How to Open a Fixed Deposit Account with Capitec

Do you wish to learn how to open a fixed deposit account with Capitec? Capitec has the biggest number of customers of any bank in South Africa. They may not be the biggest in terms of capitalization, but they take the crown when it comes to the number of accounts that they have on their books. You are here because you wish to open a fixed deposit account, which is a good move if you have money that you wish to save for use at a future time. We will look at some of the advantages of fixed deposit accounts below.

Steps to open a Capitec fixed deposit account

The following is how to open a fixed deposit account with Capitec;

1. If you are already a customer, you can open a fixed deposit account on the Capitec Global One app. Sign in and click on Explore at the bottom of the screen. Click on Save. Click on Add savings plan. Give your account a name and click on Add. Accept all terms and conditions. Click on Done. Go to Savings plan. Click on your newly created account. Now click on the three dots to the top right of the screen and you will see a number of options. Click on Fixed savings. Choose the term for which you wish to save money in the account. You also have the option to have single or multiple deposits into the account. You can also choose to transfer earnings to your savings account or to reinvest the interest.
2. If you are not a current customer and if you do not have the Capitec app on your phone, you also have the option to open a Capitec fixed deposit savings account at your nearest Capitec branch. You will have to choose the amount that you wish to invest, the term to which you wish to invest, and whether or not the account is going to be locked for the duration of the term. If you wish to continue depositing amounts into the account, then you will need to choose the option that allows you to do this.

Why open a Capitec fixed deposit account?

That’s how to open a fixed deposit account with Capitec. We have already noted that Capitec is one of the major banks in South Africa. But why would you bother opening a fixed deposit account?

It’s something to which we have already alluded. Fixed term deposit accounts are a good way of saving money while earning respectable amounts of interest. You get more than you would get were you to keep the money in a normal account.

That’s the major reason why people open Capitec fixed term accounts. The interests are higher than normal making it the right choice if you have money that you are currently not using.

In terms of choosing Capitec, one thing that we can say is that this bank is one of the most flexible in terms of fixed deposit accounts. Not many banks offer the option to keep depositing money into the account. With most, you can only deposit the initial amount for the duration of the term.

So, Capitec is good if you wish to save money towards a particular goal. Let’s say you wish to buy a vehicle. You can deposit the money into a fixed deposit account and you can keep on making deposits till you have reached your savings goals. Once that’s done, you can then buy whatever it is that you wish to buy.

Here are the Capitec fixed deposit account interest rates

Summary

In this article, we showed you how to open a fixed deposit account with Capitec? We noted that Capitec is very friendly in this regard, both in terms of interest and in terms of their terms on fixed deposit accounts. It was also highlighted that fixed term accounts are good for those looking to make savings towards a particular goal.

Learn how to check balance on Capitec