Simple and affordable: Capitec disrupts bank fees
Capitec, South Africa's leading digital bank, has launched a new, simplified fee structure for 2025. The revised fees make banking more affordable and accessible for clients. By reducing costs for key services, Capitec continues its commitment to financial inclusion.
"By consolidating our fees into clear, simple tiers and reducing costs for essential services like debit orders and immediate payments, we're making it easier for South Africans to understand and manage their banking fees," says Francois Viviers, Group Executive: Marketing and Communications at Capitec.
Back to basics: Keeping it simple
More than 30 pricing points have been streamlined into five key fees: R1, R2, R3, R6 and R10.
R1: Payments between Capitec accounts, including Capitec Pay
Payments between Capitec accounts, including Capitec Pay R2: Payments to other banks using EFT or PayShap
Payments to other banks using EFT or PayShap R3: Debit orders
Debit orders R6: Immediate payments to any bank in SA
Immediate payments to any bank in SA R10: Cash withdrawals per R1 000 at Capitec or other banks' ATMs
Another industry first: Same fees for personal and business banking
Business banking clients will benefit from the same affordable transaction rates as personal banking clients, reinforcing the bank's commitment to fostering growth for entrepreneurs and small businesses. A notable difference is the monthly fee: personal banking remains R7.50, while business banking has a monthly fee of R50 and requires a minimum balance of R150. Business account holders also receive personalised support and access to a dedicated relationship suite with 24/7 availability.
Viviers adds, "Traditional banking is complex and expensive, often at the expense of most South Africans. We believe pricing should be affordable, simple, and transparent so that our clients know exactly what they pay and what they get. This philosophy extends across our entire product range – from everyday banking to insurance and Capitec Connect. By maintaining competitive premiums on our insurance products and offering affordable mobile data rates, we ensure that comprehensive financial services remain within reach for all South Africans."
Reducing costs with smart tech
Capitec's groundbreaking pricing structure is also the result of continued investment in innovation. By leveraging cloud computing solutions, particularly through Amazon Web Services (AWS), the bank has improved efficiency, strengthened system resilience and accelerated service delivery. These advancements have enabled Capitec to cut costs and pass the savings onto its clients.
Supporting economic growth through financial inclusion
Capitec's initiative aligns with SARB's Vision 2025, which aims to enhance financial inclusion by making digital payments more accessible, secure and efficient. By reducing costs and simplifying banking, Capitec is actively contributing to broader economic empowerment.
"When more South Africans and businesses have access to affordable banking services, it creates a ripple effect throughout the economy. Our simplified fee structure is more than just pricing – it's about removing barriers to financial services and fostering economic growth for all South Africans," concludes Viviers.
For more details on Capitec's 2025 banking fees and services, visit www.capitecbank.co.za
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
IOL News
6 hours ago
- IOL News
No deposit or credit card: New township travel pilot opens up holidays for South Africans
A new township-based travel initiative is aiming to make local holidays more accessible to South Africans who have traditionally been excluded Image: Supplied A new township-based travel initiative is aiming to make local holidays more accessible to South Africans who have traditionally been excluded from resort travel due to financial barriers. Launched by Dream Hotels & Resorts in partnership with TUU Post, the pilot allows residents in Soweto, Alexandra and Katlehong to book curated holidays directly from local stores, without needing credit cards or large upfront payments. Using stokvel contributions, flexible instalment options, and lay-by systems, the initiative is designed to accommodate a broader range of household budgets while supporting community-based businesses acting as booking agents. According to Clyde Keevy, head of leisure sales at Dream Hotels & Resorts, the company is looking to grow its footprint across more communities in the country to further expand access to affordable local travel. 'We've created a model that allows South Africans in every corner of the country to enjoy their own land in the style and comfort synonymous with a Dream Hotels & Resorts experience,' Keevy said. 'Residents can walk into a local business and book a getaway without needing a credit card, long-term contract or a big upfront deposit, which makes all the difference for households managing tight budgets.' The pilot is built on Dream Escapes, a "flexible, month-to-month vacation product that allows customers to accumulate travel credits over time, without the need for credit checks or binding contracts". Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ "With more than R50 billion estimated to circulate annually through stokvels in South Africa, the culture of saving collectively and planning as a group aligns well with the Dream Escapes philosophy" One of the first resorts onboard is the Blue Marlin All Inclusive Seascape in KwaZulu-Natal, offering bundled packages that include accommodation, meals and selected activities. A lay-by-style payment option, launched in partnership with LayUp, allows travellers to pay in smaller, interest-free instalments. "While the township travel pilot initiative is still in early days, it's informed by insights from the repositioning of Blue Marlin, which was designed to attract younger, experience-hungry South Africans who are prioritising comfort, entertainment and value over high-end exclusivity." IOL Business Get your news on the go, click here to join the IOL News WhatsApp channel
The Citizen
7 hours ago
- The Citizen
Here are economic and geopolitical factors to affect SMEs
SMEs will receive useful guidance from the economic indicators set to be released during August. Small and medium enterprises (SMEs) should brace for impact as some economic and geopolitical factors will lead to unfavourable outcomes, while some will offer relief. As things stand, a 30% US tariff will be implemented on 7 August 2025 on exports, which is not very good news for businesses. But on the brighter side, the South African Reserve Bank (SARB) Monetary Policy Committee (MPC) has decided to cut interest rates, which can offer some relief to small businesses. Tariffs Miguel da Silva, Group Executive: Business Banking at TymeBank, said that with the upcoming implementation of the US tariffs, the South African government is making plans on how to mitigate the fallout. 'The South African Government has 'pulled out all the stops' during a flurry of trade delegations and counteroffers but is now making arrangements to deal with the expected fallout, including the establishment of an export-support desk that will provide updates and advisory services to exporters, and a rumoured package of Treasury-backed incentives for some affected sectors.' He, however, notes that the tariffs that matter are subject to change. In April, the Trump administration announced a 31% tariff on South Africa, which was then suddenly dropped to 10%. ALSO READ: US tariff of 30%: Rand weakest in 3 months, thousands of jobs in danger Sarb cuts interest rate The Reserve Bank Governor Lesetja Kganyago announced a 25-basis-point lowering of the interest rate on 31 July, and that the Sarb would be revising its inflation target to 3% from its previous 3–6% range. 'The revised target makes it unlikely that we will see any more interest-rate cuts this year, meaning borrowing will remain more expensive than many households and businesses might have hoped. 'Kganyago emphasised that the SARB expected the new target to enhance credibility with global investors, making borrowing for the state less expensive, and protect the rand (which has fallen to a several-month low nonetheless).' The release of the Consumer Price Index (CPI) inflation data from Statistics South Africa will give SMEs some guidance on input-cost planning in this tightening market. Uncertainty on business conditions He highlighted that SMEs will receive useful guidance from the economic indicators set to be released during August. The S&P Global South Africa PMI serves as a single-figure snapshot of operating conditions in the private-sector economy. While the recent Purchasing Managers Index (PMI) performance showed improvement to 50.8 in July 2025, marking the first growth since November 2024, and indicating the fastest business activity expansion in four years. 'The Bureau for Economic Research conducts its quarterly business confidence survey in mid-August, with questionnaires distributed to manufacturing, retail, wholesale, and construction sectors. 'Results, typically published in early September, will influence Q4 2025 business planning. Current confidence levels fell to 40 points in Q2 2025 from 45 points in Q1, remaining below the long-term average of 43 points, suggesting cautious SME sentiment, and who's to blame them.' ALSO READ: SMEs need to brace for reduced orders due to a 30% US tariff Global SME Ministerial Meeting Deputy President Paul Mashatile emphasised the importance of the African Continental Free Trade Area Agreement to the continent's entrepreneurial landscape during the Global SME Ministerial Meeting on 24 July 2025 in Boksburg. The meeting had representatives and Ministers from more than 100 countries to address the issues hindering SMEs from reaching their full potential under the theme 'Navigating New Business Frontiers'. However, da Silva noted that Mashatile did not mention any concrete measures the government is taking to support SMEs, apart from the R100 Billion Transformation Fund touted by Trade, Industry and Competition Minister Parks Tau. GNU passes a national budget 'In some good news, the government of national unity (GNU) continues to make its way unsteadily forward, with the National Council of Provinces effectively passing the 2025 National Budget. 'All GNU partners approved the Appropriation Bill that allowed the budget process to be concluded. When tough conditions prompt pragmatic alignment amongst our political leaders, at least there's some room for optimism,' he added. NOW READ: Repo rate cut no help for consumers on brink of financial disaster
IOL News
8 hours ago
- IOL News
How to handle a SARS letter of demand before it's too late
South Africans who receive a SARS Letter of Demand are being urged to act fast Image: GCIS South Africans who receive a SARS Letter of Demand are being urged to act, as ignoring it could lead to frozen bank accounts, garnished salaries, or even court judgments. A letter of demand is a formal legal notice issued when SARS believes you owe outstanding tax. This could be due to incorrect IRP5s, unreported income, penalties, or reversed refunds following an audit. Tax experts warn that many individuals only become aware of these legal notices once enforcement has already begun, often because the letters are uploaded quietly to eFiling and easily missed. They urge taxpayers to ensure their contact information is updated to receive timely notifications. 'Unfortunately, many taxpayers only realise they've received this when their bank account is already frozen or their salary garnished. At that stage, it's very serious, but you can still solve the problem by acting immediately," Razael Manikus, COO at Latita Africa, said. According to Manikus, even in these critical moments, taxpayers still have options. "Log into your SARS eFiling profile to check the date when the letter of demand was issued (under 'Correspondence'). That's the start of your 10-business-day response window". Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading He advises taxpayers to 'review your statement of account to identify the source of your debt and the tax period involved. If the amount is correct and you're able to pay, do this immediately. Use the payment reference number on the letter to pay SARS.' However, Manikus also warned taxpayers against ignoring the revenue service's letter, saying that "SARS can, without further warning, deduct money from your income via garnishee orders to your employer or clients". "The Revenue Service can also attach your bank funds, withhold tax clearances and refunds, and get a court judgment that will blemish your credit record. In cases of repeat non-compliance, SARS can even refer you to the National Prosecuting Authority" If immediate payment isn't possible, Manikus says taxpayers can apply for a suspension of payment through eFiling. This pauses SARS's ability to collect while the matter is being resolved. "If you accept your debt but can't pay in full, SARS may agree to a deferred payment plan with instalments. Or you could negotiate a compromise of tax debt, where SARS reduces your debt if the full payment would cause you financial hardship. "You believe the assessment is wrong, lodge a formal notice of objection on eFiling. You have 30 business days from the original assessment. Clearly explain the reason for your objection, and attach supporting documentation (such as invoices, proof of payments, or bank statements)". IOL Business Get your news on the go, click here to join the IOL News WhatsApp channel
