Discovery Bank
Fixed Deposit Account
Up to 9.58% interest
A Fixed Deposit Account is ideal for earning higher interest on money you won't need anytime soon.
Why choose the Fixed Deposit Account
A Fixed Deposit Account offers you higher interest rates by investing your lump sum deposit for a longer, fixed period.
Up to 9.58% interest
Earn higher interest on your savings over a fixed period
Invest a lump sum upfront
What can you do with a Fixed Deposit Account?
- Deposit a lump-sum investment with a minimum balance of R10,000.
- Choose your investment term, from 3 to 60 months.
- Choose whether you want your interest paid out each month, reinvested or paid upfront.
- Negotiate a personalised interest rate for large deposits above R1 million by calling us on 0800 07 96 97.
What interest can you get with a Fixed Deposit Account?
- Earn up to 9.58% (period effective) interest paid at maturity by reinvesting your monthly interest.
- Earn up to 7.85% interest paid to you every month.
- Earn up to 7.11% (period effective) interest paid upfront.
Fixed Deposit Account interest rates based on the term of investment
| Payout options | |||
| Fixed term | Monthly (NACM) |
Maturity (Effective) |
Upfront (Effective) |
|---|---|---|---|
| 3 months | 6.85% | 6.89 | 6.77 |
| 6 months | 7.05% | 7.15% | 6.91% |
| 12 months | 7.40% | 7.66% | 7.11% |
| 18 months | 7.45% | 7.86% | 7.03% |
| 24 months | 7.50% | 8.06% | 6.94% |
| 36 months | 7.65% | 8.57% | 6.82% |
| 60 months | 7.85% | 9.58% | |
We quote your interest at nominal annual compounded monthly (NACM) and period effective rates. All interest rates and fees are as at the publication date. Automatic corporation for deposit insurance (CODI) cover of up to R100,000 per depositor in case of a bank failure and its liquidation. Remember that our savings accounts don't come with bank cards. You can get physical and virtual bank cards when you open a transaction or credit card account.
Always see the Discovery Bank app for the latest interest rates.
What fees and charges do you pay on a Fixed Deposit Account?
- No monthly fee.
- Withdrawals from your account before your investment term ends can result in a penalty fee.
How do you apply for a Fixed Deposit Account?
- Log in to your Discovery Bank app.
- Tap Accounts.
- Scroll down and tap Add account.
- Tap Save and Invest.
- Scroll down to the Fixed Deposit tile and select Get this.
Not a Discovery Bank client yet? Get some of SA's best savings rates and pay no monthly fees. Download the app and sign up in minutes, call us on 0860 000 628 or fill in some quick details and we'll call you.
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