In Capitec Tax-free Savings Account account review, we will explore its tax-free investment options, flexible investment terms, and high interest rates.

This account is also ideal for individuals looking to grow their savings tax-free with flexible investment options and competitive interest rates. Feel like learning more about it? Just keep reading!

The Capitec Tax-Free Savings Account is a good option for individuals looking to invest and earn interest tax-free. 

Firstly, the account requires a minimum investment of R1.00 and offers fixed interest rates for a 12-month investment period. Interest rates range from 3.50% to 8.05%, depending on the amount invested.

Also, opening the account is easy and can be done through a Capitec branch, the banking app, or internet banking. 

Further, proof of identification and residential address are required. Additionally, Interest is calculated on a daily basis and paid out monthly, with the interest rate determined by the account balance.

Furthermore, the Capitec Tax-Free Savings Account offers several advantages, including various savings options. 

You also have the ability to save using a transactional account, no fees, and the option to choose between a fixed-term or flexible account. 

However, early withdrawals from fixed deposit accounts come with a fee. Also, some savings options require a high investment amount to earn high returns.

So the Capitec Tax-Free Savings Account is a versatile option for those looking to save for short or long-term goals.

Now that you are familiar with this account’s details, it’s time to have a closer look at its pros and cons. Our Capitec Tax-free Savings Account review would be incomplete without it.

So have a look at the list of benefits and disadvantages below.

Capitec does not specify whether you must or not have a good credit score in order to apply for this account. We advise you to check with the institution before applying for an account.

Looking for a tax-free savings option with competitive rates? Apply for a Capitec Tax-Free Savings Account today with the help of our application guide. Click the link below.