To open a Discover bank account (savings, checking), you'll apply online by providing personal info (Name, DOB, SSN, Address, Contact Info) and funding the account with an initial deposit, with no physical branches to visit, requiring just your computer or mobile device and required documents like ID and SSN for a quick, minutes-long process.
Here's what you need to know
To activate a Ðiscovery Account you must have a qualifying Discovery product, be 18 years or older and have a South African ID number. Foreigners and foreign nationals are not able to activate a Ðiscovery Account or join Discovery Bank.
Checking account FAQ
We do not charge any account-related fees. However, there is a $30 service charge for each outgoing wire transfer from your Discover bank account.
Everyday banking that offers the most value
Plus, you can add as many free savings accounts as you need. Your starting account fee of only R32.
Is there a minimum deposit amount to open my online checking account? There is no minimum opening deposit required to open an online checking account, and there is no minimum balance requirement.
Discovery Bank named South Africa's most loved bank – with record 61% net sentiment | Discovery Limited. Discovery Bank recorded a significant rise in net sentiment over the last year, retaining the lead in the three Net Sentiment scores: Overall, Operational and Reputational.
No minimum deposit to open. Grow your money with our high-yield Online Savings Account. No minimum opening deposit required.
Discovery Card was a joint venture with FNB and your card operated on the FNB banking system. Now that Discovery Bank is a fully operational bank, we have taken over the administration of all Discovery Card accounts from FNB.
All you need is your Discovery Bank card, your PIN, and the cash you would like to deposit. If you are asked for a payment code, check that the cashier is clear that it's a cash deposit and not a payment transaction (for which you would need a payment code).
Minimum Credit Score Needed for Each Discover Card
Discover it® Cash Back: Good credit (700+) required. NHL® Discover it®: Good credit (700+) required (this offer is not currently available on WalletHub and may be out of date). Discover it® Chrome: Good credit (700+) required.
FNB has been named the best digital bank in South Africa. This is according to Human 8's latest South African SITEisfaction survey, which evaluates banks' internet and mobile banking platforms based on user feedback. FNB was named the Best Digital Bank for 2024 with a score of 72.80.
You can withdraw money from your Discover Online Savings account through a bank transfer (either to a Discover checking account or to an external account), a wire transfer, or a bank check. The account doesn't come with an ATM or bank card, so there's no way to withdraw cash.
There are a few fees associated with Discover® Bank accounts. If you use an out-of-network ATM, it won't charge you a fee, but it won't reimburse you if the outside provider charges you. it also charges a fee for sending outgoing wire transfers or receiving an international wire transfer in a foreign currency.
Standard Bank remains by far the biggest bank in Africa but the biggest growth this year was been achieved by Absa Bank, which has increased its Tier 1 capital from $4.7bn in our 2024 survey to $5.6bn this year.
The Fed and the FDIC said that management at Discover Financial Services failed to properly monitor its compliance management systems, systematically ignored customer complaints, and chronically underfunded its compliance function when it misclassified consumer credit cards.
You generally won't find 7% on standard savings accounts, but can find it on Regular Saver Accounts (like First Direct or Co-operative Bank in the UK) or with specific Credit Unions (like Community Financial Credit Union in Michigan for up to $1,000 balance). For kids, some accounts like WECU offer 7% on small balances, while some high-yield checking accounts or accounts in other countries (like India's IDFC Bank) might hit 7% with strict conditions or large deposits.
Whether you choose an online transfer, mobile check deposit, or the "Add Cash" option at retailers, it's easy to deposit funds to your Discover account using your debit card.