Capitec Bank offers a variety of commercial and personal banking accounts. Even if the bank does not offer a traditional cheque account, who needs one when the Capitec Global One Account can handle everything? The Global One Account from Capitec Bank has significantly streamlined your personal banking experience. Beyond its handy transactional capabilities, the account offers a plethora of additional features.
Along with the transaction account, the Global One Account includes four complimentary savings programs, individualized credit alternatives, and insurance. No wonder Capitec Bank is growing and has the most satisfied customers of all South African banks during the last five years, according to polls. Global One appears to have streamlined personal banking for their clients with the Global One Account.
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
When it comes to formal banking, the protection of your money is critical. Both you and your bank have a responsibility to safeguard your funds; obviously, the bank’s transaction protocols must be impenetrable. Transactions with the Capitec Global One card are only possible with your Global One card and PIN. Even transactions at the branch will require your card and PIN. Additional security measures can be implemented using fingerprint biometrics and photographic identification.
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.
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.
The account gives you access to 4 types of credit facilities; personal credit, credit card, access facility and home loan.
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%.
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.
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.
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.
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.