Capitec Bank Accounts in February 2025
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Update 30.10.2024
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Capitec Bank offers a streamlined suite of accounts tailored to both personal and business banking needs, combining everyday convenience with competitive savings options. The GlobalOne account serves as Capitec's all-in-one transactional account, integrating banking, savings, and credit access with a minimal fee, while four distinct savings plans - Flexible, Fixed-Term, Notice Deposit, and Tax-Free Savings - offer customers choices in liquidity and interest rates to match different savings goals. For businesses, Capitec provides a dedicated Business Transactional Account to support transactions, payments, and other essential services. With this range, Capitec Bank ensures that customers have accessible and effective solutions for managing personal finances or business operations.

Types of Accounts Offered by Capitec Bank

Transactional Account

Savings Accounts

Business Accounts

Key Features

  • Accessibility for Daily Banking. The GlobalOne account provides 24/7 access through Capitec’s mobile app, Internet banking, WhatsApp support, and a 24-hour Client Care Centre. These options allow users to manage accounts, make payments, and perform transactions easily anytime, anywhere.

  • Interest on Positive Balances. Customers earn interest on the balance of their main transactional account, making it possible to grow savings even within an everyday banking account, with rates tiered based on account balance.

  • Unlimited Electronic Transfers. Capitec allows unlimited electronic transfers between accounts, giving users flexibility to manage funds without incurring extra fees or facing transfer restrictions.

  • Flexible and Fixed Savings Options. Capitec offers various savings accounts, from Flexible Savings, which allows on-demand access to funds, to Fixed-Term Savings, which locks in funds for higher fixed interest rates, enabling customers to select savings plans based on their liquidity needs.

  • Tax-Free Savings. The Tax-Free Savings Account enables customers to save up to R36,000 annually without paying taxes on the interest earned, allowing for tax-efficient savings growth.

  • Live Better Rewards Program. Capitec’s free-to-join rewards program provides 1% cash back on monthly credit card spending and additional cash-back opportunities with select partners. Rewards are deposited into a Live Better savings account, encouraging automated savings while enjoying discounts and benefits.

Pros and Cons

Pros

Cons

How to Apply for a Capitec Bank Account?

  1. Mobile App. To apply, download the Capitec mobile app on your smartphone and follow the prompts. Enter your South African ID, take a selfie to verify your identity, and provide other necessary details. The app uses biometric verification through facial recognition linked to the Department of Home Affairs database, enabling remote onboarding without needing to visit a branch. After completing the application, you can start using your account and access a virtual card while awaiting the physical card.

  2. At the Bank’s Branch. Visit the nearest Capitec branch with your South African ID, a valid email address, and a cell phone number. A consultant will guide you through the application process, verify your documents, and set up your account. Once processed, your account will be ready for immediate use, and you can also collect your physical card if preferred.

Requirements and Conditions

Requirements

Conditions

Things to Pay Attention to

  • Monthly Fees. The GlobalOne account incurs a monthly service fee of R7.50. For savings accounts, there are generally no monthly fees, but fixed-term accounts may carry specific conditions for early access. Choose an account that fits your transaction and savings needs to avoid unnecessary costs.

  • Minimum Balance. A minimum balance of R30 is required in the main GlobalOne transactional account to keep it active. No minimum balance is required for Flexible Savings, Fixed-Term Savings, or Notice Deposit accounts, but maintaining a positive balance maximizes interest benefits.

  • Transaction Limits. For daily card limits, users can withdraw up to R5,000 daily, with options to increase it temporarily up to R10,000. For card machine purchases, the default daily limit is R50,000, with a temporary limit increase up to R120,000 available for a maximum of three days.

  • Interest Rates. Capitec Bank offers competitive interest rates across its accounts, structured to reward higher balances and longer-term commitments. The GlobalOne transactional account provides up to 7.12% interest on positive daily balances for amounts exceeding R250,000. Flexible Savings accounts also offer up to 7.12% interest on high balances, while Fixed-Term Savings accounts feature rates between 7.98% and 9.22%, depending on the selected term and deposit size. For Notice Deposit accounts, interest varies based on the notice period: the 7-day notice option offers up to 7.25%, while the 32-day notice can reach 8.25%, allowing flexibility with higher interest returns.

Editorial Opinion

Capitec Bank's account offerings are robust, especially for customers seeking a blend of transactional ease and structured savings. The GlobalOne account, with its low fees and integrated banking, savings, and credit access, stands out as a user-friendly option with competitive interest rates rewarding higher balances. The flexible and fixed-term savings plans provide diverse interest-earning opportunities, up to 9.22% for fixed deposits, making it one of the more competitive in South Africa for personal savers. However, those solely interested in standalone savings may find the GlobalOne requirement restrictive. For best returns, clients should select accounts based on specific financial needs, using Capitec’s live and online banking tools to manage fees and benefit from the Live Better rewards program’s cash-back incentives.

Additional Resources

Sources

FAQ

How does the Capitec Live Better rewards program differ from other banks' rewards programs?

What options are available for Capitec clients who need to manage multiple savings goals within one account?

Can I open an account if I’m not from South Africa?

What steps should be taken if a Capitec GlobalOne card is lost or stolen?

Does Capitec offer financial planning resources for customers who want to save for specific goals, such as retirement or emergency funds?

29.10.2024
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Update 30.10.2024

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