1 reviews | Active since Jan 2010
Discovery Bank a big no all round.
Looking through these reviews is rather scary for anyone involved or working for Discovery Bank, at this rate Discovery Bank won't be around for much longer. Before I start, Derek's complaint about Discovery Bank having no email address for issues is very valid, no physical bank, no whatsapp platform, no live bot, only a 'not so good' call centre to phone at the customers expense? I complained about this on a previous occasion and and note with regret that nothing is being done about it. On with interest rates. Discovery Bank reduced my base savings account interest rate from 3.2% to 2.75% in June 2021. At that time there were no SARB repo rate changes. .50% change is significant for a retiree. One of the suggestions offered was that if I wanted a fixed interest rate I should go for a fixed term investment. Further I notice that with the recent repo rate increasing from 3.5% to 3.75% on 18 November I see a notification that they increased their lending rates by 25 basis points the next day but no change to interest rates offered on their (or should I say my) savings accounts. So unfortunately another resounding thumbs down for Discovery Bank.
Thanks for reaching out to us.
Unfortunately, we’re not responding to queries by email at the moment. We have received an amazing amount of interest from SA to upgrade their banking to the world’s first behavioural bank, and our call centres and other servicing platforms are experiencing an overwhelming number of responses. Rather than split the call centre team to respond to clients on email and phone, we’ve geared up our full team to be on the phones for now. The time it takes to help you on the phone is usually a lot faster than the back and forth of email, so we are doing this so that we can answer all your questions about Discovery Bank and give you the best service we can. For now, you can contact us toll-free using the number found on your Discovery Bank app.
As it stands, we offer competitive savings rates and lower borrowing rates than many other banks, and with Dynamic Interest Rates, our clients can get even more value.
When the South African Reserve Bank adjusts rates, we adjust our rates accordingly. We also have the right to assess the market situation and change rates accordingly.
For example, in certain instances, we didn’t reduce saving rates when the South African Reserve Bank did.
Remember, if you want a constant rate, you can lock it in by opting to save in a Fixed Deposit Account.
Should you need any further assistance, please do not hesitate to contact us.
Regards
Girshwin
Thanks for reaching out to us.
Unfortunately, we’re not responding to queries by email at the moment. We have received an amazing amount of interest from SA to upgrade their banking to the world’s first behavioural bank, and our call centres and other servicing platforms are experiencing an overwhelming number of responses. Rather than split the call centre team to respond to clients on email and phone, we’ve geared up our full team to be on the phones for now. The time it takes to help you on the phone is usually a lot faster than the back and forth of email, so we are doing this so that we can answer all your questions about Discovery Bank and give you the best service we can. For now, you can contact us toll-free using the number found on your Discovery Bank app.
As it stands, we offer competitive savings rates and lower borrowing rates than many other banks, and with Dynamic Interest Rates, our clients can get even more value.
When the South African Reserve Bank adjusts rates, we adjust our rates accordingly. We also have the right to assess the market situation and change rates accordingly.
For example, in certain instances, we didn’t reduce saving rates when the South African Reserve Bank did.
Remember, if you want a constant rate, you can lock it in by opting to save in a Fixed Deposit Account.
Should you need any further assistance, please do not hesitate to contact us.
Regards
Girshwin