Discovery bank Vs FNB

[PotatoGuardian]

Thanks @PotatoGuardian - I will look at Discovery CC option as well and use that to get miles back.

Need to close the CC on the FNB account though. Will try do that today.

No probs but as I mentioned before you reap the rewards if you play the discovery game. It fits into my lifestyle so I didn't have to make many changes. Also, nothing motivates me more than discounts and free money

 

[Stochos]

Just tried. They don’t allow you to login if you deny permission for location data.
Interesting….

They want people to use their app so that they can harvest the location information, which reveals a lot about you. Where you stay, how long you are at home, where you shop, exercise, socialise, etc
This is what Facebook does; it builds profiles and then sells your information. Banks have an advantage over FB too; they know your financial history, payment history, spending habits etc.
They would be able to discern how long you took to make a purchase for example. They can then sell this information or spam you with advertising. Your data is also at risk of being leaked in the event of a hack or being used for nefarious purposes.
I suspect that this is contrary to the Protection of Personal Information Act. 4(1), and 4(1) (b) Processing limitation in particular further expanded in 9 to 12. [1]
A summary of the Act is here.
The banks don't need your location data and therefore it can be regarded as a breach. Their job is only to process payments. This is directly a breach of section 10.

Minimality
10. Personal information may only be processed if, given the purpose for which it is processed, it is adequate, relevant and not excessive.

Banks need the permission of the Information Regulator to collect ancillary data. Your location is not needed for them to process transactions. This is data theft and an invasion of your privacy.

For those that have these apps and cannot use it without authorising location information, please submit a complaint to the Information Regulator which enforces the POPI Act :
complaints.IR@justice.gov.za


[1] https://www.gov.za/sites/default/fi...ct4of2013protectionofpersonalinforcorrect.pdf

 

[Priapus]

They want people to use their app so that they can harvest the location information, which reveals a lot about you. Where you stay, how long you are at home, where you shop, exercise, socialise, etc

Let me stop you right there. That's just not how it works. The app can only collect background information whilst it is active. If its closed, there is literally, on a technical level, no way that Discovery can get location data (Or any data)

Secondly, simply setting permissions to "While Using App" & Turning off "Precise location" means two things - 1 Discovery can only collect data whilst you are actually using the app. 2. That location data isn't precise - its an approximate location.

 

[Stochos]

Let me stop you right there. That's just not how it works. The app can only collect background information whilst it is active. If its closed, there is literally, on a technical level, no way that Discovery can get location data (Or any data)

Secondly, simply setting permissions to "While Using App" & Turning off "Precise location" means two things - 1 Discovery can only collect data whilst you are actually using the app. 2. That location data isn't precise - its an approximate location.

No. Once you grant permission, they have carte blanche.

Your Apps Know Where You Were Last Night, and They’re Not Keeping It Secret (Published 2018)

Dozens of companies use smartphone locations to help advertisers and even hedge funds. They say it’s anonymous, but the data shows how personal it is.

www.nytimes.com

And the location doesn't need to be precise for them to build a profile.

 

[Priapus]

No. Once you grant permission, they have carte blanche.

Your Apps Know Where You Were Last Night, and They’re Not Keeping It Secret (Published 2018)

Dozens of companies use smartphone locations to help advertisers and even hedge funds. They say it’s anonymous, but the data shows how personal it is.

www.nytimes.com

And the location doesn't need to be precise for them to build a profile.

No dude, that's not how it works. I develop iOS apps for a living. If a user does not grant background permissions, the app cannot, on a very technically level collect location data as the system, does not provide it.

I am 100% certain of this for iOS. For Android, I don't know though.

 

[Wolfie_ZA]

I've been with FNB for 10+ years. Over that time I've had no real complaints. When I applied for a bond in 2019; they were only willing to offer me 50% - even though I had a good profile with them. Which I know means squat. Then there is the last few updates to their very bloated app - making it super slow and annoying to use. The latest issue is they don't seem to be interested in Apple Pay and insist Virtual cards are the same thing...

I have Discovery medical aid and a bank account with them as I opened one up when they launched - wanted to see what all the hype was about.

I find the experience with Discovery banking much better; their app is night and bright and easy to use - and they do seem to have good offerings. I haven't fully switched to them as yet though.

Has anyone else made the move from FNB to Discovery bank? What were the reasons and your experience with the new bank?

I opened a Discovery Bank account right after they launched. I used it for about a year but I closed it shortly after. It was getting expensive to run two bank accounts (Nedbank + Discovery) because I had full banking suites with both. I couldn't fully switch over to Discovery since they don't offer everything like Nedbank or any other bank, like short term loans, home loans, vehicle finance, forex and business accounts.

Who knows, Discovery might implement this in foreseeable future, but until then I'm happy to stick with my current FSP. Although, I'm quite tempted to open a Discovery account again, probably because of Vitality and the fact that they offer higher interest rates when opening a savings account.

 

[CranialBlaze]

higher interest rates when opening a savings account.

Only if you manage to jump through all the hoops, there is a massive “up to” attached to everything.

If it’s just savings, Tyma bank gives 7% with no hoops, all you need to do is leave it there for 3m.

 

[zerocool2009]

I opened a Discovery Bank account right after they launched. I used it for about a year but I closed it shortly after. It was getting expensive to run two bank accounts (Nedbank + Discovery) because I had full banking suites with both. I couldn't fully switch over to Discovery since they don't offer everything like Nedbank or any other bank, like short term loans, home loans, vehicle finance, forex and business accounts.

Who knows, Discovery might implement this in foreseeable future, but until then I'm happy to stick with my current FSP. Although, I'm quite tempted to open a Discovery account again, probably because of Vitality and the fact that they offer higher interest rates when opening a savings account.

Whats the savings with Discovery? 7% with nothing fixed?

 

[CranialBlaze]

Whats the savings with Discovery? 7% with nothing fixed?

If you have vitality, bank and insure and meet all you goals for all of them.

So you up to 900 points for exercise
All your good driving habits which includes driving less than 500km/mo
Have enough savings (3x your monthly income), retirement, good credit, have paid off enough of your loans (house/car)
Spend enough money on their credit card every month

Those were the highlights I recall when I took them for a spin.

For me, Vitality is worthless and their insurance was double what I’m paying now so nope…

 

[Priapus]

I opened a Discovery Bank account right after they launched. I used it for about a year but I closed it shortly after. It was getting expensive to run two bank accounts (Nedbank + Discovery) because I had full banking suites with both. I couldn't fully switch over to Discovery since they don't offer everything like Nedbank or any other bank, like short term loans, home loans, vehicle finance, forex and business accounts.

Who knows, Discovery might implement this in foreseeable future, but until then I'm happy to stick with my current FSP. Although, I'm quite tempted to open a Discovery account again, probably because of Vitality and the fact that they offer higher interest rates when opening a savings account.

I eventually came to the same conclusion as you did and closed my Discovery account for the same reasons.

 

[Wolfie_ZA]

For me, Vitality is worthless and their insurance was double what I’m paying now so nope…

I also have mixed feelings when it comes to Vitality. It can be rewarding - sometimes, but on the other hand it's also a pain to maintain. One thing that bothered me during my Discovery Bank trial are the Dynamic Discounts. In order to increase your discount you need to spend X amount more. I remember the app said I need to spend R2000 more in order to increase my discount by 5%. Discovery Bank promotes financial wellness but at the same time encourages spending more money just to increase your discount at PnP or Woolies - that is, if you buy "healthy food", otherwise that discount means jack sh**.

 

[CranialBlaze]

I also have mixed feelings when it comes to Vitality. It can be rewarding - sometimes, but on the other hand it's also a pain to maintain. One thing that bothered me during my Discovery Bank trial are the Dynamic Discounts. In order to increase your discount you need to spend X amount more. I remember the app said I need to spend R2000 more in order to increase my discount by 5%. Discovery Bank promotes financial wellness but at the same time encourages spending more money just to increase your discount at PnP or Woolies - that is, if you buy "healthy food", otherwise that discount means jack sh**.

For me personally vitality has no value, maintaining levels is child’s play for me, I train 5 to 6 days a week. The problem is that I get nothing out of it, I don’t like the coffee at either kuaui or mugg and bean, the other rewards were worthless, the weekly spins are always so low.

I stopped going to Virgin like 2 or so years ago and I no longer run so the annual free shoes is no longer applicable, still got the “free” pair I got 3 years ago. I have all the cycling gear I need.

The apple benefit, unless you dive all in and spend enough to maintain a diamond status.

The fuel rewards are the same, if you not all in you get nothing out.

For me personally, Vitality has literally nothing of value to offer.

At the end of the day, Vitality’s actual purpose is to make discovery money, it’s in absolutely no way intended to benefit us.

Hell it was soo funny how offended the sales person was when I burst out laughing at the insurance quote, she could not comprehend how I was not willing to pay twice the price for my insurance. Like zero excess and R1200 a month is actually better than R650 with R1500 excess.

 

[hj007]

For me personally vitality has no value, maintaining levels is child’s play for me, I train 5 to 6 days a week. The problem is that I get nothing out of it, I don’t like the coffee at either kuaui or mugg and bean, the other rewards were worthless, the weekly spins are always so low.

I stopped going to Virgin like 2 or so years ago and I no longer run so the annual free shoes is no longer applicable, still got the “free” pair I got 3 years ago. I have all the cycling gear I need.

The apple benefit, unless you dive all in and spend enough to maintain a diamond status.

The fuel rewards are the same, if you not all in you get nothing out.

For me personally, Vitality has literally nothing of value to offer.

At the end of the day, Vitality’s actual purpose is to make discovery money, it’s in absolutely no way intended to benefit us.

Hell it was soo funny how offended the sales person was when I burst out laughing at the insurance quote, she could not comprehend how I was not willing to pay twice the price for my insurance. Like zero excess and R1200 a month is actually better than R650 with R1500 excess.

I still use the discounted hotels, flights and car rental that you get on Vitality, but it seems the rest is no longer any good?

But you need vitality for Healthyfood benefit or not? Generally comes out at a net-zero in that regard for us.

 

[CranialBlaze]

I still use the discounted hotels, flights and car rental that you get on Vitality, but it seems the rest is no longer any good?

But you need vitality for Healthyfood benefit or not? Generally comes out at a net-zero in that regard for us.

I got annoyed with healthy food long ago, it lacks too much.

2% milk is not actually healthier than full cream.
John west tuna is not healthier than no name tuna.

Pretty much all vegetarian and vegan food options are not on the list.

A lot of what I buy is healthy food, but I’m not buying the virtuality thing that’s twice the price of the non vitality thing just to get 25% back.

Also do a lot of my shopping at checkers, they have a much nicer selection of the everyday meatless options, Woolies has a choice few that I like. However 100% of what I do buy at Woolies is healthy food and 100% of its not on the list, it’s literally the only thing I go to Woolies for, and maybe Tinroof. Selection may be small but it’s bloody nice.

 

[krycor]

Gym & flights.. those ended as the pandemic hit and we moved down to Cpt. So I’ve killed the card and Virgin Active.

Will likely kill insurance too but I’m not very trusting with insurance especially when it’s 50% or more less.. that premium drop needs to be justified else it’s screws you when you need it. Just saying..

Anyway.. Discovery Bank isn’t worth it for the same reason you don’t use them for investment with vitality(and without it too unless you have money to burn) ie you want your financial products to be predicable.

When you make things dynamic based on behavior things get risky.. so unless they passing that risk cost back to you in the way of massive savings or direct cash I am not willing to soak up risk. In the end, that’s what they there for and earn money on(essentially they double dipping).

Btw this applies to health & life insurance too.. but here unless you already in a bad health condition it’s not as bad.

Lastly all the vitality stuff is now heavily integrated into the Card so I am considering killing the other vitality products too.. (insurance which was ok priced, and life & medical which I’ve had for a while). Insurance I might move just not sure where.. Naked looks good but I’m weary.

 

[krycor]

Btw FNB eBucks I find a lot easier to to get to level 5 (level 4 by default) so it’s interesting.. but I see a lot of the stuff is pushing more debt or additional services via their market place.

I suspect this will increase in future so I’m a bit weary.

 

[CranialBlaze]

Will likely kill insurance too but I’m not very trusting with insurance especially when it’s 50% or more less.. that premium drop needs to be justified else it’s screws you when you need it. Just saying..

Oh totally agree, I used to work in insurance so I know exactly what to look for, what I have is about the cheapest, Discovery was by far the most expensive, everyone else was within R100 more but with between 3 and 5k on the excess.

They can be much cheaper as they we newer, but underwritten by Hilliard, so all their systems are modern, everything’s done via an app so there is the significantly reduced human cost. Insurance is deducted from your debit or credit card which is exponentially cheaper than debit orders.

I insure with Naked, I have claimed once and there is even a thread on here with some pretty good reviews as well, one guy who’s car was written off less than 24 hours after activation, hole thing was settled the same week.

The app for me is a big seller as it’s that immediate insurance, as far as I know outsurance is the only other insurer offering self management for policies.

When I got my new phone, I did everything at the checkout, took a photo of the box while they were running me up for the SN, the slip when it was done and I was covered by the time I made it to the door. Same with the laptop I got earlier this year and accidentally drowned 2 days later, which is what the aforementioned claim was for.

 

[hj007]

Anyway.. Discovery Bank isn’t worth it for the same reason you don’t use them for investment with vitality(and without it too unless you have money to burn) ie you want your financial products to be predicable.

When you make things dynamic based on behavior things get risky.. so unless they passing that risk cost back to you in the way of massive savings or direct cash I am not willing to soak up risk. In the end, that’s what they there for and earn money on(essentially they double dipping).

This is what made me stay the hell away from their investment products - no idea what the returns are.
That plus it's an insurance company - same as OM, Liberty etc, don't buy RA from insurance companies, ask your parents how it went.
Lastly, the number of times I've had to follow up with Discovery with points not loaded, benefits not working, PnP not syncing, etc. imagine that happens on a bank account. no thank you.

 

[Wolfie_ZA]

This is what made me stay the hell away from their investment products - no idea what the returns are.
That plus it's an insurance company - same as OM, Liberty etc, don't buy RA from insurance companies, ask your parents how it went.
Lastly, the number of times I've had to follow up with Discovery with points not loaded, benefits not working, PnP not syncing, etc. imagine that happens on a bank account. no thank you.

I actually have an RA with Discovery. I honestly feel like it's a waste of time and the fact that I don't see any significant returns. I thought about withdrawing many times, but I never actually get to doing it because I'm a bit cautious regarding the early withdrawal fees. Although, I suppose it's better to lose R1k or R2k rather than risking the entire investment. And you're right, they are an insurance company, not an FSP.

 

[Mr Smooth]

I actually have an RA with Discovery. I honestly feel like it's a waste of time and the fact that I don't see any significant returns. I thought about withdrawing many times, but I never actually get to doing it because I'm a bit cautious regarding the early withdrawal fees. Although, I suppose it's better to lose R1k or R2k rather than risking the entire investment. And you're right, they are an insurance company, not an FSP.

Have a look at Sygnia.