Updated September 28, 2026 · BorrowCue Editorial Team
Bank of Ireland vs Discovery Bank
Where Bank of Ireland and Discovery Bank differ
| Compare |  Bank of Ireland |  Discovery Bank |
|---|---|---|
| Fixed period | 4 years | 30 yearsHigher |
| Maximum loan to value | 90% | 100%Higher |
| Product fee | €150 to €250 | ZAR 6,037.50 |
| Purpose | Purchase, Remortgage, First time buyer, Buy to let, Equity releaseCovers more | Purchase, Remortgage, First time buyer, Equity release |
| Initial rate | 3.1% | Not confirmed |
| APRC | 3.8% | Not confirmed |
Same on both: Lender type (Direct lender).
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Key differences
- Bank of Ireland scores higher overall: 9.4 vs 9.2.
- Bank of Ireland is licensed in 1 more country.
- Bank of Ireland is available in 1 more country.
- Fixed period is higher at Discovery Bank: 30 years vs 4 years.
- Maximum loan to value is higher at Discovery Bank: 100% vs 90%.
- Support channels: only Bank of Ireland offers Community.
- Purpose: only Bank of Ireland offers Buy to let.
Our verdict on each
Bank of Ireland
Bank of Ireland suits borrowers in the Republic of Ireland who want a mortgage and a personal loan from one long established bank, with a variable personal loan rate starting at 7.1% to 8.9%.
Discovery Bank
Discovery Bank suits South African adults with a good credit record who want a personal loan or a revolving credit line from a direct lender, and it holds up well for anyone who plans to clear a loan early.
Score breakdown
| Area | Bank of Ireland | Discovery Bank |
|---|---|---|
| Cost | 9.3HigherPersonal loan fee is 0 EUR - no arrangement fee and variable rate of 7.1% to 8.9% sits under the 12% site median. | 9.2 |
| Offer | 9.2HigherFixed mortgage hold is 4, lower than the 10 median fixed period. | 9.1 |
| Trust | 9.6Higher | 9.2 |
Licences and countries
| Country | Bank of Ireland | Discovery Bank |
|---|---|---|
| Ireland | Not confirmed | |
| South Africa | Not confirmed | |
| United Kingdom | Not confirmed |
Additional countries for Bank of Ireland: 2. Additional countries for Discovery Bank: 1.
How they place
| Ranking | Bank of Ireland | Discovery Bank |
|---|---|---|
| Personal loans | 258 of 1932 | 420 of 1932 |
| Mortgages | 42 of 719 | 124 of 719 |
| Remortgage deals | 26 of 351 | 86 of 351 |
| Equity release | 2 of 32 | 6 of 32 |
Every fact side by side
| Fact | Bank of Ireland | Discovery Bank |
|---|---|---|
| Legal entity | Bank of Ireland Group plc | Discovery Bank Limited |
| Headquarters | Ireland | South Africa |
| Founded | 1783 | Not confirmed |
| Support channels | Phone, Chat, Help centre, CommunityCovers more | Chat, Phone, Help centre |
Loans
| Fact | Bank of Ireland | Discovery Bank |
|---|---|---|
| APR | 7.1% to 8.9% | Not confirmed |
| Loan amount | €2,000 to €75,000 | ZAR 15,000 to ZAR 500,000 |
| Term | 12 to 60 months | 6 to 72 monthsHigher |
| Arrangement fee | 0 EUR - no arrangement fee | Once-off credit initiation fee set by National Credit Act guidelines (amount confirmed in offer), plus R69 monthly credit service fee |
| Credit check | Hard | Hard |
| Funding time | 24-48 hours after signed credit agreement | within 48 hours |
| Representative example | Personal loan of EUR20,000 over 5 years at 6.9% variable, 7.1% APR, monthly repayment EUR394.71, cost of credit EUR3,682.60 | Not confirmed |
| Features | Not confirmed | Credit line |
| Rate type | Variable | Variable |
| Free early repayment | Yes | Yes |
| Eligibility | 18 years of age or over, resident in the Republic of Ireland, and an existing Bank of Ireland current account customer registered for 365 online to apply online | 18 years or older, valid South African identity document, proof of residence not older than three months, proof of income |
| Origination fee (%) | 0% | Not confirmed |
| Loan types | Personal, Car, Student | Personal, Credit line |
| Credit needed | Not confirmed | Good |
| Use cases | Not confirmed | Home improvement |
Where each stands against the rest
| Fact | Bank of Ireland | Discovery Bank | Median |
|---|---|---|---|
| Initial rate | 3.1%lowest quarter | Not confirmed | 4.425% |
| APRC | 3.8%lowest quarter | Not confirmed | 5.04% |
| Fixed period | 4 yearsbelow the median | 30 yearshighest quarter | 10 years |
| Maximum loan to value | 90%at the median | 100%highest quarter | 90% |
Median across 238 listed lenders.
Pros and cons
Bank of Ireland
Pros
- No arrangement fee on the personal loan: 0 EUR - no arrangement fee
- Variable personal loan rates of 7.1% to 8.9%, below the 12% site median
- A direct lender rather than a broker, so you deal with the lender itself
Cons
- Applying online needs an existing current account with a waiting period of registered online use
- A hard credit check applies, while 72.7% of lenders on the site also use one
- The fixed mortgage period of 4 sits below the 10 median for mortgage products
Discovery Bank
Pros
- Free early repayment: settling a personal loan early adds no charge, which is true of 81.2% of the listings.
- Lending runs ZAR 15,000 to ZAR 500,000, well past Monzo Flex at £10,000 to £35,000 and Cashspace ES at €100 to €5,000.
- A personal loan and a revolving credit line sit with the same lender (personal and credit line), so a staged home improvement draws only what the work needs.
Cons
- A variable rate leaves the final cost open until rates move, and the field leans the other way at 80.5%.
- The credit check is hard and the record needed is good, so a thin file has to clear a full assessment before an offer.
- The arrangement fee adds a monthly credit service fee on top of the once-off credit initiation fee, so a small balance still carries a monthly charge.
Who each suits
Bank of Ireland
Who it suits
- Existing Bank of Ireland current account customers in the Republic of Ireland looking for a mortgage
- Borrowers who want a personal loan with no arrangement fee and free early repayment
- People who prefer dealing with the lender directly rather than through a broker
Who should look elsewhere
- Borrowers wanting a long fixed mortgage period, since 4 is short against the market
- People without an existing Bank of Ireland current account, who cannot apply online
- Anyone wanting a fixed rate on a personal loan, because variable applies
Discovery Bank
Who it suits
- South African adults with a good credit record who can show a valid identity document, recent proof of residence and proof of income.
- Borrowers funding home improvements who want a revolving credit line for staged work as well as a personal loan.
- Homebuyers, since lending covers purchase, remortgage and first time buyer and a home loan runs to 100%.
Who should look elsewhere
- Anyone after a small one-off sum: Cashspace ES runs €100 to €5,000 and Cashspace runs PHP 500 to PHP 25,000, both far below ZAR 15,000 to ZAR 500,000.
- Borrowers who need a fixed rate to plan ahead: Discovery Bank is variable while 80.5% of the listings are fixed.
- Borrowers outside a single market: the bank is based in South Africa, so Monzo Flex at £10,000 to £35,000 suits a sterling customer better.
Current offers
Bank of Ireland
Current offer
Bonus
Cashback Plus on new mortgage drawdown: Up to 3% of mortgage drawdown (2% after drawdown, 1% after 5 years)
For first-time buyers, movers and switchers drawing down a new mortgage on qualifying fixed rates. Not available on High Value Mortgage fixed rates or standard variable rate; additional 1% not available for buy-to-let or equity release. Terms and conditions apply.
Source, checked September 26, 2026
Discovery Bank
Current offer
Bonus
Join Discovery Bank and get 75% off Virgin Active gym fees: 75% off Virgin Active gym fees
Add Vitality; applies to a local club membership; terms and conditions apply
Source, checked September 26, 2026
Bonus
Save up to 5% on your monthly personal loan repayments: up to 5% interest rate discount on personal loans
Limited offer; discount set by Vitality Money status at application and fixed for the full loan term; terms and conditions apply
Source, checked September 26, 2026
Country by country
| Country | Bank of Ireland | Discovery Bank |
|---|---|---|
| Ireland | Yes | No |
| South Africa | No | Yes |
| United Kingdom | Yes | No |
Questions about each
Bank of Ireland
What is the arrangement fee on a Bank of Ireland personal loan?+
The personal loan carries 0 EUR - no arrangement fee, so there is no arrangement fee to pay when the loan is taken. The percentage fee is 0%. The variable rate behind the loan runs 7.1% to 8.9%, and early repayment is free if you want to clear the balance sooner.
How does the Bank of Ireland personal loan compare with the site median?+
The variable rate of 7.1% to 8.9% sits below the 12% median APR across lenders on the site. Borrowing runs €2,000 to €75,000 over 12 to 60, which is a larger ceiling than the €876.96 median amount on the site.
Discovery Bank
Who regulates Discovery Bank, and does that protect the loan?+
Discovery Bank is authorised as an authorised financial services provider by the Financial Services Conduct Authority under FSP48657, and registered as a credit provider with the National Credit Regulator under NCRCP9997. Lending is direct, so the bank is the counterparty on the balance. Ask the bank directly what applies to a loan in good standing.
How quickly is a Discovery Bank personal loan funded?+
Money is released within 48 hours of the application being approved. Terms run 6 to 72 and the amount runs ZAR 15,000 to ZAR 500,000, so a home improvement can be covered in one draw once the paperwork is in. Applications ask for proof of income and recent proof of residence, which adds handling time before the clock starts.