Discovery Bank

James 77 said:
Does anyone else have problems with regards to discovery miles payments in-store? I was at Dischem just now, and we struggled for 20 minutes. The voucher generated fine but kept saying "Invalid" when the cashier typed it in, and then on my cellphone after her second attempt, it said "a technical error has occurred, please try again later"
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We always struggle with vouchers at Dischem. Not at any store, just Dischem.
 
Any $t# fundis out there? If I’ve reached my R36k this year, do I need to cash everything out? Or can I leave it in and continue to accumulate again and will only the 2021 money count? TIA
 
Not to a branch. Joined them from their app beginning of January 2021. Moved all my funds/accounts/debit orders from FNB. Was with them for 16 years or so. Just as I was closing my FNB accounts I see they launched virtual cards - Discovery already had that when I joined. Quite a nifty feature - use different virtual cards for different purposes and cut down change of physical card being cloned [POS cloning still not avoidable - but your digital spend can proceed unhindered]. Originally joined to test their advert off Facebook about opening an account in 5 minutes - they held up to that, so giving them a go.

Opened a transaction account (cheque account equivalent - side note - will cheque accounts not be called cheque accounts now that cheques are phased out?), credit card account and a few savings accounts. All the above done in app with zero interaction with anyone at Discovery - I like DIY - not for everyone.

I also see that Discovery were voted worst bank last year in a survey - so far I haven't had any issues [touch wood].

FNB's app had a million menu options - far more than I ever used. Discovery has a far simpler interface - which I like - again this will be down to user preference.
Possibly a big factor for many people - no proper online banking with Discovery - everything done in app. This can be a make or break point (far more than anything above).

Fees: R185 [R90 account fee, R60 credit facility fee, R35 Vitality money rewards program] - similar to FNB excluding the rewards program fee.

Rewards program: Different approach to FNB eBucks. The more financially stable you are the higher level you will be. They don't restrict points (to move up the levels) to Discovery products only - my RAs with 2 other providers still earned me points / moved me up. In addition to better earn at linked partners, you pay lower credit card rates (not really too much of a concern to me as I pay well before due date) and earn better interest (interest earned on transaction account as well as savings accounts - savings earn a higher rate).

If you do have Discovery Health packages you do get a bit more out of the rewards program [I don't have Discovery Medical aid or any other Discovery product outside of the banking].

Incoming payments - payments from other banks to Discovery clear the same day (after 6pm) if paid before 4pm. After, next day.

My experience so far...
 
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SueC said:
Any $t# fundis out there? If I’ve reached my R36k this year, do I need to cash everything out? Or can I leave it in and continue to accumulate again and will only the 2021 money count? TIA
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I assume you are talking about a Tax-free Savings Account (TFSA). You are allowed to contribute R36k in each tax year (1 Mar - 28 Feb), with a lifetime limit of R500 000. So from 1 March 2021 you can add another R36k. You do not have to cash anything out and the limits do not apply to investment returns (interest earned and/or growth in the underlying assets). The annual contribution limits have been raised twice so far since the introduction of the TFSA, from R30k at first, then to R33k and now R36k. If you contribute more than the limit you will be charged a 40% penalty on the amount over the limit.
 
With regards to savings accounts:
1. On the app it shows the interest rates when opening the account but these rates change so is there a way to see what interest rate is applicable to each account, like 32 day savings / fixed deposit etc., once opened? On the app I only see the rate for the standard savings account?
2. Is there a way to delete an account after opening on the app?
3. Which savings account is best at the moment? I don't really want a fixed deposit account, 32 day notice interest is less than standard savings account with booster, and I already have the tax free savings.
Any advice? Thanks in advance!
 
On the point of fees, I'm on the Gold package under R350k earn a year. Like other banks, higher card bundles have higher fees.

Took me about 6 weeks to get to the highest rewards level.

I have probably logged into the Discovery app more in one month than I did FNB in a year.

Inter-bank clearance times: Discovery and Capitec process incoming EFTs from other banks a lot faster. Might be wrong, but from what I have seen, big 4 enforce next day clearance for incoming EFTs from other banks.
 
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Discovery Bank

Read online its the launch of the new Discovery bank today. Their motto, how vitality works / are driven (nice working concept). For starters, see they offer bonds also ... Happy reading ! Lets see how they compare to the big banks going forward Good luck Discovery bank ...
mybroadband.co.za mybroadband.co.za
 
Very nice input. I'm also thinking about moving to Discovery. Buying a house in a year or 2 and if FNB doesn't give me the loan or acceptable loan, I'll be moving. Been building a record with them for years and they don't seem to be keen on giving home loans for some reason.
 
diapason said:
I was "promised" a R1000 Woolworths voucher. When I phoned to ask when I could expect it they referred me to the "T&Cs apply" on the email, That brought up a PDF which stated it would happen only in February and referred to it as a prize. I'm uncertain whether there are hoops to jump through to get it.
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twr said:
What competition was this from?
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diapason said:
I don't know. At the point where I had to switch to Discovery Bank from my shortly expiring old credit card I received an email for the R1000 voucher if I submitted all my documents by 8 October.
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My R1000 voucher has arrived:):D:love:.
 
What stores actually have apple available at the moment ? Want to take it for a drive :)
 
Does it basically work on all the existing POS devices or do they use specific readers ?
 
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