Discovery Bank

Has anyone ended a fixed deposit account early? If yes, what did you have to pay?

I have a 3 year fixed deposit which is 6 months in, but thinking of ending it.
 
James 77 said:
Has anyone ended a fixed deposit account early? If yes, what did you have to pay?

I have a 3 year fixed deposit which is 6 months in, but thinking of ending it.
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I think they quote you it depends on factors, age, current value etc
 
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Just got this from clicks… normally the double up means we have to use miles to pay.. but this says instore. Anyone know any more?
 
I currently have a gold suite and I’m looking to increase to platinum suite. Problem is I don’t have enough income going in to my discovery bank account.

Which means I will not be above the R17500 per month deposit requirement.

Has anyone else done the same ? And what was the drawback ?

My savings is enough for diamond on platinum suite. So I guess the only thing that might be a drawback is that I won’t qualify for dynamic interest rates ?

Main reason I want to do it is for the iPhone benefit.
 
JacksonR said:
I currently have a gold suite and I’m looking to increase to platinum suite. Problem is I don’t have enough income going in to my discovery bank account.

Which means I will not be above the R17500 per month deposit requirement.

Has anyone else done the same ? And what was the drawback ?

My savings is enough for diamond on platinum suite. So I guess the only thing that might be a drawback is that I won’t qualify for dynamic interest rates ?

Main reason I want to do it is for the iPhone benefit.
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Don't think they check the deposit requirement...at least they have never for me. I am on the black Suite.
 
JacksonR said:
I currently have a gold suite and I’m looking to increase to platinum suite. Problem is I don’t have enough income going in to my discovery bank account.

Which means I will not be above the R17500 per month deposit requirement.

Has anyone else done the same ? And what was the drawback ?

My savings is enough for diamond on platinum suite. So I guess the only thing that might be a drawback is that I won’t qualify for dynamic interest rates ?

Main reason I want to do it is for the iPhone benefit.
Click to expand...

binloud said:
Don't think they check the deposit requirement...at least they have never for me. I am on the black Suite.
Click to expand...

Same for me. Had no idea there was a deposit requirement. Quite sure I've been under a few months.
 
3WA said:
Same for me. Had no idea there was a deposit requirement. Quite sure I've been under a few months.
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Good to know. There’s a clause that says R17500 per month or an average of R17500 over the last 3 months.

I will make the change to platinum.
 
JacksonR said:
Good to know. There’s a clause that says R17500 per month or an average of R17500 over the last 3 months.

I will make the change to platinum.
Click to expand...
Okay, I might have been coming out okay on the three month averages since I was getting my savings balance up sporadically. Thanks for making me aware of this. I’ll watch it more closely.
 
Has anybody used the forex accounts to receive Euros, $ or GBP? Curious to know if it reduces costs of exchanging money.
 
Any idea when the reward statement for last year will be generated. Interesting insights on it.
 
I need some help \ guidance on maximizing my rewards. I am on the Platinum Full banking suite, in the process of moving over to Discovery as my primary account. For the last month, I have been doing all my card swipes with my Transactional account, using Apple Pay. I am also on vitality and have been getting my goals every week for the last 3 months, getting my 2 spins for Money spend Goal & Activity goals.

Issue I have now, is the Exercise Points to Miles progress for March says R0 eligible spend. Is the eligible spend related to certain stores, or only on the CC? Not seen any mention of what qualifies for eligible spend. Should I rather be using my CC and then transferring the funds over?
 
phlux said:
I need some help \ guidance on maximizing my rewards. I am on the Platinum Full banking suite, in the process of moving over to Discovery as my primary account. For the last month, I have been doing all my card swipes with my Transactional account, using Apple Pay. I am also on vitality and have been getting my goals every week for the last 3 months, getting my 2 spins for Money spend Goal & Activity goals.

Issue I have now, is the Exercise Points to Miles progress for March says R0 eligible spend. Is the eligible spend related to certain stores, or only on the CC? Not seen any mention of what qualifies for eligible spend. Should I rather be using my CC and then transferring the funds over?
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The spend needs to be on your credit card. To get the maximum exercise points to miles you need to spend R25 000 per month.
 
phlux said:
I need some help \ guidance on maximizing my rewards. I am on the Platinum Full banking suite, in the process of moving over to Discovery as my primary account. For the last month, I have been doing all my card swipes with my Transactional account, using Apple Pay. I am also on vitality and have been getting my goals every week for the last 3 months, getting my 2 spins for Money spend Goal & Activity goals.

Issue I have now, is the Exercise Points to Miles progress for March says R0 eligible spend. Is the eligible spend related to certain stores, or only on the CC? Not seen any mention of what qualifies for eligible spend. Should I rather be using my CC and then transferring the funds over?
Click to expand...
Use your transactional account for debit orders. Pay as much as you can with your CC.
 
phlux said:
I need some help \ guidance on maximizing my rewards. I am on the Platinum Full banking suite, in the process of moving over to Discovery as my primary account. For the last month, I have been doing all my card swipes with my Transactional account, using Apple Pay. I am also on vitality and have been getting my goals every week for the last 3 months, getting my 2 spins for Money spend Goal & Activity goals.

Issue I have now, is the Exercise Points to Miles progress for March says R0 eligible spend. Is the eligible spend related to certain stores, or only on the CC? Not seen any mention of what qualifies for eligible spend. Should I rather be using my CC and then transferring the funds over?
Click to expand...
Link your credit card to Apple Pay and then use Apple Pay or credit card for all swipes. No benefits or rewards to using Transactional account (essentially a debit card) as funds are transferred immediately. Best practice is to use credit card account for everything and then settle full spend each month. This takes advantage of the up to 55 days interest free credit, maximises rewards and allows you to earn interest on funds until you settle the credit card. Use a budget tool such as YNAB to ensure that while using your credit card you don't spend money you don't have.
 
Thanks all for the responses. For the life of me couldnt find anything that said it needs to be CC spend. But will make use of that going forward.
 
phlux said:
Thanks all for the responses. For the life of me couldnt find anything that said it needs to be CC spend. But will make use of that going forward.
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Bank > Info and Tips > Discovery Bank Rewards > Understanding monthly spend
 
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