A money market account is almost similar to a savings account; except you need a lot of money to open it. Does Capitec Bank have a money market account.
No, Capitec Bank doesn’t have a money market account. It currently has a flexible savings account, savings account, tax-free savings account and a fixed term savings plan.
Capitec bank is different from most banks, mainly because it’s still young, compared to others. It doesn’t offer the range of services that most people have come to expect from their banks.
Which banks offer a money market account in South Africa?
Banks that offer money market accounts in South Africa are Standard Bank; with an interest rate of 4% and Nedbank with a minimum interest rate of 0% and a maximum interest rate of 2%. Absa and FNB don’t seem to offer money market accounts.
Other options include financial companies that are not banks; this is where the majority of money market accounts tend to be concentrated. Companies like Coronation and Allan Gray offer money market accounts as well.
Conclusion
Capitec doesn’t offer a money market account. Do you have any thoughts or questions? Comment below.
