Discovery Fixed Deposit Review for April 2024

Last updated 2nd April 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 April 2024 by Walter

R10,000
min deposit
9.00%
best rate

Here are Discovery's best fixed deposit rates

The best interest rate you can get at Discovery is 9% 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 9.00%
2 R10,000 12 months 8.90%
3 R10,000 36 months 8.75%
4 R10,000 24 months 8.65%
5 R10,000 18 months 8.40%
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% 8.13%
-
-5
R10,000 for 55+7.95% 8.29%
-
-8
R100,000 for 18+7.95% 8.23%
-
-69
R100,000 for 55+7.95% 8.34%
-
-98
R250,000 for 18+7.95% 8.22%
-
-170
R250,000 for 55+7.95% 8.36%
-
-256
R1,000,000 for 18+7.95% 8.27%
-
-809
R1,000,000 for 55+7.95% 8.43%
-
-1,213
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 8.13%. Over 3 months you will earn R5 less 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+8.10% 8.48%
-
-19
R10,000 for 55+8.10% 8.61%
-
-26
R100,000 for 18+8.10% 8.61%
-
-261
R100,000 for 55+8.10% 8.68%
-
-298
R250,000 for 18+8.10% 8.64%
-
-691
R250,000 for 55+8.10% 8.70%
-
-772
R1,000,000 for 18+8.10% 8.69%
-
-3,031
R1,000,000 for 55+8.10% 8.75%
-
-3,359
How to read this table?

You get a 8.1% 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 8.48%. Over 6 months you will earn R19 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+8.90% 8.99%
-
-10
R10,000 for 55+8.90% 9.12%
-
-24
R100,000 for 18+8.90% 9.13%
-
-254
R100,000 for 55+8.90% 9.20%
-
-326
R250,000 for 18+8.90% 9.15%
-
-694
R250,000 for 55+8.90% 9.24%
-
-936
R1,000,000 for 18+8.90% 9.18%
-
-3,083
R1,000,000 for 55+8.90% 9.28%
-
-4,100
How to read this table?

You get a 8.9% 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 8.99%. Over 12 months you will earn R10 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+8.65% 8.86%
-
-44
R10,000 for 55+8.65% 9.00%
-
-78
R100,000 for 18+8.65% 8.96%
-
-695
R100,000 for 55+8.65% 9.07%
-
-943
R250,000 for 18+8.65% 9.01%
-
-2,011
R250,000 for 55+8.65% 9.09%
-
-2,526
R1,000,000 for 18+8.65% 9.03%
-
-8,482
R1,000,000 for 55+8.65% 9.13%
-
-10,883
How to read this table?

You get a 8.65% 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 8.86%. Over 2 years you will earn R44 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+8.75% 9.02%
-
-96
R10,000 for 55+8.75% 9.15%
-
-146
R100,000 for 18+8.75% 9.22%
-
-1,745
R100,000 for 55+8.75% 9.32%
-
-2,154
R250,000 for 18+8.75% 9.26%
-
-4,802
R250,000 for 55+8.75% 9.35%
-
-5,654
R1,000,000 for 18+8.75% 9.29%
-
-20,139
R1,000,000 for 55+8.75% 9.39%
-
-24,135
How to read this table?

You get a 8.75% 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 9.02%. Over 3 years you will earn R96 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+9.00% 9.64%
-
-497
R10,000 for 55+9.00% 9.78%
-
-602
R100,000 for 18+9.00% 9.80%
-
-6,238
R100,000 for 55+9.00% 9.88%
-
-6,838
R250,000 for 18+9.00% 9.84%
-
-16,367
R250,000 for 55+9.00% 9.92%
-
-17,991
R1,000,000 for 18+9.00% 9.86%
-
-67,100
R1,000,000 for 55+9.00% 9.95%
-
-74,230
How to read this table?

You get a 9% 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 9.64%. Over 5 years you will earn R497 less in interest at Discovery compared to the average bank.

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