Nedbank vs Discovery

Interest rates compared

Last updated 2nd September 2024 by Walter

Introduction

This fixed deposit comparison page compares Nedbank interest rates to Discovery interest rates. All the interest rates shown are sourced from the Nedbank and Discovery 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 Nedbank fixed deposit interest rates compare to Discovery ?

You are more likely to find better interest rates at Nedbank than Discovery. Specifically, 94 out of 100 interest rates are better at Nedbank than Discovery. This means you are more likely to find a better interest rate at Discovery 6% 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)

Nedbank
9.81%
best rate
Discovery
8.60%
best rate

The best interest rate you can get at Nedbank is 9.81% for the 60-month fixed deposit. You will need a minimum deposit of R250,000 . Whilst at Discovery, the best interest rate you can get is 8.6% for the 60-month fixed deposit. You will need a minimum deposit of R10,000 .

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

3 month fixed deposit interest rates compared

Nedbank vs Discovery

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

Investment amount Nedbank1Discovery1 Winner 2
R10,000 for 18+
7.75%
7.95%
-
-5
R10,000 for 55+
8.00%
7.95%
+
1
R100,000 for 18+
8.30%
7.95%
+
87
R100,000 for 18+
7.95%
7.95%
-
0
R100,000 for 55+
8.20%
7.95%
+
64
R250,000 for 18+
8.40%
7.95%
+
282
R250,000 for 18+
8.05%
7.95%
+
59
R250,000 for 55+
8.30%
7.95%
+
218
R1,000,000 for 18+
8.40%
7.95%
+
1,129
R1,000,000 for 18+
8.15%
7.95%
+
494
R1,000,000 for 55+
8.40%
7.95%
+
1,129
  • 1 nominal interest rate
  • 2 the amount of interest you will be able earn at Nedbank over and above Discovery.
    A negative amount means that Discovery offers more than Nedbank.
How to read this table?

You get a 8.4% interest rate at Nedbank for a R1,000,000 investment in a 3 month fixed deposit (if you are older than 55). Discovery's interest rate for the same terms is 7.95%. Over 3 months you will earn R1,129 more in interest at Nedbank compared Discovery.

6 month fixed deposit interest rates compared

Nedbank vs Discovery

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

Investment amount Nedbank1Discovery1 Winner 2
R10,000 for 18+
8.15%
8.25%
-
-5
R10,000 for 55+
8.25%
8.25%
-
0
R100,000 for 18+
8.55%
8.25%
+
153
R100,000 for 18+
8.35%
8.25%
+
53
R100,000 for 55+
8.45%
8.25%
+
106
R250,000 for 18+
8.65%
8.25%
+
515
R250,000 for 18+
8.45%
8.25%
+
264
R250,000 for 55+
8.55%
8.25%
+
384
R1,000,000 for 18+
8.65%
8.25%
+
2,061
R1,000,000 for 18+
8.55%
8.25%
+
1,534
R1,000,000 for 55+
8.65%
8.25%
+
2,061
  • 1 nominal interest rate
  • 2 the amount of interest you will be able earn at Nedbank over and above Discovery.
    A negative amount means that Discovery offers more than Nedbank.
How to read this table?

You get a 8.65% interest rate at Nedbank for a R1,000,000 investment in a 6 month fixed deposit (if you are older than 55). Discovery's interest rate for the same terms is 8.25%. Over 6 months you will earn R2,061 more in interest at Nedbank compared Discovery.

1 year fixed deposit interest rates compared

Nedbank vs Discovery

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

Investment amount Nedbank1Discovery1 Winner 2
R10,000 for 18+
8.65%
8.30%
+
38
R10,000 for 55+
8.65%
8.30%
+
38
R100,000 for 18+
9.05%
8.30%
+
810
R100,000 for 18+
8.85%
8.30%
+
600
R100,000 for 55+
8.85%
8.30%
+
600
R250,000 for 18+
9.10%
8.30%
+
2,175
R250,000 for 18+
8.95%
8.30%
+
1,775
R250,000 for 55+
9.05%
8.30%
+
2,025
R1,000,000 for 18+
9.10%
8.30%
+
8,700
R1,000,000 for 18+
9.00%
8.30%
+
7,600
R1,000,000 for 55+
9.10%
8.30%
+
8,700
  • 1 nominal interest rate
  • 2 the amount of interest you will be able earn at Nedbank over and above Discovery.
    A negative amount means that Discovery offers more than Nedbank.
How to read this table?

You get a 9.1% interest rate at Nedbank for a R1,000,000 investment in a 1 year fixed deposit (if you are older than 55). Discovery's interest rate for the same terms is 8.30%. Over 12 months you will earn R8,700 more in interest at Nedbank compared Discovery.

2 year fixed deposit interest rates compared

Nedbank vs Discovery

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

Investment amount Nedbank1Discovery1 Winner 2
R10,000 for 18+
8.40%
8.10%
+
69
R10,000 for 55+
8.55%
8.10%
+
104
R100,000 for 18+
8.75%
8.10%
+
1,523
R100,000 for 18+
8.60%
8.10%
+
1,174
R100,000 for 55+
8.75%
8.10%
+
1,523
R250,000 for 18+
8.95%
8.10%
+
5,008
R250,000 for 18+
8.70%
8.10%
+
3,534
R250,000 for 55+
8.85%
8.10%
+
4,407
R1,000,000 for 18+
8.95%
8.10%
+
20,032
R1,000,000 for 18+
8.75%
8.10%
+
15,226
R1,000,000 for 55+
8.95%
8.10%
+
20,032
  • 1 nominal interest rate
  • 2 the amount of interest you will be able earn at Nedbank over and above Discovery.
    A negative amount means that Discovery offers more than Nedbank.
How to read this table?

You get a 8.95% interest rate at Nedbank for a R1,000,000 investment in a 2 year fixed deposit (if you are older than 55). Discovery's interest rate for the same terms is 8.10%. Over 2 years you will earn R20,032 more in interest at Nedbank compared Discovery.

3 year fixed deposit interest rates compared

Nedbank vs Discovery

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

Investment amount Nedbank1Discovery1 Winner 2
R10,000 for 18+
8.45%
8.10%
+
134
R10,000 for 55+
8.60%
8.10%
+
191
R100,000 for 18+
8.80%
8.10%
+
2,663
R100,000 for 18+
8.65%
8.10%
+
2,092
R100,000 for 55+
8.80%
8.10%
+
2,663
R250,000 for 18+
9.00%
8.10%
+
8,627
R250,000 for 18+
8.75%
8.10%
+
6,210
R250,000 for 55+
8.90%
8.10%
+
7,641
R1,000,000 for 18+
9.00%
8.10%
+
34,507
R1,000,000 for 18+
8.80%
8.10%
+
26,627
R1,000,000 for 55+
9.00%
8.10%
+
34,507
  • 1 nominal interest rate
  • 2 the amount of interest you will be able earn at Nedbank over and above Discovery.
    A negative amount means that Discovery offers more than Nedbank.
How to read this table?

You get a 9% interest rate at Nedbank for a R1,000,000 investment in a 3 year fixed deposit (if you are older than 55). Discovery's interest rate for the same terms is 8.10%. Over 3 years you will earn R34,507 more in interest at Nedbank compared Discovery.

5 year fixed deposit interest rates compared

Nedbank vs Discovery

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

Investment amount Nedbank1Discovery1 Winner 2
R10,000 for 18+
9.15%
8.60%
+
420
R10,000 for 55+
9.35%
8.60%
+
579
R100,000 for 18+
9.55%
8.60%
+
7,395
R100,000 for 18+
9.35%
8.60%
+
5,792
R100,000 for 55+
9.45%
8.60%
+
6,592
R250,000 for 18+
9.81%
8.60%
+
23,634
R250,000 for 18+
9.45%
8.60%
+
16,479
R250,000 for 55+
9.55%
8.60%
+
18,487
R1,000,000 for 18+
9.81%
8.60%
+
94,535
R1,000,000 for 18+
9.55%
8.60%
+
73,948
R1,000,000 for 55+
9.81%
8.60%
+
94,535
  • 1 nominal interest rate
  • 2 the amount of interest you will be able earn at Nedbank over and above Discovery.
    A negative amount means that Discovery offers more than Nedbank.
How to read this table?

You get a 9.81% interest rate at Nedbank for a R1,000,000 investment in a 5 year fixed deposit (if you are older than 55). Discovery's interest rate for the same terms is 8.60%. Over 5 years you will earn R94,535 more in interest at Nedbank compared Discovery.

How do Nedbank interest rates compare to other banks?