capitec bank interest rates

[wizdumb]

so i found an interesting article in the huisgenoot a week or 2 back, about how to save money...

...so they talked about the savings accounts and the % of interest one can earn, so at absa, standard bank etc you can earn about 1-2% interest on a std savings account, and then i read about capitec bank where you can almost earn 7%

now checking it out today, it says you can earn 6.25% on R1 - R100,000. now how is this possible? as those rates are pretty much the rates you can get on money market accounts from other banks

[edit] oops, admin please move to correct section

 

[Nerfherder]

Virgin money card have the same I think

 

[W@P]

Virgin is currently at 4.5 % so capitec still better.

I have one of the capitec accounts that's got another 4 sub accounts. All of them earning 7% i think.

 

[wizdumb]

Virgin is currently at 4.5 % so capitec still better.

I have one of the capitec accounts that's got another 4 sub accounts. All of them earning 7% i think.

7% nice...

...i'm thinking of opening an account there and put like 5-10k in, as currently it is only earning -+1% in my savings account - and if need to use the cash i can cause it will be in my "other" savings account

 

[The_Unbeliever]

vote with your wallets, people, vote with your wallets

that's the only thing blapsa, fnb, standard et al will understand...

 

[ColinR]

vote with your wallets, people, vote with your wallets

that's the only thing blapsa, fnb, standard et al will understand...

Agreed, fnb seem to be the only bank that are at least trying!

 

[TheGuy]

so i found an interesting article in the huisgenoot a week or 2 back, about how to save money...

...so they talked about the savings accounts and the % of interest one can earn, so at absa, standard bank etc you can earn about 1-2% interest on a std savings account, and then i read about capitec bank where you can almost earn 7%

now checking it out today, it says you can earn 6.25% on R1 - R100,000. now how is this possible? as those rates are pretty much the rates you can get on money market accounts from other banks

[edit] oops, admin please move to correct section

But inflation is currently at 8% so your still loosing money by saving