Guiding consumers since 2009

How does opening a Capitec account feel?

By Staff Writer

In the light of the recent bank charges report that found that the banks were raising their charges again, Justmoney decided to do some research from the front line and went to open a Capitec Global One account, the account with the lowest fees on the market. So how did it feel? Surprisingly good actually, Justmoney was pleasantly surprised at how easy it all was, closing down our other account will probably be more difficult. So if you want to get one what do you need to open a Capitec Global One account?

 

  • Your SA ID book and Ten Rand
  • Proof of where you live
  • About 45 minutes

 

Capitec came from behind, they started as a micro lender and have now come into the mainstream banking market. You can't open an account with them online yet but they are starting to move into the online arena with their Youth Prosperity Survey which for a bank is quite a funky flash site. So you need to go into the branch, but beware lunchtimes as the branch gets packed out, and they still have a counter transaction system for opening accounts and applying for loans.

Justmoney went and opened a Capitec Global One account and was impressed by the friendly professionalism at the counter and the biometric systems that Capitec uses. They take your fingerprints with a scanner and the contract states that these are the forms of Identity that Capitec uses to authorise a transaction. They expect to have biometrics installed in their ATMS in the future, very sci-fi.

The Capitec Global One Account has the lowest charges on the market and offers online banking and the lowest Saswitch fees out there with a fixed rate charge. Drawing money has never been cheaper as you don't need to worry which ATM you use with the fixed charge. They do charge a deposit fee but it is small and the online banking may be simple, but it works and simple is a good thing. Go open a Capitec Global One account today and like Justmoney you may be very pleasantly surprised.

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