Discovery Health - Vitality & Team Vitality plus everything else you need to know

[Gr3mlin131]

Is the 100K limit a Max or Min limit ?

 

That is the max limit, no min limit

[Captain Fastbastard Mayhem]

For now its simply a parking spot, with no immediate purchases planned, I may need some in 12 odd months to partially finance a house when i get off my ass and sell my house to move to W/Cape

 

The only problem i have with these digital banks which i never heard of - How secure are they ? ?

 

The VBS bank comes to mind 

Gotcha. 

 

Re the digital banks (like the ones Reme brought up) unless they're backed by a big player in the market, I'd steer clear. That's my personal and professional opinion on em. Even then, I'd really really read that contract / t's & c's. 

[madmarc]

Gotcha. 

 

Re the digital banks (like the ones Reme brought up) unless they're backed by a big player in the market, I'd steer clear. That's my personal and professional opinion on em. Even then, I'd really really read that contract / t's & c's. 

 

100K limit doesn't help either

 

I should have gone with my gut a few months back and dumped it into bitcoin when it was 46K 

[Reme Le Hane]

Is the 100K limit a Max or Min limit ?

It's 500k overall limit, 100k per account, 10 accounts. Tax free

[Reme Le Hane]

Gotcha.

 

Re the digital banks (like the ones Reme brought up) unless they're backed by a big player in the market, I'd steer clear. That's my personal and professional opinion on em. Even then, I'd really really read that contract / t's & c's.

You do know tge effort to get a banking license, not to mention the millions you need to have liquid to even think of applying.

 

Our country may be pretty damned ******, but our banking controls and legislation is among the top in the world.

 

Discovery is established and loaded and it still took them like 6 years to get the license.

 

Personally I'd avoid the devil I know on this case, discoveries entire bread and butter revolves around screwing people over look at how much the value of vitality has decreased over the last 3 years.

[Harryn]

Silly question (which I guess I should know the answer to).

 

I am maxed out on my fitness points. Is there any point in doing a fitness test at the bio, or do these fall within the threshold for ordinary fitness points?

[Captain Fastbastard Mayhem]

You do know tge effort to get a banking license, not to mention the millions you need to have liquid to even think of applying.

 

Our country may be pretty damned ******, but our banking controls and legislation is among the top in the world.

 

Discovery is established and loaded and it still took them like 6 years to get the license.

 

Personally I'd avoid the devil I know on this case, discoveries entire bread and butter revolves around screwing people over look at how much the value of vitality has decreased over the last 3 years.

If you think I'm recommending Discovery as an investment institution, you couldn't be further from the truth. 

 

I still maintain that I would do a LOT more homework to suggest going to one of the "e-banks" etc for a money market / investment account, and a lot of that would hinge on what company has backed them or how much liquidity they have, as well as their administrative capacity.

 

10% is an extremely good interest rate, but as you know there are conditions to that rate - accessibility, minima and maxima, and so on. 

 

And yes, I do know, thanks. They've been trying to get this since I was there (at Discovery) as a broker consultant back in 2008-2011. 

 

For what it's worth, the standard investment company that I use for client investments is AG, and within that, whichever fund meets the client's criteria and circumstances. From there there's a bevy of other providers that are vying for the business, before I'd even consider Disco as an option (unless the client meets extremely stringent criteria)

Edited August 7, 2019 by Captain Fatbastard Mayhem

[Captain Fastbastard Mayhem]

Silly question (which I guess I should know the answer to).

 

I am maxed out on my fitness points. Is there any point in doing a fitness test at the bio, or do these fall within the threshold for ordinary fitness points?

no use unless you've got boosters running, and even then not really as the cost of the test is higher than any additional boost you'd get on, say, GearBooster. 

 

 The points you earn from your Vitality Fitness Assessment contribute towards your yearly cap of 30 000 fitness points.

[Captain Fastbastard Mayhem]

Never heard of them, i'll have to google it - I have a huge amount, like 6 figure amount, sitting in STD bank, maybe its time to find a new place to park it

They were of Commonwealth bank of Australia, but they're now fully owned by African Rainbow Capital (ARC Investments, Patrice Motsepe et al) and their founders & employees. 

Edited August 7, 2019 by Captain Fatbastard Mayhem

[Captain Fastbastard Mayhem]

That is a great interest rate; but you have to give 10 days notice after leaving it in for 90 day right?

 

yeah, correct

It's 500k overall limit, 100k per account, 10 accounts. Tax free

Tax Free? Are you absolutely sure about that? If it is, I would like to know how they're paying the interest without attracting taxation, and if it's legit, then it's excellent. 

Edited August 7, 2019 by Captain Fatbastard Mayhem

[Reme Le Hane]

If you think I'm recommending Discovery as an investment institution, you couldn't be further from the truth.

 

I still maintain that I would do a LOT more homework to suggest going to one of the "e-banks" etc for a money market / investment account, and a lot of that would hinge on what company has backed them or how much liquidity they have, as well as their administrative capacity.

 

10% is an extremely good interest rate, but as you know there are conditions to that rate - accessibility, minima and maxima, and so on.

 

And yes, I do know, thanks. They've been trying to get this since I was there (at Discovery) as a broker consultant back in 2008-2011.

 

For what it's worth, the standard investment company that I use for client investments is AG, and within that, whichever fund meets the client's criteria and circumstances. From there there's a bevy of other providers that are vying for the business, before I'd even consider Disco as an option (unless the client meets extremely stringent criteria)

Oh yes, my biggest amount sits with FNB, that's partly for eBucks requirements, real money goes to AG and annually when the FNB one anniversaries I take out what's about the min requirement and move it to AG, tyme has smaller more short term savings for testing purposes.

 

But they are already more open and forthcoming with what's what than discovery, discovery is hiding everything behind a bait and switch, only way to know what it's worth is to open an account and pay them. Only wau to get real value is to go hole hog and move your entire banking 9ver to them and even then the rewards and requirements will change to benefit them.

 

Even when I contacted them the refused to divulge anything and point blank stated there is no way to determine value without opening an account as if there are no rules governing the system and **** is thumb sucked by a computer per user.

[Reme Le Hane]

yeah, correct

Tax Free? Are you absolutely sure about that? If it is, I would like to know how they're paying the interest without attracting taxation, and if it's legit, then it's excellent.

By law your allowed to put 33k per annum and up to 500k lifetime into tax free investments, assuming this is the only account you are using for tax free investing your allowed to dump the entire 33k/500k into it. If you are using other accounts then taxes will become liable at filing time.

 

Onus is on you to manage that at this point.

[Captain Fastbastard Mayhem]

By law your allowed to put 33k per annum and up to 500k lifetime into tax free investments, assuming this is the only account you are using for tax free investing your allowed to dump the entire 33k/500k into it. If you are using other accounts then taxes will become liable at filing time.

 

Onus is on you to manage that at this point.

Dude, that's a TFSA. What were you saying about the max 100k and 10% p/a with no tax? Or is that option also available on their TFSA (in which case the max p/a is 33k that won't be subject to income tax on the interest earned)

 

NOBODY should be putting 100k per year into a TFSA, or a 100k lump sum into one.

 

Why did you say 100k tax free?

Edited August 7, 2019 by Captain Fatbastard Mayhem

[Reme Le Hane]

Dude, that's a TFSA. What were you saying about the max 100k and 10% p/a with no tax? Or is that option also available on their TFSA (in which case the max p/a is 33k that won't be subject to income tax on the interest earned)

 

NOBODY should be putting 100k per year into a TFSA, or a 100k lump sum into one.

 

Why did you say 100k tax free?

I was referring to account limits not tax free limits, which have some overlap. The account limits are also not annual limits they total limits are 100k per account, but to compmy with tax free that would be just over 4 years worth of putting in into a single savings account.

 

So all the savings accounts are TFSA accounts, they allow you to open 10, and by TFSA law they limit that to 500k lifetime. Each individual account is limited to 100k ,they do not go into details as to closing accounts and opening new ones, so not sure if that's 10 in total or 10 at a time.

 

So yeah 1 acc can take up to 100k, but it's still on you to ensure that your combines annual TFSA does not exceed the 33k,ao over like 4.5 years or so the 100k limit will remain tax free as well as any interest earned.

[Captain Fastbastard Mayhem]

Gotcha.

 

Still got some healthy skepticism about this. It seems to be a simple short term savings account, no mention of tax free earnings.

Edited August 8, 2019 by Captain Fatbastard Mayhem

[seven]

I was referring to account limits not tax free limits, which have some overlap. The account limits are also not annual limits they total limits are 100k per account, but to compmy with tax free that would be just over 4 years worth of putting in into a single savings account.

 

So all the savings accounts are TFSA accounts, they allow you to open 10, and by TFSA law they limit that to 500k lifetime. Each individual account is limited to 100k ,they do not go into details as to closing accounts and opening new ones, so not sure if that's 10 in total or 10 at a time.

 

So yeah 1 acc can take up to 100k, but it's still on you to ensure that your combines annual TFSA does not exceed the 33k,ao over like 4.5 years or so the 100k limit will remain tax free as well as any interest earned.

Interesting...

Sorry to hammer on this... I can’t find any indication on their web that these are tax free savings accounts. It simply comes across as short term savings accounts.