| THE FIVE FINANCIAL BEHAVIOURS | MAXIMUM POINTS EARNED BASED ON GROSS ANNUAL INCOME OR CARD COLOUR | |
|---|---|---|
| R349 999 or below, or a Gold card | R350 000 or above, or a Platinum, Black or Purple Card | |
| Having enough savings | 30 000 points | 25 000 points |
| Managing your short-term debt | 30 000 points | 25 000 points |
| Having the right types of insurance | 25 000 points | 25 000 points |
| Being on track for retirement | 10 000 points | 10 000 points |
| Managing your property investments | 5 000 points | 15 000 points |
| Vitality Money Status | POINTS FOR NON-RETIRED CLIENTS | POINTS FOR RETIRED CLIENTS |
|---|---|---|
| BLUE | 39 999 points or below | 34 999 points or below |
| BRONZE | From 40 000 to 59 999 points | From 35 000 to 52 499 points |
| SILVER | From 60 000 to 79 999 points | From 52 500 to 69 999 points |
| GOLD | 80 000 points or above | 70 000 points or above |
| DIAMOND | 80 000 points or above + Discovery Bank Savings |
70 000 points or above + Discovery Bank Savings |
| Your annual income or card color | savings you need to get to diamond vitality money status |
|---|---|
| R349 999 or below, or a Gold card | R20 000 |
| R350 000 to R849 999, or a Platinum card | R45 000 |
| R850 000 or above, or a Black or Purple card | R100 000 |
Purple Suite clients with Vitality Money activated and R250 000 savings qualify for Diamond status.
To earn maximum savings points, you need to reach your savings target amount, which we set at three times your gross monthly income.
The closer you are to the three-month gross salary target, the higher your savings points will be, and the more prepared you will be for an unforeseen event. These savings must be across your Discovery Bank savings accounts or in investments with other non-bank financial institutions, which are not for retirement.
Unsecured short-term debt can become very expensive when you don't manage it responsibly.
In South Africa, there are more people with unsecured debt than employed people. If you don't manage short term debt carefully, you could end up spending most of your salary paying it off and not having any money left over for living costs and saving.
Inconsistent and missed payments may also result in additional interest and penalties and may negatively affect your credit record.
We look at how much of your income you use to pay off your short-term debt every month across your unsecured credit products based on credit bureau data. Examples of short term debt are credit cards, store cards and personal loans. However, this excludes debt and repayments on home loans and vehicle financing, which we measure under property.
To earn maximum short-term debt points, your minimum unsecured debt repayments need to be less than 5% of your gross monthly income.
If your minimum unsecured debt repayments are more than 5% of your gross monthly income, you earn points on a sliding scale down to 0.
To see your short-term debt points and personalised targets, view the Debt ring under the Vitality Money section of the Discovery Bank app. You can also see your unsecured short term debt balance and your minimum repayment amounts in this section of the app.
Remember, your insurance points don't measure whether the amount of insurance you have is enough. Speak to your financial adviser to discuss your cover and insurance options.
Whether you buy a house or choose to rent, you need a place to live when you retire. That's why you need to pay off your home loan before you retire or have enough savings to cover rent and accommodation expenses during retirement.
Property points measure if you're on track to build up long-term assets so you either have a place to live debt-free or to cover future rent in retirement. We calculate property points using the value of your long-term assets minus all secured debt, relative to a long-term asset target.
To earn maximum property points, the value of your long-term assets minus your secured debt needs to be greater than or equal to your long-term asset target. If the value of your long-term assets decreases or your secured debt increases, your property points will decrease.
To see your property points, view the Property ring under the Vitality Money section of the Discovery Bank app. You can also view the total value of properties you own, your excess savings, and your outstanding secured debt, as well as upload proof of any additional properties that you own. You can also upload proof of ownership for properties that are jointly owned or held in a trust. Note that we won't accept properties owned in only your spouse's name.
In addition to earning points for the five financial behaviours, you can also unlock and earn wealth points for investable assets (excluding property and retirement savings), which will count as additional points towards your savings score.
If you have R5 million or more in savings and investments with Discovery Bank, Discovery Invest, or other non-bank financial institutions, you could earn between 20 000 and 80 000 additional points based on the value of these investable assets.
You can reach Gold Vitality Money status because you own a significant amount of investable assets. And once you're on Gold Vitality Money status, all you need to do to earn Diamond Vitality Money status is maintain a savings balance of R100 000 or more across your Discovery Bank accounts.
View the Savings ring under the Vitality Money section of the Discovery Bank app to see your current savings balance. Upload proof of external savings to unlock your additional points. Your wealth points will automatically unlock once your recorded savings balance exceeds R5 million and we will allocate them over and above your existing savings points.
| VALUE OF INVESTIBLE ASSETS | POINTS |
|---|---|
| R5 million to R7.5 million | 20 000 points |
| More than R7.5 million to R10 million | 30 000 points |
| More than R10 million to R12.5 million | 40 000 points |
| More than R12.5 million to R15 million | 50 000 points |
| More than R15 million to R20 million | 60 000 points |
| More than R20 million | 80 000 points |