Is the best savings account still with Capitec?

M

MisterBigglesworth

Expert Member
Joined
Aug 15, 2006
Messages
3,330
I have a cheque account with FNB, credit card with Virgin (due to no yearly renewal fees and better int rates etc), but I dont have a savings account. I would like a separate savings account as I want a place to put money away and keep it separate to my daily usage cheque account.

FNB has a few options in this category, but the pricing is really off putting. R5.80 for elec transfer into and out the account...kind of defeats the purchase. The more I put in the more I get charged...no thanks.

Capitec seems the best with interest rates and charges...but all these fraud reports, money getting stolen etc...I'm a bit worried opening up a Capitec account.

Anyone have some recommendations on what savings account to open? I want to transfer money into it 2-3 times a month. With a rainy day I will need instant access to the money, so elec transfer to my FNB account for funds. Dont want to be charged an arm and a leg to save. :confused:
 
AlmightyBender

AlmightyBender

Executive Member
Joined
Aug 24, 2012
Messages
7,256
You're spot on Capitec is the best for your needs. Also don't worry about security, they use Capitec account to steal money FROM other banks, not the other way around ;)

R4.50 per month bank fee and no charge to transfer money into the account. Small fee to transfer out, can't remember the exact amount, but very low.
 
supersunbird

supersunbird

Honorary Master
Joined
Oct 1, 2005
Messages
60,152
Yes, best for you needs as put and the fraud is from mainly ABSA accounts into mainly Capitec accounts (because the default ATM limit is higher)
 
cpu.

cpu.

Executive Member
Joined
Jun 23, 2010
Messages
5,423
If your source money is in Fnb, you can add a savings pocket to your account. It's same as Capitec's 4 saving pockets (virtual accounts).
 
A

AnibugZA

Well-Known Member
Joined
Sep 11, 2012
Messages
325
Capitec has some of the best security out there. They do not use SMS OTPs, they use Token Authentication, either on a Token Generator Dongle on or a secured device-locked authentication app.

R4.50 gets you a Global One account, which can have 4 sub-linked accounts for no additional cost. Interest rates are pretty good. You get a better rate for having less than R10k in your account than you if you have over R10k, but you can have 5 accounts in total so it's only a problem if you have more than 50k in savings.

Online banking is simple and free, cellphone banking is free, you can upgrade your card to a Debit Mastercard that lets you buy online. Withdrawals at PnP, Checkers, Boxer, Pep and a bunch of other stores are only R1.

Their service levels are amazing. I do not hate going to visit a branch any more. Their staff are always a pleasure to deal with, are fast and accurate and I am always happy when I walk out of Capitec. I feel like I am getting service and value for money, instead of feeling like I'm being milked for money and fighting against a bureaucracy.

I love Capitec.
 
B

biena

Executive Member
Joined
Dec 6, 2006
Messages
5,883
cpu. said:
If your source money is in Fnb, you can add a savings pocket to your account. It's same as Capitec's 4 saving pockets (virtual accounts).
Click to expand...
fnb. 1% interest
capitech, 5% up to 10k

Cannot even compare the two.
 
H

HavocXphere

Honorary Master
Joined
Oct 19, 2007
Messages
33,155
5.8 bucks for just moving money between FNB accounts...damn. Thats just BS - it costs the bank nothing to create 10 extra account or move money between them.
 
M

MKFrost

Expert Member
Joined
Oct 23, 2012
Messages
3,837
Capitec: Lowest fees, highest interest, no BS or window dressing... need I say more?
 
G

Gtx Gaming

Gtx Gaming
Joined
Aug 25, 2008
Messages
25,520
im just lazy so i use fnb flexi deposit , as the interest gets deposited into your cheque account , but its only 3.75 % :(

think I might take my money and move it to a fixed deposit account gets me 4.5% for 2 months(the interest also get deposited in your cheque account) , and leave bit extra in my savings pocket , i get 3.4% on my savings pocket ,i was on smart cheque account , and upgraded to gold and kept the 3.4% rate :p
 
M

MisterBigglesworth

Expert Member
Joined
Aug 15, 2006
Messages
3,330
Awesome, thanks for the confirmation guys and detailed replies, much appreciated. Will open up an account tomorrow :)
 
S

senyetse

Senior Member
Joined
Mar 26, 2013
Messages
791
My wife opened a Capitec account on Wednesday for us to park extra funds (seeing that it has the highest interest rate of a savings account, apart from ABSA's Depositor Plus). We went for the Capitec over the ABSA due toi the fact that internet banking is free at Capitec.

Anyway, the branch at Key West could not accept an opening deposit nor payment for the security dongle because their safe is broken. My wife returned on Thursday and still the safe is broken. No problem since I transferred money into the account from ABSA and we can get the dongle later. We just thought it a bit dodgy that a safe is broken for two days...

But, I gather from most that Capitec is pretty good.
 
Ockie

Ockie

Resident Lead Bender
Joined
Feb 16, 2008
Messages
52,925
senyetse said:
My wife opened a Capitec account on Wednesday for us to park extra funds (seeing that it has the highest interest rate of a savings account, apart from ABSA's Depositor Plus). We went for the Capitec over the ABSA due toi the fact that internet banking is free at Capitec (R25 odd) at ABSA.

Anyway, the branch at Key West could not accept an opening deposit nor payment for the security dongle because their safe is broken. My wife returned on Thursday and still the safe is broken. No problem since I transferred money into the account from ABSA and we can get the dongle later. We just thought it a bit dodgy that a safe is broken for two days...

But, I gather from most that Capitec is pretty good.
Click to expand...

I go into the branch maybe 1 time every two months or so. Everytime I have been pretty pleased. Only once have i had to stand in q for a long time ... and that was @ Eastgate branch and it was end of the month.
 
Tinuva

Tinuva

The Magician
Joined
Feb 10, 2005
Messages
12,495
senyetse said:
My wife opened a Capitec account on Wednesday for us to park extra funds (seeing that it has the highest interest rate of a savings account, apart from ABSA's Depositor Plus). We went for the Capitec over the ABSA due toi the fact that internet banking is free at Capitec.

Anyway, the branch at Key West could not accept an opening deposit nor payment for the security dongle because their safe is broken. My wife returned on Thursday and still the safe is broken. No problem since I transferred money into the account from ABSA and we can get the dongle later. We just thought it a bit dodgy that a safe is broken for two days...

But, I gather from most that Capitec is pretty good.
Click to expand...

Wait what, ABSA still ask a fee to have internet banking? WTF I thought this has changed in the last 10 years. If this is true they must be the ONLY bank that still does this.
 
S

senyetse

Senior Member
Joined
Mar 26, 2013
Messages
791
Wait what, ABSA still ask a fee to have internet banking? WTF I thought this has changed in the last 10 years. If this is true they must be the ONLY bank that still does this.
Click to expand...

Yes, it's about R25 a month. That does include free antivirus, but still...
 
You must log in or register to reply here.
Top