If you are looking for a bank that offers simple, affordable, and convenient banking solutions, you may have heard of Capitec. Capitec is one of the largest and fastest-growing banks in South Africa, with over 15 million clients and more than 800 branches nationwide. Capitec is known for its innovative products and services, such as the Global One account, which allows you to access multiple savings plans and flexible options with a single card.
But what if you want to have two Capitec accounts? Maybe you want to share your finances with your partner, or save money for a specific goal, or diversify your investments. Is it possible to open another account with Capitec, or do you have to look elsewhere? In this blog post, we will answer this question of ‘’can I have two Capitec accounts’’ and explore the alternatives that you may consider.
Can I Have Two Capitec Accounts
The answer to the question “can I have two Capitec accounts?” is not straightforward. It depends on what kind of account you want to have and how you want to use it. According to Capitec’s website, they do not offer joint accounts or Stokvel accounts. This means that you cannot open an account with another person or a group of people and share the funds and transactions. However, you can apply for a second card to be used by someone else, such as your spouse or child, as long as you are the primary account holder and you authorize them to use the card. This way, you can still manage your money together and enjoy the benefits of Capitec’s low fees and high interest rates.
But what if you want to have a separate account for yourself, with a different account number and card? Unfortunately, this is not possible with Capitec. You can only have one Global One account per person, and you cannot open another account with a different name or identity number. This is because Capitec wants to keep things simple and avoid duplication and confusion. If you want to have more than one account, you will have to look for other options.
One option is to open an account with another bank that allows you to have multiple accounts, such as FNB, Nedbank, or Standard Bank. These banks offer different types of accounts, such as current accounts, savings accounts, investment accounts, and Stokvel accounts. You can compare the features and fees of these accounts and choose the one that suits your needs and preferences. However, you may have to pay more for having multiple accounts, and you may not get the same interest rates and rewards as Capitec.
Another option is to open a tax-free savings account with Easy Equities, which is a partner of Capitec. This account allows you to invest in a range of local and international stocks, ETFs, and unit trusts, without paying any tax on your returns. You can open this account online, with no minimum deposit or monthly fees, and you can access your funds anytime. You can also link your Capitec card to your Easy Equities account and transfer money between them easily. This way, you can have two accounts with different purposes and benefits, while still enjoying the convenience and simplicity of Capitec.
To sum up, the question “can I have two Capitec accounts?” has no simple answer. It depends on what kind of account you want to have and how you want to use it. Capitec does not allow you to have two accounts with different names or numbers, but you can apply for a second card.
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Capitec Bank Account Types
Transactional account: This is your main account that you use for everyday banking. You can earn interest on a positive balance, access a credit facility, and use a debit card. Your transactional account has a R30 minimum balance and just R7.00 monthly admin fee.
Flexible savings: This is a free savings plan that you can open on the app. You can choose the deposit amount and frequency of your deposits. You can also withdraw your money at any time without penalties.
Fixed-term savings: This is another free savings plan that you can open on the app. You can fix your money for a period of 6 to 60 months and earn higher interest. You can also add money to your plan at any time.
Tax-free savings: This is a special savings plan that allows you to save up to R36 000 a year without getting taxed on the interest. You can open this plan on the app with Easy Equities and invest in local or international shares.
How to Withdraw Money from Capitec Fixed Account
To withdraw money from your Capitec fixed account, you need to follow these steps:
Log in to the Capitec app and tap on the fixed account you want to withdraw from.
Tap on the menu icon (three horizontal lines) and select “Withdraw”.
Enter the amount you want to withdraw and confirm the transaction.
You will receive an SMS with a reference number and a withdrawal code.
Go to any Capitec ATM, enter the reference number and the withdrawal code, and collect your cash.
Please note that withdrawing money from your fixed account before the maturity date will incur a penalty fee. The fee will depend on the amount and the remaining term of your fixed account. You can check the fee on the app before you confirm the withdrawal. Alternatively, you can wait until the maturity date and withdraw your money without any penalty. I hope this helps you understand how to withdraw money from your Capitec fixed account.
How to Add Another Account on Capitec App
Now that you know the answer to the question of ‘’can I have two Capitec accounts’’, here’s how to add another account on Capitec app:
Log into the Capitec app
Tap on the Pay beneficiary shortcut
If this is not among your favorites, click on Transact and then click on Pay beneficiary
Now you need to click on Add beneficiary
Choose the type of beneficiary you want to add (Capitec-registered, own bank account, or other bank account)
Enter the required details such as account number, branch code, reference, etc.
Confirm the details and save the beneficiary
