Open an account at Capitec Bank. As of 10.02.2025 you have access to bank account options. Simplify your finances by choosing the best account for your needs today.
Update 30.10.2024
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
GlobalOne Account. A transactional account that combines daily banking, savings plans, and credit access in one. It requires a minimum monthly fee of R7.50 and a minimum balance of R30, offering customers interest on positive daily balances. Accessible via the Capitec app, USSD, Internet banking, and the GlobalOne Mastercard, the account also provides features such as setting up savings plans, accessing international Mastercard benefits, and transparent transaction fees.
Savings Accounts
Flexible Savings Account. This account allows customers to earn interest on daily balances with no monthly fees and no minimum balance requirements. Customers can make deposits and withdrawals anytime, managing their savings directly through Capitec’s app or ATMs.
Fixed-Term Savings Account. Designed for those looking to earn higher interest, this account allows a one-time deposit with a fixed term ranging from 6 to 60 months. Customers can earn up to 8.85% nominal interest annually, with options to reinvest or transfer interest to the main savings account.
Notice Deposit Account. This account offers flexible, higher interest savings with a 7-day or 32-day notice period, depending on the customer’s preference. There are no monthly fees, and the account allows unlimited deposits with a range of interest rates based on the notice period and deposit amount.
Tax-Free Savings Account. Customers can save up to R36,000 annually with tax-free interest. Available for flexible deposits, the account requires no minimum balance, allowing customers to maximize returns on their savings without paying tax on the interest.
Business Accounts
Business Transactional Account. Tailored for small businesses and entrepreneurs, this account provides flexible, digital-first banking solutions. With 24/7 access via Capitec’s mobile and online platforms, businesses can efficiently manage payments, transfers, and transactions. The account features a structured fee system based on usage, designed to support affordable banking for businesses, and includes options for online transactions, payment solutions, and financial tools that help streamline operations.
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
Streamlined All-in-One Banking. Capitec’s GlobalOne account consolidates transactional, savings, and credit functionalities into a single account, providing simplicity for users who prefer managing everything within one solution.
User-Friendly Mobile Banking. The Capitec app offers intuitive features such as biometric login, easy fund transfers, account management, and access to savings tools, making it convenient for users who prioritize mobile banking accessibility.
Rewards Integration. Capitec’s Live Better program offers cash-back rewards and automated savings for everyday banking, with rewards deposited into a dedicated savings account. GlobalOne Mastercard holders also gain access to the Mastercard Priceless® Cities program for exclusive global experiences and offers, adding value through cash-back and unique perks.
Cons
Requirement of GlobalOne for Savings Accounts. Capitec requires customers to open a GlobalOne transactional account to access any savings accounts, such as the Fixed-Term or Notice Deposit accounts. This structure may be limiting for those who seek a standalone savings solution.
Limited Foreign Currency Holding Options. Capitec supports international transactions through foreign currency payments and receipts, but it does not offer accounts for holding or investing in foreign currencies long-term, which may be a limitation for customers seeking to maintain foreign currency balances.
No Dedicated Investment Products. Capitec does not provide a dedicated range of investment products beyond traditional savings accounts, such as unit trusts or retirement annuities. This could be a drawback for customers seeking comprehensive wealth management or investment options beyond fixed or flexible savings.
How to Apply for a Capitec Bank Account?
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.
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
Identification. South African citizens must provide a valid South African ID, while foreign nationals can apply with a valid foreign passport along with either a permanent residence permit or a temporary work permit.
Proof of Income. To apply for accounts with credit access, such as GlobalOne with credit options, applicants need to provide proof of income, typically a recent salary slip or employment letter and three months of bank statements.
Proof of Residence. A recent proof of residence, such as a utility bill not older than three months, is required to complete the application process. This applies to both South African citizens and foreign nationals.
Age. Applicants must be at least 18 years old to open a Capitec account independently.
Conditions
Monthly Fees. The GlobalOne account has a monthly service fee of R7.50, which includes access to transactional and savings features.
Interest Rates on Savings. The main transactional account within GlobalOne offers tiered interest on positive balances, with rates varying based on the balance amount. Flexible and Fixed-Term savings accounts also offer competitive interest rates, with Fixed-Term accounts reaching up to 8.85% for specific terms.
Minimum Balance Requirement. The GlobalOne account requires a minimum balance of R30 in the main transactional account, while Flexible and Fixed-Term savings accounts have no minimum balance requirement for deposits.
Withdrawal Restrictions on Fixed-Term Savings. Capitec’s Fixed-Term savings accounts are locked in for a set period (ranging from 6 to 60 months), allowing for higher interest rates but limiting access to funds until the term ends. Early withdrawal incurs a fee of R300.
Tax-Free Savings Limits. The Tax-Free Savings Account permits deposits of up to R36,000 per year, offering interest earnings without tax obligations. There are no monthly fees or penalties for accessing funds in this account.
Rewards Program Conditions. Participation in the Live Better rewards program requires an active Capitec account, offering cash-back rewards based on qualifying transactions and behaviors.
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.
How does the Capitec Live Better rewards program differ from other banks' rewards programs?
Capitec’s Live Better rewards program offers cash back rather than traditional points, making it simpler and more flexible. Customers can earn 1% cash back on credit card purchases, and the rewards go directly into a dedicated savings account, automatically helping them build savings each month.
What options are available for Capitec clients who need to manage multiple savings goals within one account?
The GlobalOne account allows clients to create up to four separate, interest-earning savings plans within a single account, helping them organize funds for different goals without needing multiple accounts. This feature is accessible through Capitec’s mobile app for easy adjustments.
Can I open an account if I’m not from South Africa?
If you're not from South Africa and you want to open a Capitec account, you can get it under either of the following conditions:
You have a permanent residence permit and are employed
You have a temporary residence permit with a work permit and are employed
What steps should be taken if a Capitec GlobalOne card is lost or stolen?
If a GlobalOne card is lost or stolen, clients can immediately freeze it through the Capitec app. They also have the option to order a replacement card via the app or visit a branch to collect a new one. This helps prevent unauthorized transactions and protects their account.
Does Capitec offer financial planning resources for customers who want to save for specific goals, such as retirement or emergency funds?
Yes, Capitec provides various financial planning tools and advice through their app and website, including savings calculators and guides for setting up emergency funds, retirement plans, and more. These resources are designed to help clients establish practical financial goals and make informed savings decisions.