Discovery Bank Corporate Member Banking Benefit

What is the Discovery Bank corporate member banking benefit?

It's a monthly fee rebate for eligible Discovery Bank clients who deposit their salaries into their Discovery Bank accounts and who are employed by participating employers and have their medical aid and/or retirement funds administered by Discovery. The benefit offers up to a 50% rebate on qualifying monthly fees, with a maximum rebate of R100 a month.

How much can I get back each month?

You can get 50% back on up to R200 of your standard monthly fees - that's up to R100 every month. Qualifying young professionals under 28 may qualify for a higher rebate with no cap, on a Discovery Bank Platinum Suite or a Discovery Bank Black Suite.

It's possible to apply for a personal loan in minutes in the Discovery Bank app - the easy steps in the app make it faster than any branch or online personal loan application.

Discovery Bank clients can go to the app, add a personal loan account, choose the amount and the personal loan repayment term, and accept - all within minutes. If your personal loan is approved, funds could be paid into your Discovery Bank account within 48 hours.

Which fees are included in the rebate?

The rebate covers:

Your monthly account fee
The Vitality Money premium
The single credit facility fee (charged on Credit Card Account or Suite products with a credit limit of R1,000 or more)

It does not apply to:

Transaction fees
Interest or penalty charges
Annual fees

Which Discovery Bank clients qualify for this benefit?

To qualify as a Discovery Bank client, you must:

Be a permanent, full-time employee of a participating employer
Be the principal member of a Discovery-administered medical scheme or an active member of a Discovery-administered retirement fund through your employer
Hold a qualifying Discovery Bank product as the primary accountholder
Have your salary paid into your Discovery Bank account each month
Have your account in good standing

What counts as a qualifying Discovery Bank product for the corporate benefit?

Eligible products include:

Any colour Discovery Bank Transaction Account (pay-as-you-transact or bundled fees options)
Any colour Discovery Bank Credit Card Account
Any colour Discovery Bank Suite

How do I activate the benefit as a Discovery Bank client?

If you meet all the eligibility criteria and your employer is enrolled, the benefit is activated automatically when your salary is paid into your Discovery Bank account - no manual opt-in required.

Who qualifies as a young professional?

To qualify:

You must work for an employer that's been selected as working in a professional services sector
You must be under 28 years old
You must have a Discovery Bank Platinum Suite or Discovery Bank Black Suite

If you turn 28 or change to a non-qualifying product, you'll move to the standard corporate rebate.

How can my employer enrol in the benefit?

Your employer can enrol as a participating employer if:

They are a corporate client of Discovery Health for their medical aid membership or Discovery Corporate and Employee Benefits for administration of their retirement funds
They have at least 50 permanent employees
They pay salaries via a payroll system that correctly identifies salary deposits

Enrolment must be initiated by the employer's Discovery servicing adviser and may take up to 10 business days to process.

What date will I receive my rebate?

Your rebate will be paid the same day as your salary is received, into the same account that your salary is deposited, as long as all eligibility criteria are met. For most clients this is different to the date that their fees are charged, and may also be different to the account that their fees are charged to.

What happens if I change jobs or switch accounts?

You'll lose the rebate if:

You no longer meet the eligibility criteria
Your employer is no longer participating
Your salary is no longer paid into your Discovery Bank account
Your account is no longer in good standing

Does it matter when or how I joined Discovery Bank?

It doesn't matter when you joined Discovery Bank, and whether you signed up for Discovery Bank through the Discovery Bank app, a call centre, or with the assistance of a financial adviser, provided all other requirements are met.

Where can I see the latest Discovery Bank fees?

Visit discovery.co.za and view the most recent product fees guide for up-to-date pricing.

How will I know if my employer is a participating employer?

You can confirm with your HR or payroll department, or ask your company's Discovery Health or Discovery Corporate and Employee Benefits servicing adviser. Only participating employers can offer the corporate banking rebate.

What if my employer is interested but hasn't enrolled yet?

Encourage your employer to contact their Discovery servicing adviser to request enrolment. Discovery Bank will review their eligibility and guide them through the process.

Does the rebate show on my account as a separate transaction?

Yes, the rebate will appear as a separate credit into the same Discovery Bank account that you deposit your salary. It will appear on the same day your salary is deposited, once all eligibility conditions are met.

What if my salary is paid into another bank account?

To receive the rebate, your salary must be paid into your Discovery Bank transaction or credit card account. You can update your banking details with your payroll team using the account confirmation letter from your Discovery Bank app.

What happens if my salary is paid late or outside of my usual billing cycle?

The rebate is processed based on salary deposits received into your Discovery Bank account. If your salary is delayed, the rebate may be delayed or missed for that billing cycle.

Can I get more than one rebate if I hold multiple qualifying products?

No. Each client is eligible for only one rebate per calendar month, regardless of the number of accounts they hold.

Do I need to inform Discovery Bank once I start receiving my salary in my account?

No. If your salary is correctly deposited by a participating employer and all other criteria are met, the benefit will activate automatically - no need to notify us.

Will the rebate amount ever change?

Yes, rebate values may change from time to time based on updates to Discovery Bank's product fee guides. Always check the latest version on discovery.co.za.

Do I need to be a Vitality Health member to get the benefit?

No, Vitality Health membership is not required.

What if I recently switched to Discovery Bank-will I get the rebate immediately?

Yes, once all eligibility criteria are met (including salary deposit), the rebate will apply from your next salary date onwards.

What if I downgrade or upgrade my Discovery Bank product?

Your rebate amount may change depending on your new product tier. If your new product no longer qualifies, the rebate will stop.

Will the rebate continue if I take unpaid leave or sabbatical?

If your salary is not paid into your Discovery Bank account during that time, the rebate will not apply for that billing cycle.

What if my account goes into arrears or is no longer in good standing?

You must maintain your account in good standing to qualify. If your account falls into arrears or is restricted, the rebate will stop.

Can I combine this rebate with other Discovery Bank discounts or offers?

The rebate is a standalone benefit. Other offers may apply depending on your product and profile, but the corporate rebate itself does not stack with other fee rebates.

Who can I speak to for help with activating my rebate or querying why my rebate wasn't paid?

For payroll or employer enrolment queries, speak to your HR team or your company's Discovery servicing adviser. For product-specific queries, call 0800 07 96 97 to speak to a Discovery Banker.

Where can I view the full terms and conditions applicable to the corporate benefit?

You can view the full terms and conditions on discovery.co.za.