So I went to Capitec

[NarrowBandFtw]

EE sends you a confirmation email.
View attachment 1845222
Instead of 0.25% brokerage I paid 0.20%.

lawds, so the only way to confirm is work out the % of brokerage commission yourself /facepalm

and now I'm also back in the hell of needing to use trial-&-error to spend all available investment funds, the capitec widget did it for me i.e. you input the total value you want to spend, it deducts the fees and makes the investment amount = that less fees

web interface assumes you're inputting the investment amount and wants the fees on top of it

 

[Swa]

lawds, so the only way to confirm is work out the % of brokerage commission yourself /facepalm

and now I'm also back in the hell of needing to use trial-&-error to spend all available investment funds, the capitec widget did it for me i.e. you input the total value you want to spend, it deducts the fees and makes the investment amount = that less fees

web interface assumes you're inputting the investment amount and wants the fees on top of it

I'm not sure but I think this was controlled through a setting.

 

[MoHaG]

True I remember that, going backwards in a big way, shame on you Capitec.

They used to operate mall hours as well - I could drop in after work between 6 and 7...

Interest rates was around money market rates as well, now you need to jump through lots of hoops to get similar to an ABSA savings account...

The enshittification has started...

 

[Swa]

They used to operate mall hours as well - I could drop in after work between 6 and 7...

Interest rates was around money market rates as well, now you need to jump through lots of hoops to get similar to an ABSA savings account...

The enshittification has started...

They don't anymore? The one here is 9-6. Checkers is open till 7PM but mall hours are actually not to 7.

 

[MoHaG]

They don't anymore? The one here is 9-6. Checkers is open till 7PM but mall hours are actually not to 7.

In Centurion mall they close at 17:00 now (for the one branch, other one 18:00), normal mall hours is up to 19:00.
Mall of Africa branch closes at 18:00 (and 13:00 on Sundays), mall hours are up to 20:00, 7 days a week.
Not ABSA, which closes at 15:30 yet, but still annoying if I want to drop in after work.

 

[Smiggles]

They used to operate mall hours as well - I could drop in after work between 6 and 7...

Interest rates was around money market rates as well, now you need to jump through lots of hoops to get similar to an ABSA savings account...

The enshittification has started...

7 day notice account gives great rates.

 

[Swa]

I remember when they had a tiered interest rate. Can't remember what the rates were.

 

[MoHaG]

7 day notice account gives great rates.

There was no need to jump through those hoops when I opened my account

I remember when they had a tiered interest rate. Can't remember what the rates were.

The "savings plans" still have, but the main account used to pay the same (it now pays a fixed 2%) (which means that your salary doesn't earn nearly as much interest over the month)

In 2013, when the prime rate was 8,5%, Capitec was offering these rates on the main account and savings plans:


Fixing the money would do better:

Currently, with a prime rate of 10,5%, they are offering 2% on the main account and this on the savings plans:


So with a prime rate that is 2% higher, you need R100k to beat the interest rate from 12 years ago.

On the fixed term savings:


With a prime rate that is 2% higher, you can beat the old rates when you have more than R1M invested (at the samples I checked)

They adjust the rates with the prime / repo rate changes, so it is at least a 2% reduction in interest rate. (If someone has some time to dig in archive.org, they can probably find some old comparisons at times when the rates matched)

 

[Smiggles]

There was no need to jump through those hoops when I opened my account

It's the same with all the other banks. With Discovery, FNB, Bank Zero you also need to move your money into a savings pocket.

 

[Swa]

It's the same with all the other banks. With Discovery, FNB, Bank Zero you also need to move your money into a savings pocket.

Capitec used to set themselves apart by being better. There's nothing lately that separates them from the others. It's just become a legacy account I keep open for R90 a year.

As for the savings pockets, remember that Capitec just gives you additional accounts and not savings pockets. You need to fix them for a term to get the higher rates which defeats the purpose of having accounts you can move the money around.

 

[Smiggles]

Capitec used to set themselves apart by being better. There's nothing lately that separates them from the others. It's just become a legacy account I keep open for R90 a year.

Apart from the fact that they're much cheaper. My account with CC is around R63 per month. OM bank R75 and Discovery bank R115 with FNB at R250. Plus the 1% I get back it pays for itself and I don't have to jump through hoops to get bucks or miles.

As for the savings pockets, remember that Capitec just gives you additional accounts and not savings pockets. You need to fix them for a term to get the higher rates which defeats the purpose of having accounts you can move the money around.

It's a non issue. They have the 7 day notice account or you can use Brokstock which gives you 8% (more than most banks) or you can just get a free Bank Zero account.

 

[Swa]

Apart from the fact that they're much cheaper. My account with CC is around R63 per month. OM bank R75 and Discovery bank R115 with FNB at R250. Plus the 1% I get back it pays for itself and I don't have to jump through hoops to get bucks or miles.

Perhaps for people on credit. For the masses however it's become expensive. African Bank charges less for the account fee. Tyme charges zero. African and Tyme doesn't charge for EFT or bill payments. Then Capitec also started charging for airtime and electricity purchases they already earn a commission on. They're no longer the cheaper PAYG option.

It's a non issue. They have the 7 day notice account or you can use Brokstock which gives you 8% (more than most banks) or you can just get a free Bank Zero account.

I call that jumping through hoops.

 

[Smiggles]

Perhaps for people on credit. For the masses however it's become expensive. African Bank charges less for the account fee.

R7 vs R7.50. Much wow.

Tyme charges zero.

They spammed me to death to take out a loan every Monday. I won't bank with them nevermind make it my main account. I don't care if they're R10 cheaper. Nevermind their CC seems to have disappeared as well.

I call that jumping through hoops.

To each their own.

My banking is still free with Capitec and Capitec connect has decent pricing as well. I'll stick with them.

 

[Solarphile]

In all the time I have banked with Capitec, I have never sat for more than 10 minutes in any branch.
FNB on the other hand takes 2 consecutive Saturday visits and waiting for around 4 hours per visit just to close an account. There is no way I will ever go back!

 

[FiestaST]

https://twitter.com/x/status/1970181748609679398

 

[MoHaG]

Apart from the fact that they're much cheaper. My account with CC is around R63 per month. OM bank R75 and Discovery bank R115 with FNB at R250. Plus the 1% I get back it pays for itself and I don't have to jump through hoops to get bucks or miles.

It's a non issue. They have the 7 day notice account or you can use Brokstock which gives you 8% (more than most banks) or you can just get a free Bank Zero account.

If you go for the basic accounts, Capitec are often more expensive than the other banks.

 

[MoHaG]

In all the time I have banked with Capitec, I have never sat for more than 10 minutes in any branch.
FNB on the other hand takes 2 consecutive Saturday visits and waiting for around 4 hours per visit just to close an account. There is no way I will ever go back!

That I still agree with... My old account is with ABSA - I sometimes consider switching back, until I need to go to an ABSA branch.

 

[airborne]

In all the time I have banked with Capitec, I have never sat for more than 10 minutes in any branch.
FNB on the other hand takes 2 consecutive Saturday visits and waiting for around 4 hours per visit just to close an account. There is no way I will ever go back!

They are very good with that, they aren't trying to funnel all support to a call centre yet like FNB is?
Last I checked any issue can be addressed/dealt with in a branch, they don't try hand you off to chat for near everything like FNB branches do?

FNB is useless when it comes to support, Secure chat is absolute garbage of the highest order, FNB either doesn't know or doesn't care how badly it makes them look. If I wasn't making R1k+ in eBucks each month I would drop them asap just to avoid ever needing to deal with the retards in Secure chat. Fk you FNB you cheap cnts!!!

 

[cr@zydude]

Can you do that on your version of the Capitec app? Since yesterday, when I try to access EasyEquities from my Capitec app, I get redirected to a Web browser window.

I finally called Capitec about their EasyEquities integration today. Capitec transferred me to EasyEquities, who confirmed that the EasyEquities button in Capitec is now meant to open EasyEquities in a web tab. The agent said that I would still get the cost discount, even if I used EasyEquities through the dedicated EasyEquities app.

 

[Smiggles]

They can’t cancel the mandatory credit card credit insurance anymore. Only bank I know that charges it.