Capitec Bank, ideal for student?

[The Stig 2.0]

I need to open a bank account in the foreseeable future. I was recently looking at capitec and what they had to offer. I was quite pleased to see their bank charges (which are like 10% of what ABSA charges ) I also quite like the idea of getting 6% interest on a current account.
However, before i'm opening an account, I would like to know a few details...

1.) Although their saswitch charges are quite low (in comparison) does anybody know where they have their own ATM's and in what major Shopping Centres in the Cape Town vicinity?

2.) How is their customer service (email, teller, phone)? How long does one have to wait generally (queue length, approvals, etc)

3.) How is their Internet banking... and can one use the debit card for online transaction?

Finally, are there any other competitive options from the other major banks...

Thanks

[Captain Beer]

Been with Capitec for about a year. No complaints.

The only ATM's I have seen are located at their branches. But you can also draw cash from Pick n Pay and Checkers, most I have drawn from the till was R2000.
The line at the local branch can get a bit long, only 2 tellers, but the longest I have waited was about 10 minutes. So relatively short compared to the big four.
Never used Internet banking, but I'm sure you can use your card for online banking.

[The Stig 2.0]

ah i see, that till transaction thing can be quite handy...
but how does that work? does it work directly with capitec or does one have to 'pay' pick and pay and they give you the cash?

[mjkelly]

1) As mentioned above, you can use Pick n Pay and Checkers. Also bear in mind using another banks atm only costs R6, which is very competetive!

3) Internet banking works well, although limited features. Also requires the purchase of a token, which is R120. And no, you cannot use the Capitec card for online transacting.

Capitec is by far your best bet, student or not! Everyone should have a capitec bank account, the fees are negligible, especially when you look at the interest rate.

[mjkelly]

ah i see, that till transaction thing can be quite handy...
but how does that work? does it work directly with capitec or does one have to 'pay' pick and pay and they give you the cash?

You tell them you want to withdraw Rx amount of money, they swipe card, you put in pin, they give you money out of till. Costs R1.

[The Stig 2.0]

1) And no, you cannot use the Capitec card for online transacting.

So i won't be able to book tickets at computicket over the net for example?

[Captain Beer]

Forgot to mention another awesome thing, they have longer business hours than normal banks and they open on Sundays.

[The Stig 2.0]

You tell them you want to withdraw Rx amount of money, they swipe card, you put in pin, they give you money out of till. Costs R1.

thats quite cool, far cheaper than ATM and more convenient...

[mjkelly]

So i won't be able to book tickets at computicket over the net for example?

Nope. But you can walk into checkers and book with Computicket. No savings account will give you a card you can use online, you will either need a cheque/current account, or a credit card.

[mjkelly]

thats quite cool, far cheaper than ATM and more convenient...

Yeah, but if you want to draw a sizeable amount its best to go near the end of the day. Otherwise the till lady gives you a long face because you are taking her entire float. And alot of the times they are too lazy to go get money from other tills if they don't have enough.

[HavocXphere]

Or you could go with std bank & pay R0 charges. Only suitable for low tx volumes though...after a few they charge...heavily.

[BLIXEMPIE]

3) Internet banking works well, although limited features. Also requires the purchase of a token, which is R120. And no, you cannot use the Capitec card for online transacting.

They now give you the token for free.

Drawing money at PnP or Checkers = R1.

Swiping your card absolutely anywhere = Free.

[Paul_S]

I'm going to move my account to Capitec at the end of the year. I'm tired of being ripped off.

Standard Bank currently charge me R14.50 to withdraw R1000 using a Standard Bank ATM.
Capitec will charge me R7 to withdraw R1000 from a Standard Bank ATM. How the heck does that work?!
Cash withdrawals at Pick 'n Pay cost R1.

[The Stig 2.0]

I'm going to move my account to Capitec at the end of the year. I'm tired of being ripped off.

Standard Bank currently charge me R14.50 to withdraw R1000 using a Standard Bank ATM.
Capitec will charge me R7 to withdraw R1000 from a Standard Bank ATM. How the heck does that work?!
Cash withdrawals at Pick 'n Pay cost R1.

The other 4 banks are a f**** rip-off, no wonder the CEOs, managment, etc all drive Bugatti Veyrons...
I wonder where they have all their money stashed -- probably capitec as they themselves don't want to pay the huge bank charges!