How Much Interest Does Capitec Give?
How much interest does Capitec give on the different accounts that are on offer at the Bank? Capitec has grown exponentially over the past few years. They now have the highest number of customers of any bank in South Africa. One of the reasons for this growth is the fact that Capitec offers competitive interests on savings. The bank also has some of the lowest charges that can be found on the market. But what are the Capitec interest rates on transactional, savings and fixted deposit accounts?
Capitec Interest Rates on Transactional Accounts
The table below shows the current Capitec interest rates on transactional accounts;
| R0 – R24 999 | R25 000 – R74 999 | R75 000 – R149 999 | Over R150 000 | |
|---|---|---|---|---|
| Transactional account | 3.50% interest | 4.25% interest | 5.50% interest | 6.75% interest |
As you can see in the table, interest on amounts up to R24999 stand at 3.50%. This rate is per annum. Meanwhile, amounts over R150000 will earn you an interest of 6.75%. That’s currently the highest interest rate for transactional accounts.
Capitec Savings Account Interest
The following are the Capitec savings account interest rates;
| R0 – R24 999 | R25 000 – R74 999 | R75 000 – R149 999 | Over R150 000 | |
|---|---|---|---|---|
| Savings Accounts | 3.50% interest | 4.25% interest | 5.50% interest | 6.75% interest |
The above table shows that the Capitec savings account interest rates range from 3.50% and 6.75%. That’s the same as with transactional accounts. You get a better interest rate when you keep more money in your account. As an example, if you keep over R150 000 in your savings account, you get the maximum interest rate of 6.75%.
Capitec Fixed Deposit Account Interest Rate
The following are the capitec fixed deposit account interest rates. As you can see, they are different from those for transactional and savings accounts. The best interest that you can get on a Capitec fixed deposit account is 9.50%. What you get depends on the amount of money in your account and the term of the deposit. Longer term deposits attract better interest rates than shorter term deposits.
| Term | R10 000 – R49 999 | R50 000 – R249 999 | R250 000 – R999 999 | R1m+ | ||||
|---|---|---|---|---|---|---|---|---|
| Nominal | Effective | Nominal | Effective | Nominal | Effective | Nominal | Effective | |
| 6 months | 7.50% | 7.76% | 7.85% | 8.14% | 8.00% | 8.30% | 8.05% | 8.35% |
| 7 – 9 months | 7.55% | 7.82% | 8.00% | 8.30% | 8.10% | 8.41% | 8.25% | 8.57% |
| 10 – 12 months | 8.25% | 8.57% | 8.50% | 8.84% | 8.60% | 8.95% | 8.65% | 9.00% |
| 13 – 18 months | 8.30% | 8.62% | 8.55% | 8.89% | 8.65% | 9.00% | 8.70% | 9.06% |
| 19 – 24 months | 8.35% | 8.68% | 8.60% | 8.95% | 8.70% | 9.06% | 8.75% | 9.11% |
| 25 – 36 months | 8.60% | 8.95% | 8.70% | 9.06% | 8.80% | 9.16% | 8.85% | 9.22% |
| 37 – 48 months | 8.95% | 9.33% | 9.00% | 9.38% | 9.05% | 9.43% | 9.10% | 9.49% |
| 49 – 60 months | 9.30% | 9.71% | 9.35% | 9.76% | 9.40% | 9.82% | 9.50% | 9.92% |
Difference between nominal and effective interest rates
The above table shows the Capitec fixed deposit account interest rate. You will note that there is a nominal and an effective interest rate. What’s the difference between the two?
Norminal interests rates are those that you would get if you were taking the interest from you account every month.
On the other hand, effective interest rates are those that you would get if you were to keep the interest in your account till the end of the year.
Does Capitec cash send expire?
Summary
In this article, we gave you the Capitec interest rates on different types of accounts. Interest rates range from 3.75% to 9.92%. The biggest interest rates are on fixed term deposit accounts. The lowest are on transactional accounts. On fixed term deposits, the longer you keep your money in your account, the more interest you are going to earn. You also get more interest for bigger deposts.
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