Discovery Bank

Hi all,

For the savings to have Diamond Vitality Money status:

can these savings be in a 24-hour or 32-day notice account?

Do the notice accounts also benefit from the interest boost that you get for maintaining Diamond status on Vitality Money?
 
3WA said:
Hi all,

For the savings to have Diamond Vitality Money status:

can these savings be in a 24-hour or 32-day notice account?

Do the notice accounts also benefit from the interest boost that you get for maintaining Diamond status on Vitality Money?
Click to expand...
Yes. I think any Discovery Bank Savings account will be fine.

Some do. Go to Accounts>add new account. Under See more you can check which ones will benefit from dynamic interest rates.
 
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Charlesjjm said:
Yes. I think any Discovery Bank Savings account will be fine.

Some do. Go to Accounts>add new account. Under See more you can check which ones will benefit from dynamic interest rates.
Click to expand...

Thanks!

So I see the 24-hour notice account gets it, but not the 32-day.
If you’re on Diamond, you’ll get better overall interest in a 24-hour notice account than a 32-day account. Seems a bit weird to me.
 
Anybody have any idea what the new requirements will be for Vitality Money points and corresponding status levels? Got a notification in my app earlier that changes will be implemented from 1 October.

I am expecting the classic Discovery tactic of making achieving the highest status increasingly more difficult after the initial hook... But am ready to be pleasantly suprised.
 
glennhurlow said:
Anybody have any idea what the new requirements will be for Vitality Money points and corresponding status levels? Got a notification in my app earlier that changes will be implemented from 1 October.

I am expecting the classic Discovery tactic of making achieving the highest status increasingly more difficult after the initial hook... But am ready to be pleasantly suprised.
Click to expand...
Didn't receive any notification...
 
glennhurlow said:
Anybody have any idea what the new requirements will be for Vitality Money points and corresponding status levels? Got a notification in my app earlier that changes will be implemented from 1 October.

I am expecting the classic Discovery tactic of making achieving the highest status increasingly more difficult after the initial hook... But am ready to be pleasantly suprised.
Click to expand...
Don't think we should hold our breath.
 
glennhurlow said:
Anybody have any idea what the new requirements will be for Vitality Money points and corresponding status levels? Got a notification in my app earlier that changes will be implemented from 1 October.

I am expecting the classic Discovery tactic of making achieving the highest status increasingly more difficult after the initial hook... But am ready to be pleasantly suprised.
Click to expand...
of course, that's the M.O, they just change the rules without telling anyone...
 
Lukcydog said:
of course, that's the M.O, they just change the rules without telling anyone...
Click to expand...
There is a notification on the app, it has been there for a while.

The bank is still breeding money, they need a lot more clients to become profitable, seems counter intuitive to make it more difficult. I suspect we will see the opposite or similar.
 

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I see the app now has a financial analyser for budget etc. I would assume points will be related to this rather then spend.
 
Koosvanwyk said:
There is a notification on the app, it has been there for a while.

The bank is still breeding money, they need a lot more clients to become profitable, seems counter intuitive to make it more difficult. I suspect we will see the opposite or similar.
Click to expand...
I hope so Koos, and I wish they were breeding money and not bleeding money. But given that their breakeven point for clients is 500k-600k and they are only half that, they will still bleed for some time to come.
 
Nifty to see how they classify it. Could have been interesting if I was doing most of my expenditure on it...
 
Lukcydog said:
Nifty to see how they classify it. Could have been interesting if I was doing most of my expenditure on it...
Click to expand...
This has big potential. Two things they need to fix ASAP though:

1. Transfers between accounts shouldn't impact the budget
2. Need the ability to manually edit classifications
 
glennhurlow said:
This has big potential. Two things they need to fix ASAP though:

1. Transfers between accounts shouldn't impact the budget
2. Need the ability to manually edit classifications
Click to expand...
Number 2 you can do. If you go to the transaction details and click on it. Scroll down to "Financial Analyser" and tap on it. Then tap on the edit button, it looks like a pen. On the list select the approriate classification.
 
AirWolf said:
businesstech.co.za

5 big changes coming to Discovery Bank

Discovery Bank announced a number of new products and changes at its annual product update event with financial advisers on Thursday (30 September), including new forex and share trading features.
businesstech.co.za businesstech.co.za
Click to expand...
1. FX - If they can beat Shyft I'll use it, otherwise ill pass.
2. EasyEquities - Now this is very interesting, probably only for the suite clients :( If not, bye bye Standard Bank securities.
3. other items - meh...
 
glennhurlow said:
This has big potential. Two things they need to fix ASAP though:

1. Transfers between accounts shouldn't impact the budget
2. Need the ability to manually edit classifications
Click to expand...
Nr. 1, lol yes. My budget is completely out of whack because of a transfer i did from the Savings account.
 
Koosvanwyk said:
There is a notification on the app, it has been there for a while.

The bank is still breeding money, they need a lot more clients to become profitable, seems counter intuitive to make it more difficult. I suspect we will see the opposite or similar.
Click to expand...
Are they talking about the weekly money goal(7/10 etc) or the goal to move up status(gold silver etc)
 
Lukcydog said:
1. FX - If they can beat Shyft I'll use it, otherwise ill pass.
2. EasyEquities - Now this is very interesting, probably only for the suite clients :( If not, bye bye Standard Bank securities.
3. other items - meh...
Click to expand...

Why don’t you just use Capitec. It’s even cheaper using Capitec.
 
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