Discovery Fixed Deposit Review for January 2025

Last updated 4th January 2025 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 4th January 2025 by Walter

R10,000
min deposit
8.50%
best rate

Here are Discovery's best fixed deposit rates

The best interest rate you can get at Discovery is 8.5% 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 8.50%
2 R10,000 12 months 8.10%
3 R10,000 24 months 8.05%
4 R10,000 6 months 8.00%
5 R10,000 3 months 7.70%
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+7.70% 7.43%
+
7
R10,000 for 55+7.70% 7.50%
+
5
R100,000 for 18+7.70% 7.51%
+
49
R100,000 for 55+7.70% 7.54%
+
40
R250,000 for 18+7.70% 7.52%
+
116
R250,000 for 55+7.70% 7.58%
+
79
R1,000,000 for 18+7.70% 7.59%
+
288
R1,000,000 for 55+7.70% 7.65%
+
132
How to read this table?

You get a 7.7% 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 7.43%. Over 3 months you will earn R7 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+8.00% 7.78%
+
11
R10,000 for 55+8.00% 7.77%
+
12
R100,000 for 18+8.00% 7.89%
+
55
R100,000 for 55+8.00% 7.84%
+
82
R250,000 for 18+8.00% 7.92%
+
103
R250,000 for 55+8.00% 7.87%
+
164
R1,000,000 for 18+8.00% 7.96%
+
189
R1,000,000 for 55+8.00% 7.95%
+
251
How to read this table?

You get a 8% 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 7.78%. Over 6 months you will earn R11 more 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+8.10% 8.16%
-
-6
R10,000 for 55+8.10% 8.20%
-
-10
R100,000 for 18+8.10% 8.33%
-
-245
R100,000 for 55+8.10% 8.33%
-
-245
R250,000 for 18+8.10% 8.36%
-
-683
R250,000 for 55+8.10% 8.37%
-
-720
R1,000,000 for 18+8.10% 8.40%
-
-3,154
R1,000,000 for 55+8.10% 8.44%
-
-3,614
How to read this table?

You get a 8.1% 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 8.16%. Over 12 months you will earn R6 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+8.05% 8.16%
-
-23
R10,000 for 55+8.05% 8.19%
-
-30
R100,000 for 18+8.05% 8.22%
-
-371
R100,000 for 55+8.05% 8.22%
-
-370
R250,000 for 18+8.05% 8.26%
-
-1,163
R250,000 for 55+8.05% 8.25%
-
-1,138
R1,000,000 for 18+8.05% 8.30%
-
-5,519
R1,000,000 for 55+8.05% 8.33%
-
-6,414
How to read this table?

You get a 8.05% 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 8.16%. Over 2 years you will earn R23 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% 8.28%
-
-62
R10,000 for 55+8.10% 8.29%
-
-68
R100,000 for 18+8.10% 8.35%
-
-880
R100,000 for 55+8.10% 8.32%
-
-800
R250,000 for 18+8.10% 8.39%
-
-2,623
R250,000 for 55+8.10% 8.37%
-
-2,392
R1,000,000 for 18+8.10% 8.43%
-
-12,047
R1,000,000 for 55+8.10% 8.45%
-
-12,879
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 8.28%. Over 3 years you will earn R62 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+8.50% 8.85%
-
-262
R10,000 for 55+8.50% 8.89%
-
-288
R100,000 for 18+8.50% 8.91%
-
-3,091
R100,000 for 55+8.50% 8.89%
-
-2,939
R250,000 for 18+8.50% 8.95%
-
-8,449
R250,000 for 55+8.50% 8.93%
-
-8,011
R1,000,000 for 18+8.50% 8.98%
-
-36,317
R1,000,000 for 55+8.50% 9.00%
-
-37,644
How to read this table?

You get a 8.5% 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 8.85%. Over 5 years you will earn R262 less in interest at Discovery compared to the average bank.