Capitec bank Global One account Review 2020

The Capitec bank has a variety of accounts available for both businesses and personal banking. Even though the bank doesn’t offer an actual cheque account per se, but then who needs a cheque account when you can do everything with the Capitec Global One account.

Capitec Bank’s Global One account has by far simplified your personal banking experience. The account has a lot more functionalities beyond its convenient transactional capabilities.

Apart from the transaction account, the Global One account also offers 4 free savings plans, personalised credit options, and insurance.

No wonder the surveys indicate that Capitec Bank is thriving enormously and has had the most satisfied customers of all South African banks over the previous 5 years.

The Global One account seems to have simplified personal banking for their clients.

Eligible criteria

To open the account you will have to visit a Capitec branch with the following documents:

  • Original copy of your South African identification document or passport with a permit (for non-SA residents)
  • The proof of residential address might be needed
  • Must be aged 18 years or more
  • The minimum monthly balance of R25 must be maintained
  • There is no account opening fee and applicants with no proof of monthly income are also welcome

How it works

The Capitec Bank Global One account comprises of 4 functionalities; transact, save, insure and credit. In this article, we review all the functions each at a time to give you a clear picture of what the account offers you.

Transact: Global One card transactions

The security of your money is of paramount importance when it comes to formal banking.

It is the duty of both you and your bank to protect your funds; obviously the bank’s transacting procedures have to be watertight.

The Capitec Global One card transactions can only be successfully done with your Global One card and PIN. Even the branch transactions will require your card and PIN.

The fingerprint biometrics and photographic identification can also be utilized for additional security measures.

Daily card limits

Your Global One card comes with default daily card limits set by the bank as a security measure for your money.

The default limits can be temporarily adjusted to an amount you want depending on how you are spending at the particular time. The daily limits can be adjusted in a Capitec bank branch or in their App.

The following are the set limits and the respective range of adjustments:

  • There is a daily limit of R5 000 per day for cash withdrawals. However, a temporary limit of R10 000 per day can be set for up to 3 consecutive days.
  • Up to R50 000 card purchases can be done each day, however, the limit can be set to R120 000 per day for 3 days.
  • Online purchases are limited to R50 000 per day and can be increased to R120 000 per day for 3 days. The same applies to telephone and mail orders.

Instead of adjusting the limits, you can also use other options to complete large amounts transactions. Below are the options you can use:

  • The Capitec App. The app allows you to make immediate payments to other banks at a fee of R10.
  • You can use internet banking
  • When registered for mobile-banking, then you will be able to transfer money to Capitec clients using their cellphone numbers.
  • Visiting a branch and having a consultant do an electronic funds transfer from your account can be a viable option, even though the beneficiary might receive it after 2 days.

International transactions

The Global One card can be used overseas for the payments of all your travelling expenses. The bank might request proof of travelling so as to ensure the security of your money.

Save: Capitec bank Global One savings account

The Global One account is also on our best savings accounts list. It allows you to save your money in any of the 4 savings plans and earn up to 7.50% interest. Following are the savings plans you can choose:

Transactions and savings

This is the main account; it allows you to earn interest on your daily account balances at an interest rate of up to 2.75 per annum depending on your account balances.

Global One account Flexible savings plan

As the name suggests, this account allows you to determine your deposit amount and how frequent you will be making those deposits.

Although it’s a separate saving account from your main savings, the interest rates earned are the same.

Global One account Fixed term savings

This account option allows you to make an investment from R10 000 to R20 million for a fixed period of time.

You will have to fund your account with a once-off deposit and choose how long you are investing (term), from 6 to 60 months.

Interest earned on the account is based on the amount and the term of the investment.

The larger the amount, the high interest, also, long terms have high-interest offers. Interest ranges from 4.5% per year to 7.76% depending on the amount and term.

Global One account Tax free savings

You can choose to open a tax free savings account that will allow you to fund your account with nothing more than R36 000 per year.

Multiple deposits can be made so as to get to R36 000, however, you can still make a one-off deposit.

SARS does not tax the interest you earn from the account. However, should you exceed the R500 000 lifetime limit or the R36 000 annually, then you will be taxed from the earnings.

Insure: Capitec Global One account

Capitec has 2 insurance products that can be accessed through the Global One account.

Capitec’s funeral insurance policy

In 2018, Capitec announced the funeral cover as their first insurance products.

Their cover has its own uniqueness in the funeral policy market as they pride themselves for being able to pay out claims in less than 4 hours.

The policy can cover up to 21 dependants. It can cover for one spouse and up to 4 parents, 8 children and 8 extended family members.

Monthly premiums depend on the number of dependants in your plan and the payout amount you would like to receive.

Capitec credit insurance

The reason for getting credit insurance is to be able to pay off debt even when you are unable to do so due to a financial situation.

This means you will be covered for involuntary retirements, unemployment, permanent or temporary disabilities and death.

In case you are faced with such financial constraints the bank is able to pay off your debt giving you relief.

Credit

The account gives you access to 4 types of credit facilities; personal credit, credit card, access facility and home loan.

Personal credit

The personal loan is granted based on your credit profile and your needs. Capitec offers personal credit up to an amount of R250 000 paid off over periods of 1 – 84 months. The interest rates are from 12.9%.

Credit card

The Capitec credit card allows you to make a purchase and pay off within a 55-day interest-free period. The bank charges you R40 per month as credit card maintenance fee.

A 7.25% interest per year is payable on your card negative balances while you might earn 2.5% interest per year on your positive balances.

Access facility

Based on your personal credit profile, you apply once-off for up to R250 000 revolving credit facilities.

The money can then be accessed anytime you need it and paid off in a period of up to 60 months.

Interest rates of the facility taken are linked to the prime rates.

Home loans

Capitec offers up to R5 million home loans payable over a period of 240 months by SA home loans.

The bank can finance up to 100% of the home value on loans applied for online while, branch applications finance 90% of the home value.

Conclusion

The Global One account allows you to manage your money from one account making it a hassle-free account. From just one account, you are able to travel insure, save and get credit.

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