Discovery vs Fedgroup

Interest rates compared

Last updated 2nd September 2024 by Walter

Introduction

This fixed deposit comparison page compares Discovery interest rates to Fedgroup interest rates. All the interest rates shown are sourced from the Discovery and Fedgroup websites, respectively. All rates shown on this page have been converted to nominal rates! This allows for a fair comparison. Rates last updated 2nd September 2024.

How do Discovery fixed deposit interest rates compare to Fedgroup ?

You are more likely to find better interest rates at Fedgroup than Discovery. Specifically, 0 out of 100 interest rates are better at Discovery than Fedgroup. This means you are more likely to find a better interest rate at Fedgroup 100% of the time. (PS this was done by comparing all the interest rates on offer for different terms, investment amounts and age groups. Only terms which are offered by both banks are included in the comparison)

Discovery
8.60%
best rate
Fedgroup
9.80%
best rate

The best interest rate you can get at Discovery is 8.6% for the 60-month fixed deposit. You will need a minimum deposit of R10,000 . Whilst at Fedgroup, the best interest rate you can get is 9.8% for the 60-month fixed deposit. You will need a minimum deposit of R5,000 .

But how do interest rates at Discovery compare to Fedgroup across different terms and investment amounts?

5 year fixed deposit interest rates compared

Discovery vs Fedgroup

This table shows Discovery's and Fedgroup's interest rates for a R10,000, R100,000, R250,000 and R1,000,000 investment in a 5 year fixed deposit.

Investment amount Discovery1Fedgroup1 Winner 2
R10,000 for 18+
8.60%
9.80%
-
-938
R10,000 for 55+
8.60%
9.80%
-
-938
R100,000 for 18+
8.60%
9.80%
-
-9,380
R100,000 for 55+
8.60%
9.80%
-
-9,380
R250,000 for 18+
8.60%
9.80%
-
-23,449
R250,000 for 55+
8.60%
9.80%
-
-23,449
R1,000,000 for 18+
8.60%
9.80%
-
-93,796
R1,000,000 for 55+
8.60%
9.80%
-
-93,796
  • 1 nominal interest rate
  • 2 the amount of interest you will be able earn at Discovery over and above Fedgroup.
    A negative amount means that Fedgroup offers more than Discovery.
How to read this table?

You get a 8.6% interest rate at Discovery for a R1,000,000 investment in a 5 year fixed deposit (if you are older than 55). Fedgroup's interest rate for the same terms is 9.80%. Over 5 years you will earn R93,796 less in interest at Discovery compared Fedgroup.

How do Discovery interest rates compare to other banks?