How Much to Unfix a Fixed Account Capitec?

Fixed term deposit accounts are a good way through which South Africans can make savings towards particular goals. They are also good for earning better interest than with normal accounts. Perhaps you wish to buy a vehicle or a home. You can make deposits into a fixed term savings account over a chosen period of time. Before that time has passed, you are not supposed to have access to the money. However, you are here because you wish to use the money in a fixed deposit account before your chosen term has lapsed. You are now wondering, how much is it to unfix a fixed term account with Capitec?

Cost of unlocking a fixed term account with Capitec

The cost of unfixing a fixed term savings account with Capitec is R7, provided money in the account is less than R10000. If you have more than this amount in your account, you will have to get in touch with Capitec for them to calculate how much unlocking the money is going to cost you.

How do I unfix the money?

Many people struggle with the process of unfixing their money. We have another post in which we show you how to unlock a Capitec fixed deposit account.

Basically, what you need to do is to head over to a nearby ATM, and you will be able to transfer money to your Savings account.

This is only possible if you have a multiple deposit fixed deposit account and if the amount is below R10000 as mentioned earlier.

Capitec promises that this feature will soon become available on the app, and once it does, you will no longer need to visit a nearby ATM to get the process done.

Why unfix a fixed deposit account

We have already noted that fixed deposit accounts are a good way of saving money towards a particular goal. What you can do is to set yourself a particular goal. Say you wish to save R300000 in 6 months.

You will then be able to make fixed deposits towards that goal. You can also use these deposits to earn interest at a higher rate than is the case with a normal deposit. So, it’s a good way of earning money if you have an amount that you wish to set aside for another day.

Unfixing the money will come in handy in the event that you have hit an emergency. Perhaps there is something that you wish to buy with the money. Or maybe you have bills that need to be paid. In that case, being able to unfix your money comes in handy, though you will be charged a small fee.

Rounding up

In this post, we focused on how to unfix a fixed account at Capitec bank in South Africa. It was noted that this type of account comes in handy when it comes to making savings at a higher interest rate than is normal. However, the good news is that you can unfix the account in the event that the money is needed for emergencies.

Capitec fixed terms savings account interest rates

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