Discovery Bank

[Sir Bob]

You need to interact with it every month.
You need to not have any unclassified transactions.
You need to set up a budget and meet the implied targets... a hack here is to simply overinflate your budget for each category so that it always come under.

Don't you have to be within 5% for 5000 points?

 

[Benedict A55h0le not]

NHI and SAA supporters.

 

[AlmightyBender]

Don't you have to be within 5% for 5000 points?

That is a very good question and I'm not sure how it works in the direction of "below" the budget amount.

I.e. if your budget is R100 and your expenses are between R95 and R105 then you get 5000 points for sure.

If your expenses are over R105 you get less points.
But if your expenses are under R95 then I'm really not sure hey...

 

[Charlesjjm]

Financial education tools

www.discovery.co.za

 

[Pufferfish94]

Where would I check to see that I have earned the 5000 points for setup?

 

[Charlesjjm]

Where would I check to see that I have earned the 5000 points for setup?

Banking app > Vitality Money > Click on the i

 

[Dee96]

You need 80 000 points and R100k in savings

Hi all

What's the benefits of the vitality money status?
I can get to diamond but can't find the benefits.

I know you get personalised interest rates but that can't be the only thing?

 

[Pho3nix]

Can anyone post an idiots guide to getting the best benefit from Miles?

 

[ros_b]

Hi all

What's the benefits of the vitality money status?
I can get to diamond but can't find the benefits.

I know you get personalised interest rates but that can't be the only thing?

The benefits are in the extra "dynamic discounts" that you get for things like HealthyFood, HealthyCare, and Fuel/Uber. All of the documents can be found here: https://www.discovery.co.za/vitality/product-rules

 

[James 77]

Interest rate increased on credit cards already, but of course they forgot to push up interest on savings.

And again this week

 

[3WA]

And again this week

Unfortunately no bank is improving rate on savings. Tyme is at 6%, and that’s probably below most people's personal rate of inflation.

 

[AirWolf]

Unfortunately no bank is improving rate on savings. Tyme is at 6%, and that’s probably below most people's personal rate of inflation.

I'm on 4.5% with Discovery level 5...

 

[3WA]

I'm on 4.5% with Discovery level 5...

I'm using the 24-hour notice account. 3.35% base rate and 1.5% booster.

 

[AirWolf]

 

[AirWolf]

Above rates before the 1.5% booster.

Demand savings is 3%.

Tax free Demand Savings is 5.5%.

The 32 day is not a bad rate.

 

[3WA]

The 32 day is not a bad rate.

Thing is that the 32 day doesn’t get the dynamic interest rate. So in specific circumstances (full suite banking and Diamond Vitality money status), the 24-hour rate beats the 32-day rate (crazy as it sounds). My 32 day rate is 4.8%, and my 24 hour rate adds up to 4.85%.

 

[Jacada]

Thing is that the 32 day doesn’t get the dynamic interest rate. So in specific circumstances (full suite banking and Diamond Vitality money status), the 24-hour rate beats the 32-day rate (crazy as it sounds). My 32 day rate is 4.8%, and my 24 hour rate adds up to 4.85%.

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I think the next bullet point of the 24 Hour Notice Savings account is what makes it less attractive than the 32 Day one.

 

[3WA]

I think the next bullet point of the 24 Hour Notice Savings account is what makes it less attractive than the 32 Day one.

True. It's a tough one because even if you have the money, Discovery's rates are not the best on the market. It only becomes worth it to keep money with them when you factor in the rewards (e.g. the savings goal is required to get to Vitality Money Diamond status).

 

[AirWolf]

I think the next bullet point of the 24 Hour Notice Savings account is what makes it less attractive than the 32 Day one.

 

[AirWolf]

I'm on 4.5% with Discovery level 5...

Rate has gone up to 5.25%