MH
Marc H

1 reviews | Active since Sept 2022

06 Oct 2022, 09:27

Discovery Bank not increasing the interest rate we earn when Repo rate moves

The bank increase borrowing rate by 0.75% on 23 Sept and then increase the rate we earn by less than 0.75% a week later. This is ********* and not in line with all other banks who adjust all rates on the same day. But then Discovery are very ********* as a whole. I moved my Life Insurance to another company - same cover for 33% less and after this I am closing my bank account. No more dealings with this dishonest company. Had endless hassles being charged over R 600 interest on a R 1 000 cedit card balance. I took them to the Ombudman and they were forced to reverse it. They are not going to ***** from me any longer.

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Replies (1)
Discovery Bank
Discovery Bank's reply10 Oct 2022, 07:37
Official
Hi Marc

Please pardon my delayed response. 

Borrowing rates are contractually linked to the  prime rate – when the prime rate changes, borrowing rates automatically change. We don't have any prime-linked savings or investment products so all these rate changes, and timing, are driven by business rationale. However, we are busy looking at all our savings products and may communicate soon.

Regards, 
Pale