So I went to Capitec

[HibiscusTunes]

I haven't used my Capitec acc for a while, the app now supports Biometric login and that works great.
I tried to make an online payment this evening and like most banks an in-app confirmation is required so I click on the Capitec notification and then it asks me for a pin after I confirmed the transaction.
What pin are they asking for and why not use biometrics for the confirmation like most other banks?

It is your internet banking pin.

 

[DA-LION-619]

Have you guys seen the new Live Better feature?

Live Better | Capitec Bank

Discover rewards that make life better with Live Better on the Capitec app. Enjoy cash back, exclusive discounts, and amazing deals – all for free. Get your benefits today!

www.capitecbank.co.za

Apparently you can round up purchases and transfer interest to a special savings account with a higher interest rate. Went through the website, FAQs, etc and can't seem to find the interest rate. Anyone know what it is?

Another bummer is you can't transfer funds directly into the special savings account to earn the higher interest, although I can think of a way to get around this in theory.

Did it say higher interest rate? It just seems like another account that pockets your interest earnings, so you earn interest on your interest which is technically ‘earning more interest’.
It would be easier to track outside of the main account I guess.

 

[DA-LION-619]

what are the features of the live better savings account?​

• No subscription or fees
• You earn a higher interest rate
• You cannot manually transfer money into the Live Better savings account – it can only be funded through the Live Better partner benefits and Automatic Savings tools
• Money in the Live Better savings account can be transferred to your main transactional savings account, flexible and multiple-deposit fixed savings accounts

Time for some Q&A

If you don't feel like chatting, browse our FAQs below.

www.capitecbank.co.za

Interesting.
They state here, https://www.capitecbank.co.za/live-better/live-better-savings-account/

Earn more interest: Once Interest Sweep is On, the interest you earn in your main transactional savings account will be swept into your Live Better savings account to earn even higher interest.

 

[cr@zydude]

Have you guys seen the new Live Better feature?

Live Better | Capitec Bank

Discover rewards that make life better with Live Better on the Capitec app. Enjoy cash back, exclusive discounts, and amazing deals – all for free. Get your benefits today!

www.capitecbank.co.za

Apparently you can round up purchases and transfer interest to a special savings account with a higher interest rate. Went through the website, FAQs, etc and can't seem to find the interest rate. Anyone know what it is?

Another bummer is you can't transfer funds directly into the special savings account to earn the higher interest, although I can think of a way to get around this in theory.

I saw this in the app tonight. I need to know what the interest rate is to decide what to do.

 

[|tera|]

I saw this in the app tonight. I need to know what the interest rate is to decide what to do.

It's like FNB savings pocket. Nothing revolutionary IMHO. Except this a rewards system too.

 

[cr@zydude]

It's like FNB savings pocket. Nothing revolutionary IMHO. Except this a rewards system too.

I'll get on board if they offer higher interest rates than their competitors. I'm not going to tie up money just because Capitec brands the product nicely.

 

[|tera|]

I'll get on board if they offer higher interest rates than their competitors. I'm not going to tie up money just because Capitec brands the product nicely.

Agree. IIRC TymeBank has a higher interest rate than Capitec. I've got both accounts.

 

[cr@zydude]

Agree. IIRC TymeBank has a higher interest rate than Capitec. I've got both accounts.

Tyme does have the higher rate, but sadly I've hit the deposit limit there.

 

[|tera|]

Tyme does have the higher rate, but sadly I've hit the deposit limit there.

Cool. I don't have anywhere near that much money Haha. Live long and prosper

 

[cr@zydude]

Cool. I don't have anywhere near that much money Haha. Live long and prosper

You too man. As long as you're getting the highest interest rate, that's all that matters.

 

[backstreetboy]

I'll get on board if they offer higher interest rates than their competitors. I'm not going to tie up money just because Capitec brands the product nicely.

The money is not tied up...

or instantly transfer the money to your main transactional savings account when you need it!

 

[mervman]

From an email. Interest is 1% higher on the live better account compared to the normal account. Not bad. But no Tyme Bank either.

 

[backstreetboy]

Doesn't seem worth the effort if its just 1% higher.

Really wish Tyme would increase that R100k limit.

You just enable it. No effort at all.

 

[Swa]

You just enable it. No effort at all.

There's effort in earning it. You can't just transfer money to the account.

 

[backstreetboy]

There's effort in earning it. You can't just transfer money to the account.

Ask any woman. There's no effort in spending money

 

[cr@zydude]

You just enable it. No effort at all.

Capitec needs to offer more interest than similar products from other banks to attract savings.

 

[mervman]

I like that you just have to click it on in the app. No hoops to jump through, everything happens automatically and you can take it out whenever you need it. Unlike other banks rewards/cash back programs.

 

[backstreetboy]

Sucks that the credit card round up comes from your savings account and not the credit card. Ah well.

 

[mervman]

Is anyone else getting random 3.00 debits for International transaction fees? eg. A Takealot purchase?

 

[cr@zydude]

Is anyone else getting random 3.00 debits for International transaction fees? eg. A Takealot purchase?

It's their new international Mastercard fee. I didn't think that Takealot would trigger it, but Amazon would.