How to Cancel Fixed Deposit Capitec
Do you wish to find out how to cancel your fixed deposit account with Capitec? If yes, this is the right article for you. Capitec has grown over the years to become the bank with the most number of clients in South Africa. At the moment, they currently have an amazing 21 million customers. If you are one of them, one of the products that you will be able to sign up for is the fixed deposit account. This allows you to deposit money into the account for a fixed term. A Fixed-term savings account offers higher interest rates. But how do you close such an account?
Cancel Capitec fixed term savings account
You may cancel your Capitec Fixed Term Savings account before maturity. However, you will be charged an admin fee. If the balance on your Fixed Account is less than R10000, you can transfer the funds at a Capitec ATM. You will pay a R9.50 unlock fee. Should the amount be above R10000, you will need to call the Client Care team on 0860102043 to unlock the account. They will provide you with the admin fee to unlock and make the funds available for you to use immediately.
Fixed deposit interest rates
In this article, we focused on how to close your Capitec fixed term deposit account. It was noted that such an account is great because it offers higher interest rates. The table below shows the current Capitec fixed deposit interest rates;
| Term (Months) | R10 000 – R49 999 | R50 000 – R249 999 | R250 000 – R999 999 | R1m+ | ||||
|---|---|---|---|---|---|---|---|---|
| Nominal | Effective | Nominal | Effective | Nominal | Effective | Effective | ||
| 6 | 8.15% | 8.46% | 8.30% | 8.62% | 8.50% | 8.84% | 8.95% | |
| 7 – 9 | 8.30% | 8.62% | 8.60% | 8.95% | 8.75% | 9.11% | 9.22% | |
| 10 – 12 | 8.65% | 9.00% | 8.95% | 9.33% | 9.00% | 9.38% | 9.43% | |
| 13 – 18 | 8.70% | 9.06% | 9.00% | 9.38% | 9.05% | 9.43% | 9.49% | |
| 19 – 24 | 8.75% | 9.11% | 9.05% | 9.43% | 9.10% | 9.49% | 9.54% | |
| 25 – 36 | 8.85% | 9.22% | 9.10% | 9.49% | 9.15% | 9.54% | 9.60% | |
| 37 – 48 | 9.05% | 9.43% | 9.25% | 9.65% | 9.30% | 9.71% | 9.92% | |
| 49 – 60 | 9.40% | 9.82% | 9.60% | 10.03% | 9.65% | 10.09% | 10.25% | |
How to open a Capitec fixed deposit account
Summary
In this article, we showed you how to cancel your fixed deposit with Capitec. It was noted that this is something that you can do at any time, which is good. It means you can unlock your money before the agreed to term, in the event that you have run into an emergency. When you cancel a fixed deposit before the agreed to time frame, you will be charged a small administration fee.