Are you wondering how to cancel your fixed deposit account with Capitec? Look no further – this article is tailor-made for you.
Capitec has earned its reputation as South Africa’s most customer-friendly bank, boasting an impressive 21 million clients. If you’re among them and have a fixed deposit account, you might be considering closing it.
A fixed-term savings account offers attractive interest rates, but circumstances change. How do you navigate the process of closing such an account?
Canceling a Capitec Fixed Term Savings Account
Yes, you have the option to cancel your Capitec Fixed Term Savings account before its maturity date. Keep in mind that there is an administrative fee associated with this action.
If your account balance is less than R10,000, you can conveniently transfer the funds at a Capitec ATM, incurring a R9.50 unlock fee.
For balances exceeding R10,000, contact the Client Care team at 0860102043 to unlock the account. They will provide details on the administrative fee and promptly make your funds available for immediate use.
Capitec Fixed Deposit Interest Rates
This article has a primary focus on guiding you through the process of closing your Capitec fixed term deposit account.
One of the significant advantages of such an account is the higher interest rates it offers. Below, you’ll find the current Capitec fixed deposit interest rates:
| Term (Months) | R10,000 – R49,999 | R50,000 – R249,999 | R250,000 – R999,999 | R1m+ |
|---|---|---|---|---|
| 6 | 8.15% | 8.46% | 8.30% | 8.95% |
| 7 – 9 | 8.30% | 8.62% | 8.60% | 9.22% |
| 10 – 12 | 8.65% | 9.00% | 8.95% | 9.43% |
| 13 – 18 | 8.70% | 9.06% | 9.00% | 9.49% |
| 19 – 24 | 8.75% | 9.11% | 9.05% | 9.54% |
| 25 – 36 | 8.85% | 9.22% | 9.10% | 9.60% |
| 37 – 48 | 9.05% | 9.43% | 9.25% | 9.92% |
| 49 – 60 | 9.40% | 9.82% | 9.60% | 10.25% |
Step-by-Step Guide: Opening a Fixed Deposit Account with Capitec Bank
In conclusion, we’ve walked you through the process of canceling your fixed deposit with Capitec.
Importantly, this flexibility allows you to access your funds before the agreed-upon term, particularly in emergency situations. Do note that canceling before the agreed-upon timeframe incurs a modest administrative fee.