Capitec Fixed Term Savings Account Interest Rates
What are the Capitec fixed term savings account interest rates? A lot of people have been drawn to South Africa’s biggest bank (in terms of customer numbers) for their fixed deposit accounts. This type of account is one that allows you to save money for a defined term at a higher than normal interest rate. All banks in South Africa offer fixed term deposit accounts in one form or the other. We have previously noted that Capitec is the bank that offers the most flexibility in this regard. As an example, you can choose a fixed term deposit account where you can continue depositing money through the duration of the term. So, what interest rates can you expect from Capitec on your fixed deposit account?
Interest rates on Capitec’s fixed deposit accounts
The following are the current Capitec fixed term savings account interest rates;
| Term (Months) | R10 000 – R49 999 | R50 000 – R249 999 | R250 000 – R999 999 | From R1m | ||||
|---|---|---|---|---|---|---|---|---|
| Nominal | Effective | Nominal | Effective | Nominal | Effective | Nominal | Effective | |
| 6 | 7.50% | 7.76% | 7.85% | 8.14% | 8.00% | 8.30% | 8.05% | 8.35% |
| 7 – 9 | 7.55% | 7.82% | 8.00% | 8.30% | 8.10% | 8.41% | 8.25% | 8.57% |
| 10 – 12 | 8.25% | 8.57% | 8.50% | 8.84% | 8.60% | 8.95% | 8.65% | 9.00% |
| 13 – 18 | 8.30% | 8.62% | 8.55% | 8.89% | 8.65% | 9.00% | 8.70% | 9.06% |
| 19 – 24 | 8.35% | 8.68% | 8.60% | 8.95% | 8.70% | 9.06% | 8.75% | 9.11% |
| 25 – 36 | 8.60% | 8.95% | 8.70% | 9.06% | 8.80% | 9.16% | 8.85% | 9.22% |
| 37 – 48 | 8.95% | 9.33% | 9.00% | 9.38% | 9.05% | 9.43% | 9.10% | 9.49% |
| 49 – 60 | 9.30% | 9.71% | 9.35% | 9.76% | 9.40% | 9.82% | 9.50% | 9.92% |
How to get better interest rates
Those are the Capitec fixed term savings account interest rates. Note that the interest rates quoted here were true at the time of writing this article, but they are subject to change at any moment without notice. So, you need to check with Capitec for the current interest rates.
A lot of people will be wondering how they can increase their interest rates. How can you get more for your money while it is in a fixed term savings account? The above table provides a few clues as to what you need to do.
To begin with, the longer you keep your money in a Capitec fixed term savings account, the higher the interest rate that you are going to get. So, if you keep your money in there for 5 years, you will earn more than someone that keeps money in the account for only 6 months.
On top of that, if you deposit more money into the account, you will get a higher interest rate. Someone that deposits R10 000 into a fixed deposit account will earn way less in terms of the interest rate than someone who deposits R1 million.
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Summary
In this post, we gave you the Capitec fixed term savings account interest rates. We noted that Capitec is a popular destination for those looking for fixed term deposit solutions. They may not offer the highest interest rates that can be found out there; as an example, Standard Bank’s interest rates can rise up to 13%; but Capitec offers more in terms of flexibility.
How much to open a Capitec account?