South African consumers have an assortment of savings solutions available at their disposal from an array of banking institutions. Capitec Bank has gained traction in the financial services industry since inception. One of the ways in which it has done this is through its personalised banking solutions which have gifted clients with easy access to simplified banking.
The Global One Account card is linked to clients’ transaction or savings account. This account has zero purchase fees worldwide (clients can use their card wherever they see the MasterCard logo.) Daily savings are complemented by highly competitive interest and there is the added benefit of lower ATM withdrawal fees. South Africa is notorious for having high bank charges. Capitec aims to counter this trend through lower priced stop orders and debit orders. There are daily card limits imposed for client safety and cash withdrawal limits of R5000. Card machine purchases of up to R50 000 can be made and cash can also be withdrawn for a minimal fee of R1.05 at PicknPay, Shoprite, Checkers and Boxer till points.
There are 3 main transacting and savings plans offered:
- Transaction/ Savings
- Flexible Savings Account
- Fixed Term Savings Account
The Savings account is the main transaction account, with a monthly admin fee of R4.50. Clients are able to earn 4.25% interest on daily balances. The Flexible Savings account is offered with no admin fee. Clients can choose a deposit amount and can earn 4.5% interest on daily balances. This service can be accessed via mobile banking, internet banking or Capitec ATMs. The Fixed Term Savings Account allows clients to choose between 2 deposit options: single and multiple.
Single deposits into this account must be at a minimum of R10 000, with maximum investment reaching R5 million. The saving period runs from 6 to 60 months. Money invested using the Multiple deposits option only becomes available at the date of maturity. Maximum investment with this option is R1 million. The interest rate is fixed for the full term and there is no admin fee.
Contact Capitec Bank on: 0860 10 20 43.