Best Discovery Bank alternatives

#1 alternative

GoTyme Bank

active

Ex-TymeBank. SARB digital bank. CODI R100,000. Free account on its own homepage.

Johannesburg · South Africa digital bank · Tyme Group / shareholders — confirm live

7.2Solid

GoTyme Bank is TymeBank under a January 2026 name. Same SARB bank. The operator footer still does the honest work: authorised financial services provider FSP 49140, registered credit provider NCRCP 10774, deposits insured by CODI up to R100,000 per depositor. The old TymeBank app retires on 6 September 2026; existing customers log into GoTyme with the same details. Bank Zero is the mutual-bank peer. Mama Money is remittance, not this file. Discovery Bank is the other big digital charter. This is a South African salary object if the account you open is the bank account — not a stokvel app with a Visa.

Best for: South African residents who want a SARB digital bank with CODI, not a wallet.

Licence

Registered bank — GoTyme Bank Ltd (formerly Tyme Bank Limited)

Protection

GoTyme’s own footer: deposits insured by the Corporation for Deposit Insurance up to R100,000 per depositor in the unlikely event of the bank’s insolvency. FSP 49140. NCRCP 10774.

Monthly

Free banking on the homepage pitch — T&Cs apply

#2 alternative

Bank Zero

active

Sandton mutual bank. SARB. CODI R100,000. App-only South African bank.

Sandton · App-only SA · Mutual / founder capital

6.9Mixed

Bank Zero Mutual Bank is a SARB mutual bank. CODI covers qualifying deposits up to R100,000. Michael Jordaan and Yatin Narsai built an app-only clearing bank in Sandton. That is a bank. It is not Capitec-scale and it is not a multi-currency EMI. Salary in rand can live here; FX still belongs on Wise.

Best for: South African residents who want a SARB mutual bank on a phone, not a Big Five branch.

Licence

Mutual bank — Bank Zero Mutual Bank

Protection

CODI (Corporation for Deposit Insurance) up to R100,000 per qualifying depositor — mutual banks are in by law

Monthly

Low / free core pitch — confirm live

#3 alternative

Kestrl is a habit layer. Keep a Monzo/Starling/high-street account for the actual deposit. Halal branding does not move FSCS.

Best for: UK Muslims who want a money app that speaks their constraints, with a real bank still underneath.

Licence

App + partner EMI/bank rails

Protection

If a spending account exists, it is partner-EMI or bank — not Kestrl-as-bank

Monthly

Freemium / subscription SKUs — confirm live

#4 alternative

Found

active

US banking for the self-employed: taxes, invoices, and a debit card.

4.8

San Francisco · Self-employed base · Series-era (Allianz x others)

7.3Solid

Found is the freelancer current account. Novo is generic SMB. Relay is multi-entity ops.

Best for: US freelancers who hate QuickBooks more than they hate banks.

Licence

Fintech with partner banks

Protection

FDIC via Piermont Bank and partners

Monthly

Free core

#5 alternative

Varo Bank

active

The rare US neobank that is actually a bank.

4.6

San Francisco · 7M+ · Bank holding + private capital

7.2Solid

When a US page asks ‘is it a real bank?’, Varo is the yes. Chime and Current are the no-with-an-asterisk.

Best for: US users who want a neobank app without the partner-bank asterisk.

Licence

National bank charter

Protection

FDIC insured as Varo Bank, N.A. — not pass-through theatre

Monthly

No monthly on core checking

#6 alternative

Current

active

US consumer neobank with a debit card, pockets, and teen accounts.

4.7

New York · 4M+ · ~$400M raised

7.0Solid

Put Current next to Chime and Varo. Varo is the actual bank. Current is the app.

Best for: US consumers who want Chime-class UX with pockets and a teen SKU.

Licence

Fintech with partner banks

Protection

FDIC via Choice Financial Group / program banks

Monthly

Free · paid Current Premium