Image of a woman with her Capitec bank card

Capitec Bank: An All-in-One Banking Solution

13/09/2012 • • by
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There comes a time in everyone’s life when he or she is faced with a most daunting of decisions. Choosing a bank and account to safeguard one’s finances can be quite an overwhelming exercise. Each bank offers different products, packages and programmes and the language that’s used by the banks to communicate the fees, rates and terms of each product is often extremely confusing and difficult to understand. It’s almost as if the banks deliberately try and confuse you. It can get rather stressful trying to decipher the complicated information presented by the banks. I know this from personal experience with one of South Africa’s largest and oldest banks. The level of frustration I felt when trying to understand the oversized table of rates and fees was virtually unbearable. It got to a point where my lack of understanding of what the bank was trying to tell me almost made me want to hide my money under my mattress. With financial services being such a complex and jargon-filled industry, the appearance of Capitec Bank on the South African banking scene comes as quite the relief. Capitec is a company clearly set on injecting some new life and much needed innovation into the staid and uninspiring banking industry. A host of attractive and favourable features has resulted in Capitec Bank’s phenomenal growth over recent years. And just in case there was ever any doubt at the onset, it’s now perfectly clear that Capitec means business. The bank is here to stay and sure to continue to grow at an impressive pace. These are just some of the bank’s great features that have made not only this author, but also millions of other South Africans, switch to Capitec: All-in-One Solution to Banking and Financial Management The Global One account is a fully functional transactional account. With your Global One card, a debit MasterCard®, you can purchase as you swipe or shop online. Capitec Bank’s Global One account simplifies personal banking. In addition to the Global One transactional capabilities, Capitec also offers unique savings and credit options. The bank doesn’t offer vehicle finances or home loans though, so if you need one of these types of products, you should shop around and go with whichever institution offers the best rates. Capitec doesn’t offer an actual cheque account per se, but then who needs a cheque account anyway when you can do everything with the Global One account while earning interest on your money. Competitive Pricing and Interest Rates Without question, one of Capitec’s most appealing features is their highly competitive, unbelievably low fees. For a mere R4.50 monthly admin fee, you receive transactional features and capabilities that pretty much rival (if not surpass) most other regular bank accounts. In addition to this, Capitec offers extremely inviting interest rates. Earlier this year, moneysmart compared banking fees and interest rates associated with standard cheque and savings accounts from the 5 big banks in South Africa. Check out the comparison infographics below:   A Language for the People Capitec’s motto is “Simplicity is the ultimate sophistication”. This is a tenet upon which the bank is clearly founded and one that determines pretty much everything that Capitec does or says. Nowhere else is this more apparent than in the language that the bank uses to communicate to its customers. Whether it’s a breakdown of their fees or an explanation of the credit plans, a quick visit to the bank’s website proves this. Using easy-to-understand language and a distinct lack of complicated terminology; Capitec has shown itself to be a bank for the people. Unique Branch Approach Anyone who has ever opened up a Capitec account can tell you that walking into a Capitec branch is surprisingly pleasant. Designed to reduce waiting periods to an absolute minimum, Capitec branches are fresh and make banking a far nicer experience. In less than half an hour of stepping into my nearest Capitec branch, I was able to open up a Global One account. The branch representatives were competent, knowledgeable and very helpful. This experience was a polar opposite to the one I had to endure a couple of years ago when trying to open an account at the big bank mentioned at the beginning of this article. Capitec’s Sunday Best With Capitec, there’s no cursing the bank for being closed on a Sunday when that unexpected emergency requires your attention on the weekend. Selected Capitec branches in major shopping malls are open on Sundays from 9am – 1pm or 10am – 2pm. And in case you don’t know where to find a nearby branch, use Capitec’s nifty branch locator. So get banking in the simplest and most sophisticated manner out there; open a Global One account today.

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