launch in March next year will give your finances a Vitality status and hopefully nudge you to a stronger position with incentives.
The “digitally-led” bank won’t offer home or vehicle financing but it will reward you with discounts for paying off loans.
You will also be rewarded for managing your spending, saving regularly, covering your assets and income-earning capabilities with insurance, paying off your property and saving for retirement.
Good financial behaviour will not only be rewarded with discounts in the Vitality programme but also with additional interest on deposits with the bank and lower interest on unsecured debt.
Some 300,000 consumers with Discovery credit cards will automatically become clients of Discovery Bank.
Discovery is keeping tight-lipped about its fee structure, but says it is not competing on fees but rather on behaviour.