Discovery vs Nedbank

Interest rates compared

Last updated 1st November 2024 by Walter

Introduction

This fixed deposit comparison page compares Discovery interest rates to Nedbank interest rates. All the interest rates shown are sourced from the Discovery and Nedbank websites, respectively. All rates shown on this page have been converted to nominal rates! This allows for a fair comparison. Rates last updated 1st November 2024.

How do Discovery fixed deposit interest rates compare to Nedbank ?

You are more likely to find better interest rates at Nedbank than Discovery. Specifically, 19 out of 100 interest rates are better at Discovery than Nedbank. This means you are more likely to find a better interest rate at Nedbank 81% 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
Nedbank
9.25%
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 Nedbank, the best interest rate you can get is 9.25% for the 60-month fixed deposit. You will need a minimum deposit of R250,000 .

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

3 month fixed deposit interest rates compared

Discovery vs Nedbank

This table shows Discovery's and Nedbank's interest rates for a R10,000, R100,000, R250,000 and R1,000,000 investment in a 3 month fixed deposit.

Investment amount Discovery1Nedbank1 Winner 2
R10,000 for 18+
7.95%
7.75%
+
5
R10,000 for 55+
7.95%
8.00%
-
-1
R100,000 for 18+
7.95%
8.30%
-
-87
R100,000 for 55+
7.95%
8.20%
-
-64
R250,000 for 18+
7.95%
8.40%
-
-282
R250,000 for 55+
7.95%
8.30%
-
-218
R1,000,000 for 18+
7.95%
8.40%
-
-1,129
R1,000,000 for 55+
7.95%
8.40%
-
-1,129
  • 1 nominal interest rate
  • 2 the amount of interest you will be able earn at Discovery over and above Nedbank.
    A negative amount means that Nedbank offers more than Discovery.
How to read this table?

You get a 7.95% interest rate at Discovery for a R1,000,000 investment in a 3 month fixed deposit (if you are older than 55). Nedbank's interest rate for the same terms is 8.40%. Over 3 months you will earn R1,129 less in interest at Discovery compared Nedbank.

6 month fixed deposit interest rates compared

Discovery vs Nedbank

This table shows Discovery's and Nedbank's interest rates for a R10,000, R100,000, R250,000 and R1,000,000 investment in a 6 month fixed deposit.

Investment amount Discovery1Nedbank1 Winner 2
R10,000 for 18+
8.25%
8.10%
+
8
R10,000 for 55+
8.25%
8.20%
+
2
R100,000 for 18+
8.25%
8.50%
-
-129
R100,000 for 55+
8.25%
8.40%
-
-77
R250,000 for 18+
8.25%
8.60%
-
-455
R250,000 for 55+
8.25%
8.50%
-
-324
R1,000,000 for 18+
8.25%
8.60%
-
-1,822
R1,000,000 for 55+
8.25%
8.60%
-
-1,822
  • 1 nominal interest rate
  • 2 the amount of interest you will be able earn at Discovery over and above Nedbank.
    A negative amount means that Nedbank offers more than Discovery.
How to read this table?

You get a 8.25% interest rate at Discovery for a R1,000,000 investment in a 6 month fixed deposit (if you are older than 55). Nedbank's interest rate for the same terms is 8.60%. Over 6 months you will earn R1,822 less in interest at Discovery compared Nedbank.

1 year fixed deposit interest rates compared

Discovery vs Nedbank

This table shows Discovery's and Nedbank's interest rates for a R10,000, R100,000, R250,000 and R1,000,000 investment in a 1 year fixed deposit.

Investment amount Discovery1Nedbank1 Winner 2
R10,000 for 18+
8.30%
8.00%
+
32
R10,000 for 55+
8.30%
8.30%
-
0
R100,000 for 18+
8.30%
8.70%
-
-440
R100,000 for 55+
8.30%
8.50%
-
-220
R250,000 for 18+
8.30%
8.80%
-
-1,350
R250,000 for 55+
8.30%
8.70%
-
-1,100
R1,000,000 for 18+
8.30%
8.80%
-
-5,400
R1,000,000 for 55+
8.30%
8.80%
-
-5,400
  • 1 nominal interest rate
  • 2 the amount of interest you will be able earn at Discovery over and above Nedbank.
    A negative amount means that Nedbank offers more than Discovery.
How to read this table?

You get a 8.3% interest rate at Discovery for a R1,000,000 investment in a 1 year fixed deposit (if you are older than 55). Nedbank's interest rate for the same terms is 8.80%. Over 12 months you will earn R5,400 less in interest at Discovery compared Nedbank.

2 year fixed deposit interest rates compared

Discovery vs Nedbank

This table shows Discovery's and Nedbank's interest rates for a R10,000, R100,000, R250,000 and R1,000,000 investment in a 2 year fixed deposit.

Investment amount Discovery1Nedbank1 Winner 2
R10,000 for 18+
8.10%
7.85%
+
58
R10,000 for 55+
8.10%
7.95%
+
35
R100,000 for 18+
8.10%
8.15%
-
-108
R100,000 for 55+
8.10%
8.15%
-
-108
R250,000 for 18+
8.10%
8.35%
-
-1,465
R250,000 for 55+
8.10%
8.25%
-
-868
R1,000,000 for 18+
8.10%
8.35%
-
-5,861
R1,000,000 for 55+
8.10%
8.35%
-
-5,861
  • 1 nominal interest rate
  • 2 the amount of interest you will be able earn at Discovery over and above Nedbank.
    A negative amount means that Nedbank offers more than Discovery.
How to read this table?

You get a 8.1% interest rate at Discovery for a R1,000,000 investment in a 2 year fixed deposit (if you are older than 55). Nedbank's interest rate for the same terms is 8.35%. Over 2 years you will earn R5,861 less in interest at Discovery compared Nedbank.

3 year fixed deposit interest rates compared

Discovery vs Nedbank

This table shows Discovery's and Nedbank's interest rates for a R10,000, R100,000, R250,000 and R1,000,000 investment in a 3 year fixed deposit.

Investment amount Discovery1Nedbank1 Winner 2
R10,000 for 18+
8.10%
7.90%
+
77
R10,000 for 55+
8.10%
8.00%
+
39
R100,000 for 18+
8.10%
8.20%
-
-388
R100,000 for 55+
8.10%
8.20%
-
-388
R250,000 for 18+
8.10%
8.40%
-
-2,829
R250,000 for 55+
8.10%
8.30%
-
-1,855
R1,000,000 for 18+
8.10%
8.40%
-
-11,316
R1,000,000 for 55+
8.10%
8.40%
-
-11,316
  • 1 nominal interest rate
  • 2 the amount of interest you will be able earn at Discovery over and above Nedbank.
    A negative amount means that Nedbank offers more than Discovery.
How to read this table?

You get a 8.1% interest rate at Discovery for a R1,000,000 investment in a 3 year fixed deposit (if you are older than 55). Nedbank's interest rate for the same terms is 8.40%. Over 3 years you will earn R11,316 less in interest at Discovery compared Nedbank.

5 year fixed deposit interest rates compared

Discovery vs Nedbank

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

Investment amount Discovery1Nedbank1 Winner 2
R10,000 for 18+
8.60%
8.35%
+
189
R10,000 for 55+
8.60%
8.95%
-
-270
R100,000 for 18+
8.60%
9.10%
-
-3,842
R100,000 for 55+
8.60%
9.05%
-
-3,412
R250,000 for 18+
8.60%
9.25%
-
-12,488
R250,000 for 55+
8.60%
9.10%
-
-9,605
R1,000,000 for 18+
8.60%
9.25%
-
-49,953
R1,000,000 for 55+
8.60%
9.25%
-
-49,953
  • 1 nominal interest rate
  • 2 the amount of interest you will be able earn at Discovery over and above Nedbank.
    A negative amount means that Nedbank 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). Nedbank's interest rate for the same terms is 9.25%. Over 5 years you will earn R49,953 less in interest at Discovery compared Nedbank.

How do Discovery interest rates compare to other banks?