Discovery Fixed Deposit Review for March 2024

Last updated 2nd March24 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 March24 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%
-
-70
R100,000 for 55+7.95% 8.34%
-
-98
R250,000 for 18+7.95% 8.23%
-
-172
R250,000 for 55+7.95% 8.36%
-
-258
R1,000,000 for 18+7.95% 8.28%
-
-817
R1,000,000 for 55+7.95% 8.44%
-
-1,222
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%
-
-264
R100,000 for 55+8.10% 8.68%
-
-300
R250,000 for 18+8.10% 8.64%
-
-697
R250,000 for 55+8.10% 8.70%
-
-778
R1,000,000 for 18+8.10% 8.69%
-
-3,055
R1,000,000 for 55+8.10% 8.76%
-
-3,381
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% 9.12%
-
-246
R100,000 for 55+8.90% 9.19%
-
-312
R250,000 for 18+8.90% 9.15%
-
-673
R250,000 for 55+8.90% 9.23%
-
-900
R1,000,000 for 18+8.90% 9.17%
-
-3,000
R1,000,000 for 55+8.90% 9.26%
-
-3,955
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% 8.80%
-
-31
R10,000 for 55+8.65% 8.94%
-
-65
R100,000 for 18+8.65% 8.87%
-
-481
R100,000 for 55+8.65% 8.99%
-
-758
R250,000 for 18+8.65% 8.92%
-
-1,476
R250,000 for 55+8.65% 9.02%
-
-2,065
R1,000,000 for 18+8.65% 8.94%
-
-6,341
R1,000,000 for 55+8.65% 9.05%
-
-9,037
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 8.80%. Over 2 years you will earn R31 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% 8.96%
-
-74
R10,000 for 55+8.75% 9.10%
-
-127
R100,000 for 18+8.75% 9.14%
-
-1,455
R100,000 for 55+8.75% 9.26%
-
-1,914
R250,000 for 18+8.75% 9.18%
-
-4,065
R250,000 for 55+8.75% 9.29%
-
-5,053
R1,000,000 for 18+8.75% 9.21%
-
-17,225
R1,000,000 for 55+8.75% 9.33%
-
-21,730
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 8.96%. Over 3 years you will earn R74 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% 9.61%
-
-470
R10,000 for 55+9.00% 9.74%
-
-575
R100,000 for 18+9.00% 9.74%
-
-5,780
R100,000 for 55+9.00% 9.82%
-
-6,338
R250,000 for 18+9.00% 9.78%
-
-15,208
R250,000 for 55+9.00% 9.86%
-
-16,741
R1,000,000 for 18+9.00% 9.80%
-
-62,462
R1,000,000 for 55+9.00% 9.89%
-
-69,164
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 9.61%. Over 5 years you will earn R470 less in interest at Discovery compared to the average bank.

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