Are you eager to explore how to initiate a fixed deposit account with Capitec? As the bank with the largest customer base in South Africa, Capitec provides a user-friendly process for both existing customers and newcomers.
If you’re looking to save money for future use, a fixed deposit account offers a viable solution. Below are the steps to open a Capitec fixed deposit account:
For Existing Customers via Capitec Global One App
- Open the Capitec Global One app.
- Sign in and click on “Explore” at the bottom of the screen.
- Navigate to “Save” and click on “Add savings plan.”
- Provide a name for your account and click on “Add.”
- Accept all terms and conditions.
- Click on “Done.”
- Go to “Savings plan” and click on your newly created account.
- Click on the three dots at the top right for additional options.
- Select “Fixed savings.”
- Choose the desired term for saving and opt for single or multiple deposits.
- Decide whether to transfer earnings to your savings account or reinvest the interest.
For Non-Customers or Those Without the Capitec App
- Visit your nearest Capitec branch.
- Specify the amount you want to invest and the preferred investment term.
- Decide if the account will be locked for the entire term or allow additional deposits.
Why Choose a Capitec Fixed Deposit Account?
Opening a Capitec fixed deposit account offers several advantages. Fixed term deposit accounts provide an effective way to save money while earning competitive interest rates, surpassing those of regular accounts.
Capitec’s flexibility stands out, allowing continued deposits into the account—an uncommon feature in many banks.
This flexibility makes Capitec an excellent choice for individuals saving towards specific goals, such as purchasing a vehicle.
Benefits of Capitec Fixed Deposit Accounts
- Reinvest the interest or transfer it to your main savings account.
- Fixed interest rates for the entire term.
- Access to your funds on the maturity date.
- Flexibility post-maturity, converting the account into a flexible savings plan.
- No monthly administrative fees.
Single Deposit Fixed-Term Savings
- Choose investment terms from 6 to 60 months.
- Deposit a single amount, up to a maximum of R20 million, for the chosen term.
- Minimum deposit of R10,000.
- Earn up to 9.60% interest (nominal interest rate).
Single deposit interest rates
| Term (months) | R 10 000 – R 49 999.99 | R 50 000 – R 249 999.99 | R 250 000 – R 999 999.99 | R 1 000 000 – R 1 999 999 999 | ||||
|---|---|---|---|---|---|---|---|---|
| Nominal | Effective | Nominal | Effective | Nominal | Effective | Nominal | Effective | |
| 6 | 8.25% | 8.57% | 8.35% | 8.68% | 8.45% | 8.79% | 8.50% | 8.84% |
| 7 – 9 | 8.30% | 8.62% | 8.60% | 8.95% | 8.70% | 9.06% | 8.75% | 9.11% |
| 10 – 12 | 8.65% | 9.00% | 8.70% | 9.06% | 8.80% | 9.16% | 8.90% | 9.27% |
| 13 – 18 | 8.70% | 9.06% | 8.75% | 9.11% | 8.85% | 9.22% | 8.95% | 9.33% |
| 19 – 24 | 8.75% | 9.11% | 8.85% | 9.22% | 8.90% | 9.27% | 9.00% | 9.38% |
| 25 – 36 | 8.85% | 9.22% | 8.95% | 9.33% | 9.00% | 9.38% | 9.10% | 9.49% |
| 37 – 48 | 9.05% | 9.43% | 9.15% | 9.54% | 9.20% | 9.60% | 9.30% | 9.71% |
| 49 – 60 | 9.35% | 9.76% | 9.45% | 9.87% | 9.50% | 9.92% | 9.60% | 10.03% |
The nominal interest rate is used to calculate the daily interest earned on your account balance, which accumulates until it is capitalised on an agreed date every month. The interest is then either reinvested or transferred to your savings account.
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The effective annual interest rate is calculated by taking into account the fact that interest is earned on capitalised interest over a period 12 months.
Multiple Deposit Fixed-Term Savings
- Choose investment terms from 6 to 60 months.
- Decide the amount and frequency of deposits, up to a total of R1 million.
- Earn up to 8.20% interest (nominal interest rate).
Multiple deposit fixed-term savings
- You choose how long you want to invest (6 – 60 months)
- You decide how much and how often you would like to deposit, up to a total of R1 million
- Earn up to 8.20% interest (nominal interest rate)
Multiple deposit interest rates
| Term (months) | R 0.01 – R 9 999.99 | R 10 000 – R 74 999.99 | R 75 000 – R 249 999.99 | R 250 000 – R 1 999 999 999 | ||||
|---|---|---|---|---|---|---|---|---|
| Nominal | Effective | Nominal | Effective | Nominal | Effective | Nominal | Effective | |
| 6 | 3.50% | 3.56% | 7.70% | 7.98% | 7.75% | 8.03% | 7.80% | 8.08% |
| 7 – 9 | 3.50% | 3.56% | 7.75% | 8.03% | 7.80% | 8.08% | 7.85% | 8.14% |
| 10 – 12 | 3.50% | 3.56% | 7.80% | 8.08% | 7.85% | 8.14% | 7.90% | 8.19% |
| 13 – 18 | 3.50% | 3.56% | 7.85% | 8.14% | 7.90% | 8.19% | 7.95% | 8.25% |
| 19 – 24 | 3.50% | 3.56% | 7.90% | 8.19% | 7.95% | 8.25% | 8.00% | 8.30% |
| 25 – 36 | 3.50% | 3.56% | 7.95% | 8.25% | 8.00% | 8.30% | 8.05% | 8.35% |
| 37 – 48 | 3.50% | 3.56% | 8.05% | 8.35% | 8.10% | 8.41% | 8.15% | 8.46% |
| 49 – 60 | 3.50% | 3.56% | 8.10% | 8.41% | 8.15% | 8.46% | 8.20% | 8.52% |
The nominal interest rate is used to calculate the daily interest earned on your account balance, which accumulates until it is capitalised on an agreed date every month. The interest is then either reinvested or transferred to your savings account.
The effective annual interest rate is calculated by taking into account the fact that interest is earned on capitalised interest over a period 12 months.
In conclusion, this article provides a comprehensive guide on how to open a fixed deposit account with Capitec, highlighting the bank’s customer-friendly approach, the benefits of fixed-term accounts, and the flexibility they offer for goal-oriented savings.