Discovery Fixed Deposit Review for September 2024

Last updated 2nd September 2024 by Walter

Introduction

This page summarises all the fixed deposits offered by Discovery. All the rates shown are sourced from the Discovery website - discovery.co.za. All rates shown on this page have been converted to nominal and effective annual rates! This allows you to compare rates across all banks. Yippee!

The Discovery fixed deposit interest calculator, allows you to calculate how much interest you will earn for your age, investment amount and term.

Discovery fixed deposits highlights

last updated 2nd September 2024 by Walter

R10,000
min deposit
8.60%
best rate

Here are Discovery's best fixed deposit rates

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 .

Here are Discovery's five best fixed deposit interest rates:

# Min deposit Term Nominal
1 R10,000 60 months 8.60%
2 R10,000 12 months 8.30%
3 R10,000 6 months 8.25%
4 R10,000 18 months 8.10%
5 R10,000 3 months 7.95%
P
only individuals older than 55 qualify

Discovery 3 month fixed deposit

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

Investment amount Nominal Industry average1 Earnings vs average2
R10,000 for 18+7.95% 7.88%
+
2
R10,000 for 55+7.95% 8.08%
-
-3
R100,000 for 18+7.95% 8.02%
-
-17
R100,000 for 55+7.95% 8.13%
-
-45
R250,000 for 18+7.95% 8.04%
-
-57
R250,000 for 55+7.95% 8.15%
-
-123
R1,000,000 for 18+7.95% 8.08%
-
-329
R1,000,000 for 55+7.95% 8.19%
-
-606
How to read this table?

You get a 7.95% interest rate at Discovery for a R10,000 investment in a 3 month fixed deposit (if you are older than 18). The industry average is 7.88%. Over 3 months you will earn R2 more in interest at Discovery compared to the average bank.

Discovery 6 month fixed deposit

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

Investment amount Nominal Industry average1 Earnings vs average2
R10,000 for 18+8.25% 8.30%
-
-3
R10,000 for 55+8.25% 8.44%
-
-10
R100,000 for 18+8.25% 8.43%
-
-95
R100,000 for 55+8.25% 8.51%
-
-135
R250,000 for 18+8.25% 8.46%
-
-273
R250,000 for 55+8.25% 8.53%
-
-365
R1,000,000 for 18+8.25% 8.49%
-
-1,264
R1,000,000 for 55+8.25% 8.57%
-
-1,674
How to read this table?

You get a 8.25% interest rate at Discovery for a R10,000 investment in a 6 month fixed deposit (if you are older than 18). The industry average is 8.30%. Over 6 months you will earn R3 less in interest at Discovery compared to the average bank.

Discovery 1 year fixed deposit

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

Investment amount Nominal Industry average1 Earnings vs average2
R10,000 for 18+8.30% 8.72%
-
-46
R10,000 for 55+8.30% 8.89%
-
-64
R100,000 for 18+8.30% 8.88%
-
-636
R100,000 for 55+8.30% 8.98%
-
-742
R250,000 for 18+8.30% 8.90%
-
-1,642
R250,000 for 55+8.30% 9.01%
-
-1,921
R1,000,000 for 18+8.30% 8.93%
-
-6,823
R1,000,000 for 55+8.30% 9.03%
-
-7,967
How to read this table?

You get a 8.3% interest rate at Discovery for a R10,000 investment in a 1 year fixed deposit (if you are older than 18). The industry average is 8.72%. Over 12 months you will earn R46 less in interest at Discovery compared to the average bank.

Discovery 2 year fixed deposit

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

Investment amount Nominal Industry average1 Earnings vs average2
R10,000 for 18+8.10% 8.43%
-
-74
R10,000 for 55+8.10% 8.59%
-
-112
R100,000 for 18+8.10% 8.51%
-
-937
R100,000 for 55+8.10% 8.60%
-
-1,149
R250,000 for 18+8.10% 8.55%
-
-2,570
R250,000 for 55+8.10% 8.63%
-
-3,007
R1,000,000 for 18+8.10% 8.58%
-
-10,825
R1,000,000 for 55+8.10% 8.66%
-
-12,881
How to read this table?

You get a 8.1% interest rate at Discovery for a R10,000 investment in a 2 year fixed deposit (if you are older than 18). The industry average is 8.43%. Over 2 years you will earn R74 less in interest at Discovery compared to the average bank.

Discovery 3 year fixed deposit

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

Investment amount Nominal Industry average1 Earnings vs average2
R10,000 for 18+8.10% 8.62%
-
-192
R10,000 for 55+8.10% 8.79%
-
-258
R100,000 for 18+8.10% 8.82%
-
-2,699
R100,000 for 55+8.10% 8.92%
-
-3,105
R250,000 for 18+8.10% 8.86%
-
-7,146
R250,000 for 55+8.10% 8.95%
-
-8,014
R1,000,000 for 18+8.10% 8.88%
-
-29,427
R1,000,000 for 55+8.10% 8.98%
-
-33,385
How to read this table?

You get a 8.1% interest rate at Discovery for a R10,000 investment in a 3 year fixed deposit (if you are older than 18). The industry average is 8.62%. Over 3 years you will earn R192 less in interest at Discovery compared to the average bank.

Discovery 5 year fixed deposit

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

Investment amount Nominal Industry average1 Earnings vs average2
R10,000 for 18+8.60% 9.27%
-
-514
R10,000 for 55+8.60% 9.43%
-
-633
R100,000 for 18+8.60% 9.37%
-
-5,915
R100,000 for 55+8.60% 9.46%
-
-6,597
R250,000 for 18+8.60% 9.42%
-
-15,713
R250,000 for 55+8.60% 9.49%
-
-17,068
R1,000,000 for 18+8.60% 9.43%
-
-64,350
R1,000,000 for 55+8.60% 9.53%
-
-71,329
How to read this table?

You get a 8.6% interest rate at Discovery for a R10,000 investment in a 5 year fixed deposit (if you are older than 18). The industry average is 9.27%. Over 5 years you will earn R514 less in interest at Discovery compared to the average bank.