Capitec offers a flexible savings plan

● A flexible savings account allows you to choose the deposit amount and the frequency of your deposits.

The benefits of the flexible savings plan are:

● You can earn interest from 4.85% per year on daily balances with full access to your savings in case of an emergency;

● You can choose your deposit amount and the frequency of your deposits — you could deposit funds as and when you save each week on the cups of coffee you are no longer buying;

● You can choose a name for your plan. It may be worth naming it according to the goal that you are saving towards, such as a holiday;

● You can access your plan any time through remote banking or Capitec’s ATMs; and

● There is no monthly admin fee or minimum balance required.

A fixed-term savings plan allows you to deposit a single amount up to a maximum of R20m and save for a term of your choice (from six-60 months).

You cannot access your savings for a certain period to help you preserve your savings, and you can earn higher interest than with a flexible account, from 7%-9.1%.

The benefits of the fixed-term savings plan are:

● You can reinvest the interest or transfer it to your transaction/savings account to give you some form of access to money in case of an emergency;

● The interest rate is fixed for the full term and not exposed to market fluctuations;

● Your money is available on the maturity date that you choose;

● After maturity, the account will become a flexible savings plan, which you can fix for a further term; and

● There is no monthly admin fee.