Capitec Interest Rate Review for May 2024

Last updated 1st May 2024 by Walter

Introduction

This page gives you an overview of Capitec interest rates for May 2024. Capitec offers:

  • Savings accounts. Saving accounts give you quick and easy access to your money.
  • Fixed deposits. The interest rate for a fixed deposit investment does not fluctuate and is instead fixed throughout your investment period.

The main difference between these two options is ease of access to your money. Savings accounts will provide you with near instant access, but in return you get a lower rate of interest . Notice accounts will provide better interest rates, but you will need to give Capitec notice before getting access to your money. Fixed deposits generally pay the best interest, but you commit your money for a fixed term. In case you do need to withdraw, you can still get access before your term is over but will have to pay a penalty.

Capitec interest rate overview for savings, notice accounts and fixed deposits

Here is a table of interest rates available at Capitec. It shows the type of account, deposit and interest rate you can get.

Name Deposit Nominal rate
Savings
R0 - 250k
3.2 - 7.15%
Notice accounts
Capitec does not offer any notice accounts
Fixed deposits
6 month
R10k - 1m
8.15%- 8.5%
12 month
R10k - 1m
8.5%- 8.7%
24 month
R10k - 1m
8.7%- 8.9%
36 month
R10k - 1m
8.8%- 9.05%
60 month
R10k - 1m
9.2%- 9.5%
Check out the full Capitec fixed deposit review for May 2024
Savings

Capitec offers one types of savings accounts.

  • Capitec Savings starts with a minimum deposit of R0 and pays interest of 3.2%. The highest rate you can achieve with the Capitec Savings is 7.15% for savings balances over R250,000.

Remember the primary benefit of a savings account is easy and quick access to your money.
Fixed deposits

  • Capitec 6 month fixed deposit pays interest from 8.15% and up to 8.5% - for balances over R1.0m
  • Capitec 12 month fixed deposit pays interest from 8.5% and up to 8.7% - for balances over R1.0m
  • Capitec 24 month fixed deposit pays interest from 8.7% and up to 8.9% - for balances over R1.0m
  • Capitec 36 month fixed deposit pays interest from 8.8% and up to 9.05% - for balances over R1.0m
  • Capitec 60 month fixed deposit pays interest from 9.2% and up to 9.5% - for balances over R1.0m

Fixed deposits typically pay better rates than savings and notice accounts. Your rate is fixed throughout the term.
PS. Check out my Capitec fixed deposit calculator to find out how much interest you can earn compared to other banks for your investment amount.