Fixed Term Savings Plan to Promote Savings

2010/02/15

From all quarters, South Africans are being encouraged to save rather than spend their hard-earned cash. The recent recession and the current tough economic environment have brought home the importance of having a “fall-back” savings plan. In light of this trend, and in order to further encourage a savings culture, Capitec Bank has revised its Fixed Term Savings Plan to include 2 deposit options and increased the maximum investment amounts. The 2 options are available as part of the Global One facility which allows clients to open up to 4 savings plans.

The first option, a 6- to 24-month plan, allows clients to make multiple deposits up to a maximum investment of R1-million per plan. The second option, the 6- to 60-month plan, allows for a once-off lump sum deposit of up to R5-million per plan.

Interest rates are in line with market conditions and are determined on the day that the account is opened. They are among the most competitive in the market, regardless of the term. Daily rates can be obtained here, by speaking to a sales consultant in a branch or by contacting Capitec Bank’s Client Care Centre.

Carl Fischer, Capitec Bank Executive: Marketing and Corporate Affairs says, “By offering our clients Fixed Term Savings Plans of up to 60 months, we are encouraging longer-term investments that, overtime, accumulate and most importantly, earn compound interest.”

The Fixed Term Savings Plan is one of the saving options in Capitec Bank’s Global One facility: a single solution to everyday money management. This unique facility allows clients to transact, save and access credit. In addition to the Fixed Term Savings Plan, the Global One’s saving options include a day-to-day Daily Savings Account and flexible Savings Plans to help clients save towards short-term goals like a wedding, study fees or home renovations.