Banking with Capitec

[bumblebee]

Guys I do about 12-15 transfers(incl debit orders) a month and I use my debit card a LOT(I don't like carrying cash). I usually have a few grand in my account at all times due to the nature of my business, thats why I come to about 16 bucks.

As far as a money market account VS capitec look here:

http://www.standardbank.co.za/SBIC/Frontdoor_06_01/0,2378,3447_1105790_0,00.html (Standard bank money market account)
http://www.absa.co.za/absacoza/content.jsp?/Home/Rates-&-Fees/Interest-Rates/Savings-Accounts (ABSA)
https://www.fnb.co.za/rates/cRatesV...nt Accounts&productName=Money Market Accounts (FNB)
http://www.nedbank.co.za/website/content/interrestrates/local.asp (Nedbank)
http://www.capitecbank.co.za/products/savingoptions;jsessionid=L4VcrnQNML15Bym0MXZUcA__.babel#rates (Capitec)

In my view Capitec has the highest interest rate. If I am willing to lock the money in or I am putting R100000+ away some of the banks can beat 6.25 - 7% but apples with apples Capitec wins. As far as a locked in period or R100000+ is concerned I am an investment adviser and can find MUCH better options than a bank account for these investments

The only way you are going to get a higher interest rate is if you put your money in a money market unit trust but then it isn't immediately available(48hours to access).

Sorry guys but it sounds like you need to go back to the drawing board and compare again, I understand if Capitec doesn't provide a service you need, but for the services they do they are the best.

I use Sanlam Liquid and I am very happy with their product.

I get money market rates (about 7% now, I think) from rand 1 and the minimum deposit is R500.
Best of all, it is a Visa electron transactional account too.
I receive my salary in it, have debit orders at R4.50 a pop and use a discovery credit card for day to day expenses which I pay each month from the Liquid account.
To me, it is a perfect emergency fund account.

 

[SecretCode]

People who've opened an account with Capitec ... did they take your photograph and your fingerprints? I haven't done it yet but clientcare@capitec said this is a requirement they have 'to improve security'. Fingerprints? For a bank account?

 

[Bismuth]

People who've opened an account with Capitec ... did they take your photograph and your fingerprints? I haven't done it yet but clientcare@capitec said this is a requirement they have 'to improve security'. Fingerprints? For a bank account?

You use the fingerprint scanner when in the branch to access account features and perform transactions. I imagine that the photo comes up on the consultant's screen as a way of verifying that you are the legitimate account-holder. Therefore you do not need to fill in forms.

I have only been in a Capitec branch three times, to open the account, to activate my internet banking, and when I thought I had to increase my transaction limit when registering at Unisa. Turned out the "speedpoint" limit was higher than the ATM withdrawal limit.

B

 

[SecretCode]

You use the fingerprint scanner when in the branch to access account features and perform transactions.

I wonder if the 'client care' people actually know they have fingerprint scanners! Certainly didn't mention it when I asked what it was for.

 

[guest2013-1]

I was thinking of moving to Capitec, especially since Standard Bank has been a bunch of *******s and very uncooperative with a client who's been banking with them for 8 years.

However, their inability to receive or cash foreign currency transfers or cheques made me decide against it. And here I was looking so forward of just a finger print scan and no "Please provide us with your green ID document or we won't be able to help you" type ****

 

[SecretCode]

What foreign currency transfers do you receive? Why can't your overseas source submit in ZAR? My understanding is that will work - they can receive funds, they just aren't licensed to do the currency conversion.

 

[Juggy]

I have been with Capitec for about 15 months now and am very happy. My bank charges have dropped from around R750 p/m with ABSA to around R250 with Capitec. The kicker for me came when I went to an ABSA atm to withdraw R1000 to open my Capitec account. Cost me R15-50 to withdraw R1000 from an ABSA atm with an ABSA card. Opened my account and went to the same ATM to withdraw the money using a Capitec card and it cost me R6.75.

No brainer, and you don't pay for card swipes at all. They're 100% free.

 

[Shayd]

I feel it's my civic duty to bring this thread back from the dead... been using Capitec for months now and only been to the branch about 3 times. To open the account, to create internet banking profile and to withdraw 10k.

My bank fees went from about R250-R300 down to R70-R80, paid for my uncapped with the difference.

 

[BCR]

I feel it's my civic duty to bring this thread back from the dead... been using Capitec for months now and only been to the branch about 3 times. To open the account, to create internet banking profile and to withdraw 10k.

My bank fees went from about R250-R300 down to R70-R80, paid for my uncapped with the difference.

Couldn't agree more with the +ve comments I've seen (didn't read past the 1st page of this thread, though) - I moved from ABSA in December '09 - fees have dropped substantially & no fuss whatsoever in running my accounts @ Capitec via the internet.

Problem is, many people are afraid of change when it comes to banks & vast majority of those that have D/orders don't want the inconvenience of having to change them.

The +ve sentiment shows in their share price - not long ago it was hovering between R99 - R106, then R118 about 2 weeks ago; had a look today and it was @ R125, down from about R128 yesterday.
Should've bought when it was R70, and I thought it was overpriced then !

 

[Archer]

Looks like a good deal, but I get too much free stuff (debit orders, sms notifications, free transfers to anyone, etc) to change. And have a home loan to save money in, so I get a better rate (tax free). Very tempting though, they'll be first on my list if I ever do feel the need to switch banks.

 

[HavocXphere]

They don't "send" anything to your security token. It is basically a random number generator. Your token has a unique serial number associated with it, which is linked to your online banking account. When you want to login into your online banking account, you have to press the button, generate a random number and then enter that along with your username and password. Because the bank knows the serial number of your security token, they can do a checksum and figure out whether or not the random number was really generated from your security token.

No they can't. Either its random or its not. It can't be both random & predictable at the same time.

 

[burn]

Capitec changed my life! Couldn't be happier...

 

[ColinR]

No they can't. Either its random or its not. It can't be both random & predictable at the same time.

It's predictably random What I'd like to know is how the token number can only be valid for a certain amount of time? Is there a system clock running in the token that is accurate enough to keep time for it's lifetime?

Your photo coming up after inital login - prior to token input - is another way of securing you... if you were on a phishing site - they would not have access to your photo.

 

[HavocXphere]

It's predictably random

They put this small cat called Shödinger into the token and...

What I'd like to know is how the token number can only be valid for a certain amount of time? Is there a system clock running in the token that is accurate enough to keep time for it's lifetime?

The clock idea sounds right. e.g. Clock + Constant Salt gets hashed by the device. If the bank knows the Salt, then they can work out the code on their side too & its secure as long as the salt isn't compromised. Someone told me once some of these tokens get a sat signal, but I'm not clued up about the capitec ones or whether that sat business is right.

Either way, the batteries will have to be replaced sooner or later...the display will chow it.

 

[Other Pineapple Smurf]

No they can't. Either its random or its not. It can't be both random & predictable at the same time.

Uuuhhhh ... all random generators are seeded and are therefore predictable !!! I asked a few questions at the office about these devices. Some of the staff in our company worked on military projects and gave me some more insight into the systems.

 

[Other Pineapple Smurf]

For more fun time on this topic:

http://en.wikipedia.org/wiki/Security_token#Time-synchronized_one-time_passwords

 

[HavocXphere]

Uuuhhhh ... all pseudo-random generators are seeded and are therefore predictable !!!

FTFY

Random number generators based on atomic decay are perfectly random & unpredictable. But you're right in that the generator in those keys won't be truly random...too small. Thats why I liked carudden's clock idea...not truly random & yet fairly safe.

staff in our company worked on military projects and gave me some more insight into the systems.

And this insight is?