The Capitec flexible savings account is a great way to save money while earning a little bit of interest on it. But how does it really work and how do you get started?
How does it work?
It works very similar to any other type of savings’ account; you get to make deposits into the savings account and earn some interest. You can also withdraw the money anything you want. The interest is not that great; it’s somewhere around 2.25% per year. This is below the inflation rate, there are other banks that offer a much higher interest if your goal is to earn as much as possible.
The Capitec flexible savings account is very good when you are budgeting or saving up for something. You may want to save up for buying a new Laptop, phone, furniture, anything that you will probably buy in the short term.
If you want to save up money for the long term then I would highly recommend using African Bank or Tyme Bank. With Tyme you will be limited to just R100k, which is a bit low if you want to save up for buying a car or even building a house. But both of these banks offer much better interest rates.
How to get started
You can open a flexible savings account directly from your remote banking app. All you have to do is to navigate to the ‘save’ section. Click on “Flexible Savings”, you will be required to enter a name for your account and that’s pretty much it.
You can deposit money to this account by navigating to the ‘transact’ section within your remote banking app. Transact money from your normal savings/transactional account to the flexible savings account. There is no minimum amount of money that you can transfer.
Conclusion
This was a short guide on how the Capitec Flexible Savings account work. Do you have any thoughts or questions? Comment below.
