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I’m changing to Capitec – I’ve had enough of Standard Bank

A while back when I was buying a car, I posted about Standard Bank’s ridiculous charges for car finance. Their charges for everything else are equally ridiculous. I noticed that they were recently placed at number two hundred and something in the Forbe’s global top companies list (up from five hundred something). I can tell you why they are so high up the list, it’s because they charge ridiculous fees to use your money.

I’ve been with Standard Bank for many years (15 or so) and I have a basic achiever account, nothing fancy (I’m just a poor boy from a poor family). The minimum monthly fee is R57, internet banking is R22, which is nearly R80 a month for nothing. If you actually have to transact, you’re in bigger trouble. Withdrawing R1000 from a Standard Bank ATM will cost R14. I don’t even want to talk about the cost of making payments as my blood is starting to boil. To add insult to injury,you earn no interest on your current account!

Interesting Reading: Why I won’t get the Capitec credit card

I’ve decided to leave Standard Bank and move to Capitec. Monthly account admin fee is R4, to withdraw R1000 from ANY ATM is R6.50 (or R1 if you use a Capitec ATM) and internet banking is free. All the other account charges are equally reasonable and you earn 10% interest on your current account balance.

I opened my account on the weekend, it took about an hour and everything seems to be in order. I plan to close my Standard Bank account next month and will let you know how everything goes.


It is now 4 and a half years later and I am very happy I made the move. Over this time I have saved at least R5,500 in bank fees and have had no hassles. The Capitec bank fees have gone up marginally and the interest rate is about 5% now, but my interest on my current account more than covers my fees for the month.


274 responses to “I’m changing to Capitec – I’ve had enough of Standard Bank”

  1. In the middle of the same process. Bect part about Capitec is zero charge for a debit card transaction !

    1. Claire Upton

      The Standard Bank travel wallet is a complete nightmare. We have just returned from the States and tried to use this card but most merchants declined the card. The only thing it is good for is to draw cash so why go to the trouble. Trying to sort things out with the travel wallet division is another joke as my card then was stolen and trying to call the fraud department from overseas requires a lot of money as you are hold forever and most of the time you are wasting your money. I stopped the card as soon as I realized it was gone and further transactions were registered after this date and they are now saying this is my problem. Really never go this route it is so frustrating and the worst product we have ever used. I am so infuriated by the whole experience I am considering changing my bank, home loan and cut all ties with them – it has just been totally unpleasant!!!!!!!!!!!!!!! Capitec is sounding like a great option!

  2. If you think Standard Bank are bad, you should try Nedbank! The biggest bunch of morons that ever infested the face of our planet!

    1. I agree with gmk everybody stay very very very far away from NEDBANK or as i like to call them “Hell Bank” this bank will trample you so deep into the ground with bank fees that your only choice to get out of it again would be to commit suicide. Everybody which has complaints please log them on “Hello Peter” so that other potensial clients would not bank with those banks. I am looking for a new Bank and it looks like Capitec might just be that bank.

  3. I’m also with Standard, and have been watching with my jaw dropping as they suddenly hiked up all my fees, without so much as a by your leave… Now, instead of the flat fee I used to pay for all transactions, I’ve begun to pay what appears to be a percentage based fee. Not once did they bother to ask me about it, let alone give me some kind of headsup. Totally ridiculous, as far as I’m concerned. I’ll be keen to hear how it goes with Capitec…

  4. Hey Dax

    Interesting point you have made. I have made a calculator which compares all the bank charges here in ZA.
    Give it a try it will more than likely confirm what you are saying, but for the average usage profile Capitec Global One account is a winner.

  5. How important do you rate customer service in relation to price? What’s the most important factor when choosing a bank to commit to?

  6. Thanks Greame, I used the calculator and it confirmed that I will actually be earning money on my current account as the interest will be higher than the fees. Looking forward to that phenomenon!

    Dianne – my banking requirements are simple. I need an account to hold my money and allow me to make some payments, etc. Service does not play a role. Maybe a business account would be different.

    I’m not suggesting that Capitec service is worse than Standard Bank’s. For all I know it could be better.

  7. @Dianne Hi!

    We have put together a poll looking at what people look for in a bank. It can be found here:

    @Dax good luck with your new account would love to hear how you find them when you swap over

  8. @Graeme – Thanks for creating the poll, it’s going to be interesting to see what the results show!

    @Dax – Keep us posted on the customer service you get as well – great products indicate a customer-centric organisation, so let’s see if this is followed through on the customer service front.

  9. Candice

    hi dax,
    awesome, thanks for being the guinea pig. and please please please keep us posted cos from what you have said, Capitec sounds awesome.
    did you move your credit card to them too (if you have one)? am wondering if it’s going to make sense for me to move there – cos i currently have a Std Bank current account which is linked to my Std Bank credit card which is really convenient ito payments etc

    1. I do have a credit card with Standard Bank but I don’t use it, it’s my spare card in case something happens to my primary card which is a Discovery card. Capitec does not have a credit card, although I’m sure they will in the future.

      What I do know is that paying your Standard Bank credit card online from your Capitec account will still be cheaper than transferring money from your other Standard Bank account. That’s the whole reason I am moving.

      I would suggest you kill the Standard Bank credit card and replace it with a Virgin credit card (no annual fee) and kill your Standard Bank current account and switch to Capitec. That will be the optimal combination.

      I will stick with my Discovery credit card because the loyalty points are really worth it.

  10. Candice

    hi dax
    thanks for advice… sounds all good to me. you should maybe consider a career in personal financial planning? 🙂

  11. Hi Dax
    Great to hear you’ve opened an account with us! You’ll definitely enjoy the cost saving benefits and we try to make banking as simple and easy as possible too.
    And just shout if there’s anything you need help with.
    Sumarie Brand (Capitec Bank)

  12. Barnett

    Hi Dax
    I found your blog while I was searching for info on Capitec. Sounds like you just did what I am thinking of doing. After being with Standard Bank for the last 19 years, I think it is time for a change.
    The last straw was when they charged me a total of R380 in “over limit” fees on my cheque account, while there were plenty of funds available in my savings account. I realize that this was my fault, but I am sick and tired of logging into internet banking to shift numbers around.
    What I like about the Capitec account is that everything is in one interest bearing account. I can just put all my savings into the account and transact from there. Why can’t other banks do this?
    I am still looking at the different options, but Capitec sounds like it could work for me. I will check back here to see how things worked out for you.

  13. Courtney

    I moved to Capitec about a year ago. I was with Standard before, let’s not even talk about that. I have been nothing but blown away by Capitec’s efficiency, fees and interest. I nearly fell over the first they put money INTO my account. I have nothing but rave reviews for Capitec and encourage anyone who is thinking of doing a switch.

    FYI I moved my credit card to Virgin Money where I also get 10% on any positive balance. They have also been really great to deal with in comparison to Standard Bank, except that I obviously have to pay back any amount that goes into credit. When you find a bank that doesn’t require you to do that, kindly let me know!

  14. An update on my progress with moving from Standard Bank to Capitec:

    I had to make a second trip into the Capitec branch to open my savings account linked to my current account. I could do it all from one account as the interest is the same but for security I want my savings separate (don’t want to be kidnapped and held at gunpoint while they empty my life savings out of my account at R1000 per day – that would take 2 days!).

    I could have saved myself that second visit if I had thought about it before I went in the first time.

    I closed my Market Link account at Standard Bank and had them transfer the balance to my current account. When that was done, I transfered that into my Capitec Savings account.

    Then I logged onto Capitec internet banking, it’s a very basic online service, but I could do what I needed to do which was set up repeat payments for my rent etc. I had to phone the call centre to get the details for the FNB suspense account so that I can pay my discovery card. The Capitec call centre was efficient and helpful.

    I have now contacted all companies that debit my account every month and informed them of the change of details. I have also informed HR of the new details for my salary.

    I have left some money in my Standard Bank account in case I have forgotten about some debit. I will close it next month and the process will then be complete.

    It’s been a bit of admin, but I think it will be worth it.

  15. Simon

    Hi Dax

    This has interested me a lot (being a long time Standard Wank customer).
    Can you post some details on how to obtain these Capitec and Vigin Acounts?
    Is it just a matter of going to a branch near you?

    All the best !

  16. Hi Simon, opening an account is easy. Just go to your nearest Capitec branch with your ID and a recent utility bill (to prove your residential address). It takes a few minutes and you have your shiny new bank account.

    For the Virgin credit card, go to and click on ‘Apply Now’. Easy as!

  17. Although last month’s Justmoney poll, What Do You Look For In A Bank?, showed that customers want low bank charges above all else, it seems like Capitec have a great system in place: low bank charges and a customer-centric approach. Well done 🙂

  18. Simon

    What about credit history when applying for home or business loans ? I went to standard bank yesterday and asked their opinion on the fact that all their customers are going elsewhere, their response was that yes you do get better rates but when it comes to credit history this might affect you when applying for loans…

  19. I doubt it will affect you when applying for loans. The Credit Act specifies the criteria that is used to evaluate your credit worthiness.

    Loyalty is a thing of the past. You have no ‘relationship’ with your bank even if they try to pretend that you do. When you want a loan, they type in the numbers into their software program and it tells you how much you can borrow and that is that.

  20. Grant

    Also looking at changing banks after checking my last ABSA statementto see they have been charging me more than R400 a month on basic electronic transactions. Phoned ABSA and they now tell me they can give a managed account fee option at half my current fees. LOL – now after ripping me off for 13 years. Really peaved and made up mind to change banks and came across this blog while doing research on Capitec.
    I would be interested to hear your experience, as I have been thinking of transferring all my accounts from Absa to Capitec. Do you have Capitec’s all-in-one account and have you transferred your vehicle and bond to this account as well and if so how was there rates ?

  21. I don’t think that Capitec offers car finance or bonds (I have neither). One would still need to keep those with the institution where they are currently.

    But paying the monthly installments will be cheaper with Capitec as the transfer fees are low.

  22. capitec is a real bank that you can capitalized on it,in terms of financial charges(e.g transaction that is good to can attained to)since i join capitec several month ago,i have never been seen myself panic about financial viability.thank u capitec bank,what i like to know more is about notify me and how can i be seen notify interms of financial transaction.

  23. And so it it done, after more than 15 years with Standard Bank, I walked into the Paddocks branch today and closed my account.

    They tried to convince me not to do it, but after I explained the benfits of moving, I think they might move their own accounts too.

    I have a cheque for the balance in my Standard Bank account and when I have deposited it into my Capitec account the process will be complete.

  24. Martin

    Why did it take you so long to realise? I left Standard Bank more than a year ago and i have saved a lot on charges.

    Now i am being victimised. For a personal loan i took from Standard Bank, though i pay for it regularly, i have a number of calls from Lawyers representing Standard Bank. I have ignored those lawyers. I have proof of payments i make.

    In these difficult moments, banks should be good to keep customers but standard Bank is not.

  25. Barnett

    Well, today I tried for the second time to open an account with Capitec. They do not have a branch in my area so it is quite a mission to go there. The first time I went there I had an outdated utility bill, so that was my fault I guess. Today when I went there, they all of a sudden wanted some or other tax certificate. So I told them that they just lost a customer – I am not going a third time. I still want to leave Standard Bank though, so the search is on again…

    1. Hi

      Just my opinion, Try Nedbanks savvy account linked with a justinvest savings account. IT will be around R68 a month and you get unlimited swipes and 3 free withdrawals a month. You already get 4% interest on this. This will increase to 6% with more money in it. I like nedbank because of their social responsibility and the way they treat their staff. You should go with a bank that gives you the lowest interest rate when purchasing a house or car.

      I’ve worked at ABSA, FNB and standard bank,, and i will tell you that it was hell compared to Nedbank. You always feel like you gonna lose your job.

      Nedbank has recognised that they lag in certain areas and is commited to change. They really take interest in their staff and NEVER retrench. This could really change things around in 5 to 10 years.

      as for Capitec, im afraid it may pull a SAMBOU on us. SAMBOU fell during an economic high. There is going to be a triple dip recession globally, and it will effect SA 3rd time around. Im just worried about that. With exclusive rights to AMEX and some upcoming online features. I think NEDBANK could be about the best in SA in the midterm. Nedbank was down around 2002, but new policies have really changed that

      two serious challenges for us is motivating staff at end user branches and our call centre. This is a problem that nedbank recognizes and is working on. You should already see advantages in terms of our call centre, and we are also looking at having branches open on sundays as well.

      My opinion is that the bank that takes the best care of their staff and has social responsibilty will overall emerge the better bank. There is alot of stuff that nedbank does for society that most people arent aware of.

      Nedbank staff are of late really motivated to promote NEDBANK as a great bank.

      1. Tshifhiwa Nengovhela

        I wouldn’t recommend a Nedbank savvy account as i suffered heavy penalties while in Lesotho. I was charged 90.00for every transaction that i made.Add sundry charges, service charges and the some more charges that the bank couldn’t even explain.just go to a bank and withdraw money from your savvy account and you will see that this is true.I have peace of mind since i moved to Capitec account.Capitec really make banking easier and simple. Instead of paying account fees i now get interest back into my pocket.

  26. Anchen Els

    I am a ex-Standard bank customer that changed to Capitec last year for my small bussiness. It was the best decision I could ever have taken. My banking fees are so low and their service is GREAT!!!!
    We are 12 ladies in a “stokvel”- we use to have a Standard Bank account for savings. This amount is about R45 000 per year. At Standard bank the interest we earned was always just about exactly the same as the banking fees for the year. We started banking our money at capitec in july last year and end of November each member could be paid out an amount of R200 interest! WoW!! it might seem like a small amount but it was R2400 in 6months! I think that is excellent.
    I do a lot of internet banking- capitec’s website is user-friendly and it is cheap!

    I wish I could move all our accounts to capitec. But they do not have a home loan or cheque account facility. So my husband unfortunately has to stay with ABSA!

    I would recommend a swop to Capitec for anyone that wants to save! My grandmother’s favourite saying was that if you do not save a cent you can never save a rand!! She was a housewife on a farm all her life and made some money raising chickens, selling eggs, doing crochetwork, selling homemade butter etc It was never lots of money she earned but she used some and spend some wisely. She passed away in February and her worth in cash was over a million rands- she was an example to me- and I think it is easier to bank with Capitec and start saving those cents and rands than raising chickens…….

    1. Standard bank is a night mare R1200 flat bank charges per year without any transaction included. Deposits, internet banking, withdrawals, stop order e.t.c are all charged seperately. Its been 4 months without using my Standard cheque acc and they tell me I owe them R1200. Cant wait to close this acc. I m enjoying saving my money with Capitec, y pay for wat y have used at very low cost, if not free. R60 per year bank charges

  27. Greeting to you all.Yesterday was Potji day. The usual discussions about rugby – cricket – soccer and then some how the subject changed to finance.The OLD MAN banks with FNB.This old man banks with ABSA. Then some one was with Ned another with Std. Nobody, when I asked, was with Capitec.It was a case of capi who.I have 3 accounts with ABSA.One with STD.
    Unless someone can come up with a good reason why not I shall be transfering to CAPITEC this month. I shall also get the others who where with me to look up Capitec and ask a few questions. Thank you all for your input.Thanks to the internet, without it I would still be wondering.

  28. Capitec is a good option, as long as you are looking for a vanilla savings account. They don’t offer home loans and market linked accounts and all that.

    You can have 1 account with 3 sub accounts linked to it.

    It’s cheap and the interest is higher. So far, I’m happy. I don’t often have to deposit though, if you do deposit cash or cheques often, check where your nearest branch will be because you have to do it in the branch.

  29. Larry

    Morning Dax. Went onto the capitec site and viewed some of the comments from people who wern’t happy. One was where capitec took 4 years to reimpurse money which was stolen from the account.Cannot find a comment from capitec on this. The other thing which makes me think is that the major capital invested in the business is by Riaan Stassen and leRoux. What happens when they pull out. Do we end up with another bank collapse with customers losing their savings.

  30. Just read an article about SA’s high bank fees… Strangely, even though the article is titled “Switching banks is one way of addressing high charges” they only discuss the 4 ‘big’ banks (and how high ALL their fees are) and don’t even mention Capitec as an alternative!

  31. Does Capitec offer vehicle finance?

    1. Not yet

  32. Just had Standard Bank help themselves to 20% of a recently banked cheque. 20%!! It’s a foreign cheque (Google), but I still don’t see how they can justify charging that steep a fee when it had already been converted to rands by the time it got to me, and didn’t require a currency calculation.

    Yet another reason to do business elsewhere. Yikes.

  33. Justin

    Check this site, proven that Capitec offer best value

    I have been with Capitec for more than 5 years now, was with standard before that, and I have never regretted it. Have totuted capitec to all my friends and the ones that have moved over have never regretted it.

    it is a no frills savings account, but since they have offered internet banking (for free except for low transfer costs (r1.50 per transaction)) it has been great. In one of the extra accounts, I put in R7000 and got R66 per month.

    Some things have changed, and though it doesn’t make me regret my decsion, it should be noted.

    Interest on credit has dropped. see table below and service charges increased. However, they still blow all other banks out of the water. Now they just have to work on those long lines, though with internet, I don’t have to worry about that anymore

    Rates and fees
    Daily Savings Savings Plan
    Account Flexible Term Fixed Term

    R0 – R10 000 7.00% 7.00% 7.50%

    R10 000 – R25 000 6.75% 6.75% 8.00%

    R25 000 – R100 000 6.75% 6.75% 8.25%

    R100 000 – R2 000 000 6.75% 6.75% 8.50%

    Monthly administration fee 4.00 4.00 FREE

    Effective 26 July 2009

  34. Chantelle Flores

    Standard bank is shocking! The last two months have been a nightmare with them to say the least – and before that a disaster waiting to happen!

    I have a cheque account and have noticed that the last 2 months +/-R4000.00 has gone missing out of my standard bank account – as a result my account has gone into overdraft. What amazes me is that i did not request an overdraft facility – infact i declined one when a sales rep contacted me. I have had this account for over 6 years and never once have i been in a negative balance. When calling the bank they had no explanation for this instead they told me that I didnt have an overdraft facility. However when I check my statement I get charged every month a 19% intrest on the overdraft which apparently does not exsists. When I contact the bank again I get told that I get charged a monthly fee for not having an overdraft facility. I cant win!

    To make matters worse – The last 5 months I have been charged over R1000 for banking charges and internet banking which for 4 months did not work at all. This service is designed to make life easier – yet Everymonth i find myself in this stupid bank fighting a lost cause!

  35. I’ve never heard of Capitec untill their recent add campaign and decided to do some research on them (that’s how I came across this site).

    OMG!!!! Just like everything else in South Africa (internet, cell charges, etc.) bank costs are absolutely rediculous!!!!
    Obviously Capitec is the best way to go, and from what I’ve read here, they seem to be stable and growing even stronger.

    Capitec has proven that they can dramatically cut bank charges and still be successfull. If anything, this proves how the so called “Big Banks” of S.A. have been exploiting its customers for decades. In my opinion, they are nothing more than crooks, stealing our hard earned money! It’s CRIMINAL!!!

    Thank you to Dax for posting this subject. I know I’ll be changing banks and advising friends to do the same

  36. Hi Dax – Standard Bank has a lot of rip-off options, but after carefully studying their spreadsheet I have found an option that actually has decent value.

    My choice is the Standard Bank Classic Checque account with fixed monthly fee of R87pm, which is giving me internet banking, 8 withdrawals, several free debit orders (using 3), and 30 free EFTs (using about 8/month). Although Capitec per-transaction fees are the lowest, I don’t think they have a package deal like that.

    1. That is an improvement, looks like Capitec is shaking things up. But they still pay you no interest on your current account. I earn more interest on the little bit of funds in my current account than the fees I pay. That’s how I like it.

      ps. your free withdrawals are only at Standard Bank ATMs.

  37. Dear Graham

    8 withdrawals @ the shops with Capitec = R1.20 times 8 = R9.60. or at the bank = R2.20 * 8 = R17.60

    10 EFTs would cost you R11.50

    5 Debit orders would cost = R11

    R4 monthly admin fee

    Therefore on what you actually use you would pay R27.10. or R35.10

    Therefore Capitec would save you R67 per month plus you get a huge interest rate (6.75 % compunded monthly is the minimum). Therefore every year you would save R804 in interest charges alone. Then you still get to add your savings compounded monthly.

    Plus statements are free when you have internet and internet banking is also free (ie no monthly charge, but you do pay per transaction).

    Why go for a package when you can score much higher on individual service charges.

  38. Hi everyone

    I just wanted to thank you all for all the very helpful information.
    I’ve been without permanent work for most of the year, so I’ve been trying to cut costs where possible.
    I’ve been with Standard Bank for almost 16 years and in those years I never gotten as much as 1c back from them.

    They have only ever taken from me, like last month where they charged me almost R300 for late charges on my credit card cos I couldnt pay it intime, and they couldnt have been bothered when I told them I currently didnt have an income.

    I’ve been thinking about moving over to Capitec and I’m very glad to see they have alot of happy customers.

    I will be doing my ove very very soon.

    Thanks again for the helpful info

  39. Well! Talk about an eye-catching tag line. I’ve been thinking about switching from Standard for a while now and your blog came up (as it did for several others judging from the comments above) when I did a search for Capitec. I opened your site before the Capitec site and you made my mind up for me before I did any reading on their site – Dax, they should start paying you commission for each convert. In the last two months Standard bank employees have cost me R200.00 because of their incompetence and, in spite of having the R87.00 fixed charge package, today I was chaged R3.00 for sending a confirmation of payment via fax! Laughable when you consider that for an extra R1.00 that would equal the Capitec monthly administration fee. I work in Central Durban and there’s a Capitec right around the corner from my office block in West Street – on the right just before SARS. As soon as I get home this evening I’m going to put my latest utility account in my bag and tomorrow, during my lunch hour, I do believe that I will be taking a liesurly stroll to open an account with them. YeeeeeHaaaaa!

  40. im also with standard and charges are crazy.
    i did contact capitec but they said they have no business accounts.
    Thank you for your interest in Capitec Bank.

    Capitec Bank offers a savings account facility known as the Global One Banking Facility. The Global One Facility is a unique product offering that is designed for an individual.

    At present we do not have a product designed to suit the needs of a business / corporate client.

    However, we do offer Employer Salary Transfer Facility (ESTF) which allows you to make cost-effective weekly or monthly bulk payments. You can also settle the payroll from any location because it is an Internet-based product, offering convenience like never before.

    Should you have any further queries in this regard, please contact Commercial Client Care on 0860 667706.

    1. Sally, glad to hear you’re making the move. I’m sure you’ll be happy.

      Fil, you are correct, they are not business oriented at the moment. I’m sure that will come with time. I have to deposit a cheque from Google, so am waiting to see how they handle that as the branch was not able to do it.

      The reality is, Capitec is great as long as you have basic/normal transactional needs. It won’t suit everyone and if you have complicated banking needs, then paying the extra fees to one of the other banks is probably worth it.

      Having said that, I have created accounts linked to my account for my various businesses, because I really just need to receive payments and make payments for which Capitec is quite suitable.

  41. How about an update on Capitec’s service ?

  42. So I put Capitec to the test recently. I received a cheque from Google and it is not from a South African bank so the cheque reader at the branch could not read it.

    The branch manager was meant to follow up and call me during the week but didn’t (he said he was waiting for head office to get back to him). So I called the call centre. They were not very helpful so I emailed Sumarie from Capitec who left one of the messages above.

    She put me in contact with the correct person and I went and deposited the cheque the next day. All sorted and no extra charges.

    I was happy but I hope that everyone else that has such difficulties can get them resolved so easily.

  43. I paid R110 000.00 into my bond account from Capitec. Was charged R1.20 in fees plus R2 for the fax confirmation that I sent, which also allows you a full cover page where you can write a whole essay to the beneficiary.

    R3.20 for such a transaction, where else could I get that???

    Still happy with them, after 5 years now. Not as great savings, but still 8.5 compound interests is better than anywhere else.

    Was a bit disappointed when I tried to do a debit order purchase of R15 000 and it wouldn’t go through, i have since found that there is a limit of R10 000.00 for debit order purchases.

  44. Hi Guys,
    i am also sick of all the charges from all these bull Sh!t banks. I finally have some big capital to invest, does any body know if Capitec can beat an intrest rate of 6.85 on a fixed term investment acc, that is the rate that ABSA offord me.
    i use to bank with Nedbank for years but they totaly ripped me of. Now i have about R300.000.00 to invest please advise me if i open a fix Term acc with Capitec what the % is that i can earn on that capital???

  45. Capitec’s normal accouunt offers 6.25% interest and you have full access to all your monies. This for a R4 per month administration fee. For a fixed terms you get 8.5% interest, and it is for 6 to 12 months. Check to ensure that it is compound interest. you must chose the re-invest option otherwise you will earn simple interest.

    What I am not sure about, is whether or not other banks compound the interest daily as Capitec compounds the interest on a monthly basis on their fixed interest. Which is different from the savings account when I first took it out.
    this may be something to look into as it makes a vast difference to your interest earned.

  46. Thank you for clearing that for me Justin, i will most def go to the West str branch on Saturday to get all the details. i have burned my hands b4 with Nedbank so this time round i am doing my home work.
    if they can offer me an intrest rate of 8.5% that is geat do you know whether Capitec bank has got an even higher intrest rate on another investment.
    Cause ABSA offored me an intrist rate of 8.25% on their 90/10 acc.

  47. CAPITEC are my heroes. I didn’t believe it when they claimed you could use their debit card to draw money at any Maestro friendly ATM in the world without any prior arrangements. In October when I visited London, I was filled with glee when I could draw at the ATM as much as 250 Pounds per day using the Capitec debit card without speaking to anyone first. This was ofcourse after the Standard Bank Travel Wallet was a total stress.

  48. I just changed from Standard Bank
    Standard Bank suck big time

  49. I just phoned Capitec today to find the nearest branch, i just about had enough with Standard bank. Been with them for years but they never made it simpler better or faster for me,just grief.fees are ridiculous.
    hope i’m making the right move though.

    1. We think you’re making the right move, but be sure to pop back and let us know how it goes.

  50. Hi Dax
    Have been with Capitec for more than a year now. Am vey happy. Thier banking hours are also great. Open at 8.00am and close at 5.00pm. Saturday they are open until 1.00pm. I think it is great plus all the other great deals.

  51. Quick question: Can anyone tell me what exactly the difference is between Capitec’s “Savings Plan” and Fixed Term Saving Plan”. The brochure says one chooses your own term on the “Savings Plan”, yet you have immediate access to funds when needed – does that mean penalties on withdrawals, or what? My need is for an account to use for daily transacting, and a separate account for savings (so I don’t accidentally spend my savings 🙂 I have to be able to get to my savings immediately when necessary, though, and would not then like to pay penalties (Would rather go into a money market account, then – I’d already be earning less interest for the sake of convenience by going to Capitec with my savings)

    1. You can have up to 5 linked accounts. All of the accounts are ‘savings accounts’ as opposed to ‘loan accounts’. Fixed term gives you more interest but it’s a fixed term. I have 1 account I use as a ‘current’ account (but they still call it a savings account) and the rest are savings account into which I transfer money when I have it and I sometimes take money out when required. Simple.

  52. I havebeen banking with standard bank for 15 years, and i have just had enough, apart from all the charges they charge, they have refused me anything i have ever requested frm them, home loan, credit card, car finance and a personal loan. I got all of these from different banks who were more than willing to help.

    Up Ures standard bank if this is the thanks i get for all those years with u

  53. Rose Francis

    Capitec is a far Winner in all categories; service, costs and fees, reliability, etc. I HIGLY recomment Capitec, I’ve bee to a couple of branches in various places and the services rendered are equally pleasant – that’s an added bonus to the low fees we pay and the interest we receive.

  54. What For

    Opended a new capitec account last week and plan to close my Absa one next week. I want a bank which focuses on the basic stuff – so I dont have to subsidise, through my banking fees, their big buildings in Sandton, massive top management salaries, expensive adds in every newspaper, their gambling habits in the international futures and money markets, and their acquisition of dubious companies and properties. Not to mention the effort they make in screwing over the little fish. They are too big not to fail. Phansi Absa phansi!

  55. Opened an account last week with Capitec. Wow. Awesome experience so far. Can’t wait to actually start earning some interest on my account for once. Hope to close my FNB cheque account soon.

  56. oh wait too late… compounded daily… I guess I’ve already earned some interest on the money I put in when I opened the account. 🙂

  57. confused

    Tired of having to go into Nedbank to give formal written notice that I want to make a withdrawl on my savings account, I have just tried to open a Capitec Account.

    Arrived with ID and proof of residence, but then get told I need Employment Contracts or tax returns. Why? I only want to open a savings account. Just phoned the Capitec helpdesk, they don’t know why I need this. I did my tax return online…. and am a freelancer without a written contract.

    So much for no paperwork at Capitec Bank.

    Is there a actually a decent bank in South Africa?

    1. I’m not sure what’s happened there, I wasn’t required to produce those documents…

  58. I wasn’t required to have those documents either, the only thing i can think of is that they mistook you for wanting to open a loan account, and those documents were needed for verification of your ability to repay. Credit Act????

    Otherwise don’t know and the fact that the call center does not know seems to indicate a misundertanding or a dumb employee, which every organisation has. There will be a complaint book right there in the foyer though that you can lodge your grievance if it was a dumb employee.

  59. Hi Dax

    As others I researched Capitec and Google led me to your blog.

    For personal money matters I need a bank for the follwing:

    1. Cash
    2. Debit orders
    3. Electronic payments
    4. Savings and Interest

    Capitec will do all this for me at low rates. My question may sound silly, but … Do I still need a Credit Card as well and if yes, what for?


  60. For your credit rating. When you go looking for money the institutions look at your credit rating. With no cheque or credit card account, you have no rating and it will take longer if ever to secure that loan.

    Good way to stay under the radar though…

  61. Thanks for answering that so quickly.

    I thought the Capitec account is a combined savings/cheque account. On it is listed under current accounts. I am so glad I asked the question.

    1. How often should one then use a Credit Card?
    2. What other advantages are there, if any, of using a Credit Card?


    1. Hi Rey

      The Capitec accounts are all ‘savings’ accounts (remember that when drawing from an ATM) but they behave like current accounts in that there are no restrictions on what you can do.

      The advantages of a credit card are that you get interest free money for up to 45 days, you get free transacting, convenience and possibly rewards. I use my discovery credit card to pay for everything and at the end of the month I just transfer the amount I owe. That way I pay no interest and I earn interest on that money while it is in my savings account. I also earn discovery miles on all my transactions and pay no transaction fees.

      There are 2 disadvantages, 1 is that you might be tempted to use the credit instead of paying the whole balance. That becomes expensive and can lead to debt problems. It depends on how disciplined you are. The other is that there is an annual fee of around R200 depending on the card. I recommend the Virgin credit card which has no annual fee.

      You will need to have credit worthiness to get a credit card though as it is the same as being given a loan, so some people do not qualify under the national credit act.

      I’m not sure that Justin is correct about the credit rating as now with the credit act, having a credit card counts against you because they look at your total liabilities. But I could be wrong.

      Hope that helps.

  62. Thank you so much for your replies Justin and Dax! It is most helpful.


  63. I settle all my accounts with Standard bank via an attorney (debt consolidation)only to get a phone call from them, 10 MONTHS later, informing me that I owe an amount of R40 000. They could not explain where that amount came from. Somehow, now the amount has been reduced to R28 500.!!! They cannot find proof of payment on their account for the day on which the payments were made. I will never bank with Standard bank ever!

  64. Firstly Dax – GREAT BLOG!!!!
    I have been involved in business development/marketing for a long time within the financial services arena, and I can tell you with certainty, the so called “big 4” are so arrogant and narrow minded that they think that this blog is just a blip on the radar. Hehehe lets see this time next year when Capitec once again increases earnings by over 30% year on year.
    Well done Justin and Dax

  65. Well I’ve been telling everyone I know to go over to Capitec. I’ve had my account for a few weeks now. I can’t believe how much money I’ve practically thrown away with absolutely no benefit to me since I started working.

    I’m now convinced that anyone who uses the big 4 do so out of ignorance. They don’t care about you, they charge you a fortune, and they’re constantly trying to get you to waste more money.

    The thing I’ve liked most about Capitec is they are not stuck in the dark ages. Everything is geared towards the technology and convenience that someone in 2010 has available to them. Sometimes it seems that the big 4 are still trying to do business the way it had to be done 100 years ago except with computers. Capitec is breaking out the box and I look forward to seeing what they do in the future.

  66. Hi guys.

    Thanks that I found this site. Iam sick of Standard bank.
    I have been with them for over 20 years and their service just gets worse and worse.I found that they charge me a fortune for basic things and they DO NOT even bother to listen to your complaints.
    I was looking at Capitec but now Iam convinced, Iam opening my account tomorrow.

    Thanks for the feedback guys, Iv heard from other people locally that Capitec is cheap and gives better service than these other banks.

    I’ll keep you guys posted

  67. Good afternoon all.

    I really love the service & help received from Capitec Bank, I would just like to leave 1 comment.
    I would really like to see more ATM’s around of Capitec. If this happens i am sure that the ‘BIG 5″ will not survive.
    Please Dax slet me know are you’ll working on a plan to put more ATM’s around.

    Cheers from a very happy “) Capitec Client.

    1. I certainly will not be putting more ATMs around as I don’t work for Capitec, although I am hoping they decide to advertise on my site because this post is getting lot of traffic.

      I believe that Spark ATMs charge the same as Capitec ATMs so maybe give them a try and see what the charges are. There are quite a few of those around.

  68. Hi

    With regards to the ATMS, you can use any Atm, same as the top 4 banks, the charges are still low.

    R6 for any transaction, flat fee, no matter your withdrawl amount:)no matter whihc Saswich atm you use.

    Plus for withdrawals you can use any Pick and Pay, Shoprite and Score.

    You also have the interent banking option, transactions fees are lower than normal and no monthly subscription fee.

    And there is no charge for straight debit card transactions.

    Why would you need more ATMS? I guess because it R3 a tranaction and free balance statements? Still no train smash to use the other ATMS.

    Ps, you can access the internet banking via cell phone through Opera Mini.

  69. Ps, if Spark Atms are those ones in the shops, you will see a lot of them are powered by Capitec, the same bank charges apply.

  70. Have been with Capitec for about 5 years now (wish I’d bought more of there shares then)having enjoyed very good service throughout this time, never having experienced any problem and always being treated very well by their staff.

    How many companies can one honestly say that about these days?

    Also have saved considerably in fees during this time, as well as in both frustration and stress. Apart from appearing to be well organised with little in the way of complication, yet able to operate a very secure system, they also provide well for the needs and comfort of their clients when visiting their branches or using their facilities. This is in stark contrast to most of the other banks, as well as others in the service industry, who in this respect seem to put the customer way down in terms of consideration.

    My only negative comment is that they do not have enough of their own ATM’s but this is partially offset by being able to make withdrawls at some of the stores and is probably one of the reason they are able to maintain lower fees.

    I am now about to cancel my Nedbank credit card to avoid their ever escalating high annual fees as well as the unreasonably high interest fees incurred if one misses a full payment date even if it is their fault that in that they do not process the payment in time. I intend rather to rely on my Capitec debit card for all purchases and cash withdrawls from now on as I’ve have been very happy with the results of using it in this way over the past few months and find the fees very reasonable.

    When comparing competitive savings account rates from other banks to those offered by Capitec, I would strongly advise that they are asked provide in writing details of all fees applicable to the account being considered, including any entrance fee to be charged on the amount deposited. As a case in point, my wife on opening a fixed deposit account with Absa some time ago, was charged with such a fee which had not been disclosed to her, this in spite of her having asked for details of all the fees due. To their credit they did cancel this after receiving a strong protest from her, but she is now very wary indeed of dealing with them. She is now also a confirmed Capitec client.

    Lets hope Capitec manage to maintain their current excellent level of service and avoid following in the footsteps of many other companies who have allowed their service levels to fall having become corrupted by success.

    Others could do well to heed the writing on the wall!!!!

  71. Good afternoon,

    My Standard Bank poor service story as published on my own website:

    Dear reader

    Herewith to share with you yet another pathetic service delivery experience. This time at Standard Bank Milnerton on 31 March 2010. This is of course my opinion and my experience, but why is it that the basic obvious costumer service is often neglected at this branch – or is it Standard Bank in general?

    Same old story
    Standing in a queue at month-end with only three of the five point of sales booths were open to the public. This while businesses are making cash deposits and with the obvious increase of floor traffic more than VISIBLE at month end.

    No leadership?
    Not one single STAFF MEMBER of this branch took any care of SUPERVISING this process. I finally observed a Standard Bank ‘senior’ employee making photocopies – but with NO INTEREST to even look at the queue (their bread and butter). After attracting his attention and telling him about this lack of customer service I was in no uncertain terms informed that it is the team leader’s responsibility.No RESPONSIBILITY taken by this banking official (not even an attempt), no interest and no customer care. No team leader insight.

    Visible barrier
    With a divider panel in front of the service delivery counter there is no way any service delivery agent / team leader will ever observe any effective / poor service delivery standards. No VISIBILITY between customer and TEAM LEADERSHIP. Standard Bank should be ashamed of themselves for placing a barrier between their so called shop floor leadership” and their clients. I personally think they are hiding from operational efficiency.., creating an unfair business practise for both the customer and operational staff,.

    Personal confrontation
    I raised my voice at this gentleman, because I wanted to. I wanted everybody to hear my complaint – because it concerned everybody in that queue. Suddenly serviced happened. Another counter suddenly opened up. And this is not for me dear reader – this is for everybody standing in these queues.

    Sad conclusion
    What comes to mind here? A definite lack of branch leadership. A lack of intensity in [any] real customer care and / or a lack of customer service delivery skills ever so often displayed at this branch.

    What I realised today is that this will NEVER change. They just cannot change it – unless you change the poor service delivery culture in management you will not see any changes. Fortunately most of our business can be delivered via the Internet. I am of opinion that the decay of leadership is not staff related, but is 100% the product of their management’s inability to understand basic business / service delivery principles.

    As always, I find this level of uninterested and pathetic service levels unacceptable, but let it be a lesson for the rest of us on how not to treat our customers.

    Vernon Chalmers 1 April 2010

  72. Meagan

    Hi guys and gals

    I’m a young lady just looking for the best possible option to save money
    I don’t earn alot but at the same time I don’t have many expenses at the present time. I find that it’s important for me to save money and was thinking about the saving plan from capitec.

    Anyone have any suggestions…
    Some pro’s and con’s of this option would really help

  73. Hi Meagan,

    The only con would be if you rely a lot on ATM’s. Even so it is not really a con as Capitecs fees at other ATM’s are often cheaper than other banks standard ATM fees at their own ATM’s for large amounts of cash.

    The internet banking could use an interface update but it is functional and works. At this point it has no fluff features (i.e. you can’t use CApitec Internet banking to buy airtime or electricity)

    I’ve been with Capitec for about 2.5 months now and am completely happy. It is so nice to finally have my interest earned exceed my banking charges paid.


  74. Meagan

    Hi Gareth

    Thanks for the info, it makes me feel a little bit more at ease, you know starting in the real world aint that easy as most people just want to “CON” you and really just rip you off, I’ve seen it with people who have been in the game for many years, that’s why I really just want to do things right the first time round I don’t want to save my money somewhere it would cost more than I am saving in the end… You know?

    Anyway, I do believe I have my mind set and will be opening a saving plan account at capitec as soon as possible.
    Thanks again by the way.


  75. Zesuliwe Shabangu

    Capitec it the best bank ever believe me. It been 5 years now of a good & trustful relationship with them.
    Thanks to my late mother who introduce me to Capitec Bank.

    Invest with Capitec the interest is good. I even told my colleagues about it cause i know & I’ve got a proof of what i’m talking about, with the money that i invested i bought myself a Golf 5. Thank you Capitec

  76. Ashton

    WOW!! after reading all these posts I’M SO PROUD TO WORK FOR CAPITEC BANK 😉
    I’m sure you will all find what you’re looking for with CAPITEC

  77. Having moved to Capitec, I never worry about ATM’s just go to PnPay as it only costs R1 to draw money. Cheaper than any ATM.

    Meagan. To add to my Capitec account I opened a Bidvest 40 day notice account. This I use only as a savings & gives an even better interest rate.

    Having a credit card is always a good back up, just keep it in control.

    The big guns have really become the fat cats. Capitec, Bitvest, Virgin Money, get my vote 100%.

  78. Reinette

    I moved from ABSA to FNB – Smart Account with unlimited payment option. Service fee of R 59,90/month. The following transactions is free: Debit card purchases, debit orders, cash withdrawals from FNB Atm’s, Internet & Cell phone banking, transfers in and out of account. The only services that is charged extra is withdrawals from branch, cash deposits at branches, cash withdrawals from Saswitch machines. I save R 500/month

  79. Capitec is the Best! I also have a Discovery VISA card which gives me points and helps me with my Medical Aid.
    Here’s another option – FNB Encore account for the over 55’s. Most items are free (ATM withdrawals and Internet) and you will have to deposit R10,000 into a fixed deposit (at a good rate)Remember for most travelling in Africa you need Visa as it’s the ONLY credit card that works in the few ATM machines! Applies to most developing countries as they are they credit card with approx 80% of the market.

  80. To FNB customers

    Even if FNB is cheaper, it can never be compared with Capitec, i was using FNB but now i am using Capitec.
    Guys almost everything is for free, and i now see where my money is going. Service Fee of R59 is cheaper but are you swiping for free, re you drawing cash for less charges? i do that for very very less and for free,i dont fell guilty after swiping coca cola can cos it is free. Capitec is the best. As for travelling visa, i will cross the bridge when i get there anyway is not like we travel everyday.

  81. Reinette

    FNB works for me, Capitec branches are not everywhere, and with FNB’s Cash Send option, I can immediately transfer funds from my cellphone, internet banking or FNB ATM to another person. I say again, only R 59,90/month, all cash withdrawals at FNB ATM’s are free, no debit card purchase fees, no debit order fees. You only pay for cash deposits and withdrawals done inside a branch, from a Saswitch ATM. Cellphone, Internet Banking and In Contact is for free

  82. The FNB option that Reinette is speaking about sounds good, I looked it up, I just can’t seem to find the fees for debit order payments, unless it is listed under stop orders, in which case it will be R25 per online banking. I also can’t see the credit interest that you will get in that account.

    The other options sound good though and it is much better than anything else they had to offer before, this might be directly attribubtable to Capitec starting a better banking paradigm.

  83. Reinette

    Hi Justin

    No fees are charged for debit orders. I have several debit orders on my account and has never been charged a cent – what a joy compared to another bank’s R35,00 per debit order

  84. What type of Capitec account is suitable for a small business? Currently have a Nedbank account which is killing me with charges

    1. They really only have one account type. You can link several sub accounts which I find useful for my business.

  85. My children have been bugging me for years to switch from Standard Bank to Capitec. Well i wandered down to the local branch and voila … 45 minutes later it was all very painlessly done. Customer service????? Am afraid Standard Bank dont know the word and if they have ever heard of it .. dont understand the concept ..nor how to DO customer service.. Well done Capitec!!!. The Fees?? …i keep re-reading the fine print and just cant believe it is as good as it seems .. there HAS to be a catch somewhere??? or am i just cynical from being burned for so many years by Standard Bank?? It will take time to unravel my finances from Standard, but it IS already happening. Cheers Standard .. you’ve screwed me over the last 25 years .. i am so outta here. Hello Capitec, lets do some serious business together.

  86. Well done Mark, you should have done it years ago, it was cheaper and you had a higher interest rate on your balance.

    @ Reniette, no debit fee charges sounds brilliant, but still, Capitec charges R2.75 per debit order or stop order irrespective of amount. R1 for a cash withdrawal at Pick & pay, shoprite and others (currently the special is ZERO rand per withdrawal. R3.75 at Capitec ATM and R7 at other bank ATM, irrespective of the amount drawn. all this for R4.50.

    I am not sure that my service fees come to R60 per month, plus I get a great interest,
    Daily Savings Account

    R0 – R10 000 7.00%

    R10 000 – R25 000 5.75%

    R25 000 – R100 000 5.75%

    R100 000 + 5.75

    So my interest often beats my service fees, even if you look at just my main account, which is often left bare at the end of the month because I use the flexi save option and what ever is left I shove into my bond.

  87. hey Justin … dont “rub it in” my friend 🙂 LOL …

    i try not to think too hard about all that hard earned money i have so naively handed over to SB for “services” rendered over all these years. Could have bought a car with all that money … darn, there i go agaiin thinking about it 🙂

    it seems that the key selling point with Capitec is that they ofer what most of the “man in the street” people, want .. simple, cost effective, rewarding banking without too many (expensive) options. Rewarding being defined as hassle free, decent interest, minimal fees.
    Well done Capitec.

  88. Opinionated

    Their savings account may be great, but one thing to be very careful of – Capitec charge some of the highest interest rates in the industry for credit.

  89. @ opinionated.
    I must agree with you there. Their 3 month loan has you paying at 9% interest straight. ie, take a loan for R100 000 at the end of the 3 months you must pay R100 900.

    But then again, I believe in only 2 loans, Home loan and a loan to buy a car. Never take a loan on anything else.

  90. Yushra dalvie

    I am fed up of standard im a new account customer and I received pathetic banking wit capitec since ive been on college 6yrz ago and I neva had problems.i opened a check acc @ standard bank and one of there consultants transfered a R2 my god with out my permision and then I found out 2months later I owe them a R115 but I never activated the account.thats fraud and im phoning them for more then 3weeks and my score has dropped.but I went to the ncr and they will deal with them, I wil advise my friends and family to think of standard bank as the last choice

  91. oops. made a mistake, my comment should read, take a R100 000 loan and at the end of three months you pay R109 000.

  92. Moving to Capitec, and away from ABSA, was the best decision I ever made.!

  93. nice read, im so glad i came acrross this gonna close ABSA and open a capitec acc tomorrow. thanks all.

  94. Sorry guys, hate to burst your bubble, but you know how Capitec keeps saying “no charges until December”? Guess what happens in January…Don’t forget, they’re just a subsidiary of good old FNB

  95. Antoinette

    the only catch is that it’s the cash withdrawal fee at the paypoints (pnp) that is waived. Other costs stay the same. Still the best value for money if you only need a transactiona/savings account.

  96. @ Kate.

    Hi, can you please advise where you get the information that they are a subsidary of FNB?

    Currently they are running a special where, if you withdraw cash at Pick and Pay, shoprite and other selected paypoints, you pay NOTHING in charges.

    In January what will happen, when I withdraw money at those paypoints I will *GASP* pay R1 per transaction… I, in the past, withdrew R4500 at a pick and pay till point and only paid R1.

    If you look at my earlier post you will see the transaction rates, and remember, these are not on a sliding scale, they are per tranaction, irrespective of the amount. For example, I left a job and paid R110 000 from my retirement package into my bond, how much did this transfer cost me, well, now it would be R3.50, then it was R2.

    So, maybe not the best wording from capitec, but if you listen thru the advert, you will see that they are talling about how much it costs to withdraw at an atm and that they are offering till december, free withdrawals at paypoints.

    I for one, LOVE IT!!!

  97. Capitec are certainly not owned by FNB. They are owned by Arch Equity (PSG etc.), management, BEE shareholders and external shareholders.

    They certainly beat the pants off the competition in terms of banking fees, but beware of the pricing of their credit products (interest and fees on loans etc.) which are very much on the higher end of the industry.

    So, use them as your current account, but go elsewhere to borrow money!

  98. I have been reading all the comments with great interest (excuse the pun) as I am too also considering changing from Standard Bank after 25+ years to Capitec. Also tired of the big fees and charges ripoff.

    One thing I want to know is; I work outside of SA and get paid in foreign currency (US Dollars) from Singapore. Am I able to have this salary deposited into my Capitec account (Foreign Transfer of Funds) as currently the situation with my Standard Bank account? I’m only back in SA in 10 days time and will visit my closest Capitec Branch but I am hoping that someone may be able to answer this question in the meantime.

    1. Hi Johnny

      Forex stuff with Capitec is a major mission. If you’re making or accepting overseas payments, stick with the big banks.

  99. Hi

    My husband and I are finally serious about taking the step to move over to Capitec. But before we do I have one last question … We share a house with SA Home Loans and I was wondering if it is possible to have our salaries paid into our bond, then use SA Home Loans to pay our debit orders and transfer some cash to Capitec for day to day living expenses.

    I actually phoned SA Homeloans but it is afterhours. Maybe someone on here knows???

    Thanks for all the information and updates.

  100. Took your advice and went into the Claremont branch of Captitec bank. Sat down on the chairs provided (nice) and waited for a consultant to become available.

    And waited. And waited. A cop came in and jumped the queue by going to the teller, who then sat him down in one of the booths. By the time the next person jumped the queue, and we had been waiting for 25 minutes, I chucked it in.

    Any other ideas on a bank that tries not to waste your time and mess you around?

  101. Wow. I guess it just shows you that service can vary within a place. My experience with every other bank has been endless amounts of time STANDING in a queue. Earlier this year when I opened my Capitec account I must have spent under 20 minutes in total before leaving with my new account details and card.

  102. At Alison

    Sorry Alison, that is one of the Drawbacks of Capitec. I have sometimes waited for a while. Which is why I am on their internet (which is free) and don’t have to go into the banks.

    With regards to people jumping the queue, unfortunately, that’s up to you to object.

    What normally happens is that the benches are seated so that when one person gets served, the others all move up a bench. With regards to the cop, I only hope that it was official business that got him the immediate date with the consultant.

    But yes, sometimes you do have to wait. However, the advantange of waiting with Capitec to open an account is that it is often the last time you have to wait. If you come prepared with all your documentation, the Capotec staff will actually do all the phone calls etc to get the debit orders. payments, etc moved to your new capitec account, which is a lot less bother than you doing it all.

    Also, with taking out their internet option, (free except for the payment of the randon passwrd code taken R125) you will hardly ever need to step in the bank again as you can withdraw money when you are shopping. So, imho, a half hour wait is not so bad, but make sure people do not step in front of you, see who is in the line when you get there, make it know that you are in the line “exuse me, is this the line for the consultants” and stop anyone bursting in, “excuse me, there is a line here, you’re after that person”.

  103. Just a quick update… while catching up on emails I noticed I missed a few comments on this page. @Reinette my average fees incurred on my Capitec account is R36 per month at present which is less than the interest I gain every month.

    I’ve closed my fnb cheque account which was obviously not only costing me a lot more, but also gaining 0 interest. I only have 3 debits that don’t come off the account at present. My 2 mortgages, student loan, life policy etc come off my Capitec account. I now also use it as my petrol card because most stations now accept debit cards. I use my local checkers as my ATM and once a week I make sure to draw money I need for toll gates. Previously my fnb account was costing over R100 every month (which was by far cheaper than what other banks were offering me).

  104. I just withdrew R2500 over the weekend at pick and pay (in one go), which costs me ZERO rand in service fees. Bit of a wait as they had to get it from the safe, but it took less than 3 minutes.

    I just love this special…

    You can withdraw to a maximum of R10 000, though i have never tested that, I did withdraw R4500 once…

    We all win, Pick and Pay get me shopping with them, as I don’t need to carry cash, ever, Capitec gets a happy client and I don’t get screwed by bank charges…

  105. I have also been with Standard bank for about 15 years and they offer me nothing!!! today was the last straw….Capitec here i come, i don’t even bank with you guys and yet you have assisted me in more ways than my own bank has!!!!

  106. I have niticed that FNB is cutting R115 S/fee apart of all other charges I am paying them>I do not know what this means or what I have to do?Do I have to change banks?

  107. I was just thinking the other day that there’s only so much BS that the SA public will take. The big 4 spends huge amounts on brand managers, marketing and millions in advertising annually, besides all the rest. And all they’ve ever had to do to ensure mega-tolerant SA stayed true to them, was to show them-at branch management level! By actually practising the much-touted ‘fast’ ‘service’ ‘customer-orientated ‘service’ et al. And reducing charges, adding specials, paying decent interest to keep us just a bit happy.
    But in one fell swoop, all its taken for potent word-of-mouth marketing to kick in is in this post of Dax’s. No wonder I smell some panicked big 4 employees trying to do a bit of damage control here.
    But the harder the big 4 try to pretend with their fat marketing budget they have any relationship with us at all, the bigger the insult to us and greater their loss. True…so-called customer loyalty cannot even be a consideration for us with their ongoing (mal?)practices. But the very best part of all now kicks in. Greedy little shareholders of the SA banking cartel who’s profit-glazed vision has only ever seen the short term view are also to be visited by karma/payback. It’s like people are suddenly waking up in droves to the extreme abuse perpetrated by these institutions for so long.

  108. I had enough from Standard Bank!. I am closing my account during October and will be going over to Capitec. I already visited the local Capitec branch and I agree, sitting and waiting in the Queue was not good, but then again, the help and support was professional and to the point!. After 15 being a client of Standard for 15 years they still cannot get it right. Capitec got it spot-on in the first visit!!

  109. @ Shay
    I totally agree with you and hope that more banks develope with service as a way to gain clients and keep them.

    @ Francois, the waiting really can be a pain, but since I opened the internet account and can do my payments etc that way and draw money as cash form the atm for R1. I have only entered the bank 3 times, and that was a year ago.

    You also need to check out the branch, N1 city is generally fast flowing, but parow is always full. Also, the bank opens earlier 08h30 and closes later 17h30, so if you are willing to delay going to work or home, you can find a branch open with little people.

    The wait isn’t as bad because I think most people are confusing it with waiting on a teller in the big 4 banks, which the big 4 does on all transactions, but with capitec you are waiting on a consultatant, as you don’t need to go to the bank itself for any general transaction.

    And as you know, waiting on a consultant in the big banks are also a long drawn out pain in the ass…

  110. Hey guys, Capitec is finally on twitter! love it! CapitecSA

  111. Is it true that non-SA nationals cannot open accounts at Capitec? If so, why is this the case?

    1. Shils, I’m not certain but it wouldn’t surprise me. With FICA regulations, it’s difficult to open a bank account anywhere. It’s possible that because you can’t do international transfers to or from Capitec easily they assume overseas people won’t want to open an account and so they are not geared up for it.

  112. First time on this site…Very interesting comments, I’ve been with Std Bank for more than 30 years & always thought that they took care of me, now I know how I’ve been ripped off and have never been rewarded for being a good customer but, still pay high service charges & no interest on my cheque account. Being retrenched recently & have all my money in their low interest baskets, I shall pay CAPITEC a visit.

  113. Similiar experience to the others with the first visit hitch to open an account. Was rather frustrating and I will therefore have to go back in with a better copy of my email printed IRP5 form!? However having read all the rave reviews in this blog I’ll go in again to open a savings account. I primarily use Virgin and Bluebean for credit which are excellent for my credit needs.

  114. Wow Dax, you asked the question that seems to be on everyone’s mind. I bank with ABSA and I signed up for a set monthly fee that “should” cover all my bank charges…except it never does! I see the set amount go off…and then throughout the month I see other “little” amounts go off…it’s ridiculous.
    The bigger banks are only concerned with account holders who can offer them millions. I know a friend who has been asking for assistance from a financier at ABSA for almost a year and they’ve been ignoring him. He recently received a huge pay-out and when it reflected in his account he got a call immediately.
    Capitec – from what I hear – focus on middle income earners, so no need to have millions in the bank for good service.
    I have also decided to change.

  115. Moved about 3 months ago (from ABSA) and haven’t regretted it a single moment. Bankcharges are about a third of what I used to pay (and I don’t do anything differently)PLUS I earn interest too. What a bonus.

  116. Hey there,
    I’ve been with Capitec since 2006 and haven’t had a moment’s problem with them. I ditched Standard Bank after coming back from overseas, not only horrified at their fees, but also their measly interest rate on a 30 day notice account. Capitec is fantastic.

  117. Christina

    Hi to all general members of the public. I was appalled with the ZERO % interest rate earned on their business current accounts. So I moved R89K to Capitec.

    More importantly I am appalled with the gross unethical labor practices going on at Standard OCT,NOV,DEC 2010
    (I abbr them to the STD bank)
    to be retrenching over 2,000 bankers from STD over December period is shocking. there is vast discontent amongst the staff members against the leadership & directors of this company you only have to go on facebook and look up below standard group. I pray the clients of STD move their business away from this unethical group, no one in their right sane mind stands for division within. If they can not even look after their own junior staff how much less do they care about their client base & shareholders. it has all become nothing but their GREED to keep directors at millions of over inflated packages & performance bonuses at your cost.

    Capitec WELL DONE even though the firm is sitting at around R8Billion in reserves, compared to R218Billion in reserves at STD – you have made inroads into the banking industry.
    Just ensure when you have the exodus clients fleeing from STD bank to Capitec, there are those IT & branch infrastructures & capacity to house and accommodate new businesses & the influx of new customers.

    Must not take up to 1 hour to welcome & switch your clients live. I am all for you, GROW & invest into further technologies to accommodate the influx.

    You are ON TOP of your game now maintain & grow your base.
    100’s of bankers like myself want to join your bank group.

  118. Christina the communist banker – what an unusual combination!

    Let me understand your “arguments”:

    1. The execs at Standard Bank are overpaid. Yet presumably the execs at Capitec are not? Even though, as you yourself point out, Standard is a far more successful company than Capitec?

    2. Standard Bank are unethical in trimming costs from their operations, but at the same time you complain that they don’t care about their shareholders? Seriously? Maybe you want to rethink that argument?

    3. You are willing to accomodate bad service at Capitec because they are growing and there are so many people flocking to them. I look forward to the queues getting shorter at the other banks, when all the “100s of bankers” like you have left for Capitec.

    Strangely, you don’t mention what interest rate your comrades at Capitec are giving you on your R89k??? I shall presume that you are getting the Capitec savings interest rate of 4.75% (you could get a little more if you term deposit). Which is a tidy return.

    Except that you say you earned no interest at Standard, but their equivalent product offers a 4.0% return (with a potential extra 0.5%)? So clearly you can’t manage your own money.

    Christina, please let us know which bank you work for, because I want to make sure you don’t have any of my money. How can you trust someone to look after my wealth if they can’t even manage their own savings.

  119. Christina

    @ H
    Oh Dear me… what have we here
    a ghost of H

    excuse the pun even H in ghost is silent.

    pity all you can come up with is feeble “arguments”
    to contniue to lure & sway the readers & owners of this site.

    I never once informed anyone about any bad service I had recv’d at Capitec, you ghost of a human.

    Where they took around 1 hour to process my opening of my bank account – that is because they get to KNOW their client
    they get to scan the necessary docs and VERIFY the authenticity of FICA documents presented to them.

    Pity where you presume, becomes EXACTLY that!
    sure you have heard of to presume is to assume
    and once you assume you have made an a s s out of gHost

    If the gHost in you is capable of
    viewing this link :

    WHEREUPON I am sure Mr. “H” has half a brain to realize I am EARNING 6.20% P.A on my 6 months fixed term deposit.
    ps where the term is longer the RATE is HIGHER
    where the capital amount is HIGHER & TERM is LONGER
    the RATE is HIGHER, you gHost of a human.

    The audacity, cheek, nerve & complete unprofessionalism that it assumed I was earning around 4% or 4.75% what ever

    The audacity, cheek, nerve & complete unprofessionalism that it ASSUMED and from the onset called & labelled me
    a “communist banker” this against a complete stranger
    it knows nothing about me nor my political affiliation.

    YES I earned ZIP at STD bank would you care to reveal your
    face & identity so that I may grace you with a copy bank statements over 8 months on my business cheque account that EARNED ZIP ZERO ZERO interest, except all that STD Bank could render was to charge me their STD fees for running my business thru them. So that you will put your money where your mouth is, you gHost of a human.

    NOT EVEN A COURTESY CALL to ask their staff & client
    to come in to & compare their fixed term deposit offerings.

    Do you want to know why gHost
    it is because at STD bank business is too good that is why
    common decency such as courtesy calls is so lacking,
    they lack the human touch, they lack humanitarian values,
    in that they would rather foreclosure on their staff homes, the same staff they retrenched and locked into high bonds
    for over 15 years. Do you see gHost, they are even prepared
    to foreclose on the ex staff homes. and you want this to
    remain silent….

    Run along now, runners think it is safer to run & hide
    their shame, that this lack of leadership, misappropriation
    of company funds will not receive the appropriate exposure
    and that damages caused to a vast group of people and staff
    shall be awarded.

    On a much lighter FACT here are the rates
    at Capitec as at this hour 03DEC2010 :

    Fixed Term Savings Plan / Lump Sum Option

    Term 0–9999 10,000– 25,000– R100 000
    Mths) 24,999 99,999

    6mths 6.10% 6.15% 6.20% 6.25%
    7-12 6.15% 6.20% 6.25% 6.30%
    13-18 6.20% 6.25% 6.30% 6.35%
    19-24 6.50% 6.60% 6.70% 6.85%
    25-36 6.90% 7.00% 7.10% 7.20%
    37-48 7.20% 7.30% 7.40% 7.50%
    49-60 7.50% 7.60% 7.70% 8.00%

    PS I do not work for any bank
    I was recently retrenched from the STD Bank for automating
    their recon systems in their STANBIC Africa work environments. They do not appreciate recon automation,
    nor any JHB Head Office support for such systems.

    Hence taking them to task with SASBO and private admitted
    attorney so that our voices may be heard & represented on
    national & internal media and in labour courts.

    When you attack the livelihood of your work force of OVER 2,000 staff over Christmas period, all in the name of greed & kontant to fill your coffers, you are seen as NOTHING, ruthless, so that the circle of life continues.
    You shall now reap what you sow.
    People have the right to a mass exodus, to remove their business away from ruthless men, that prance around puffed
    up in their pride claiming how well they have performed
    whilst lack of leadership is RIFE at the STD bank.
    The directors go around blinding the masses with their trick marketing campaigns. The RATES SPEAK for themselves!
    Our blinkers are off – NO MORE BLINDING

    Be gone you gHost of an H.

  120. Firstly, I have no interest in how many people join Capitec, or flee Standard, or even start their own stokvel. What I do find interesting are the reasons behind such migrations.

    And, my apologies – I presumed that taking 1 hour to open an account is poor service. Mea culpa. (But then I forgot that you have a lot of time on your hands).

    The only thing your bank statement will prove is that you are comparing a cheque account at Standard with a fixed deposit at Capitec. A bit like comparing Dax with your average run-of-the-mill man. So no need to share them.

    By the way, have you compared the interest rates and fees charged by each of the institutions for credit products? You might be shocked to find out how much more expensive Capitec is than most banks when you want to borrow.

    Another important question – before deciding where to deposit your savings, presumably you considered the risk associated with entrusting your hard earned cash with a new bank? After all, in the past two years banks around the world have been going bust faster than a blind man at a slot-machine. Capitec after all will be using your R89,000 to lend to the credit hungry, and you would want to know that your savings are not at risk. So, perhaps you want to look at the Capitec bad debt rates – their loan impairments increased by 56% in the first ½ of this year at a time when the industry bad debt rates were improving. And this too at a time when interest rates were coming down. Hmmm… I’m sure they know what they are doing, even if they are paid less than their Standard Bank counterparts.

    Finally, Jacko Maree is one of our country’s foremost and supremely talented leaders. Cost-cutting is an unfortunate and unpleasant task. Yet I know that he doesn’t take cutting jobs lightly, but he is trying to manage a business that has seen revenues drop and costs soar.

  121. Christina

    Where @ H writes:
    “2. Standard Bank are unethical in trimming costs from their operations, but at the same time you complain that they don’t care about their shareholders? Seriously? Maybe you want to rethink that argument?”

    gHost your trimming costs means you have just given yourself away, that is your ploy, to blind others into thinking it was for the sake of STD costs that staff had to pay the price.
    Now the same rules shall apply to you.

    There is much food for thought on public below standard write-ups on FB.

    what a hypocrite H has become, what irony
    that I was false accused of being as “communists banker”
    when it is indeed the Chinese government that owns their banks, can you seeing who was trying to elude who ?

    Seriously H does not know this went down during the same week & month, the STD bank retrenched over 2,000 staff check this out and it gets better

    Guess who recently bought over 20% of STD Bank, right underneath the shareholders noses…
    in laymans mans terms they are “sleeping partners”.
    Turns out a certain bank by virtue of their afflation, indirectly SUPPORTS a government that does not even uphold or honour basic human rights, the right to choose one own Faith & practice one owns Faith PUBLICLY …. apparently all in the name of national security.


    last time (less than 3 months ago) a company removed Christian publications off their shelves… well there was a public outcry, much media deliberation & exposure on such company, so in order to save company image and save the shareholders value and restore their client base values – they immediately restocked the stores with Christian publications.

    As an keen reader of company marketing campaigns, company penetration & viewing evidence on how the public, which public segments supports which companies based on whether certain company values are in alignment with general client values.
    If that alignment is not in place, well the company & her shareholders suffer.

    So in my understanding where a company does not practice humanitarian values (sacks & attempts to retrench staff over the Christmas period, the same people it does not care about foreclosure of their bonded homes consequences) and “sleeps with” or aligns with the same mindset & governments as those that do not protect & uphold basic human rights to practice one’s own Faith, well the walls shall come crumbling down.

    If ones does not understand or see the correlation then you have indeed lost the pattern. A certain code of conduct. Any infringement on basic human rights is a gross violation. I indeed will have no alignment with such firms nor governments. Can’t explain my enlightment, He has just shaped and transformed me that way.

    some put their money where their mouth is ….

    there are NON so blind as those who will not see.
    See the patterns see the correlation, now you chose who you shall be supporting & bringing your business to.

    I have made my choice to remove my business & accounts from
    STD bank – as their color suggests ice cold blue bank.

  122. Christina

    where @ H writes:
    “Finally, Jacko Maree is one of our country’s foremost and supremely talented leaders. Cost-cutting is an unfortunate and unpleasant task. Yet I know that he doesn’t take cutting jobs lightly, but he is trying to manage a business that has seen revenues drop and costs soar.”

    Hypocrite Jacko is not 1 of the country foremost talented leaders that is your personal opinion.
    he has become a multimillionarire at the cost of his staff and clients paying the higest banking fees in this country.

    This is not the first accolade revealing the bank’s successful growth this year. In March 2010, Credit Suisse named Capitec Bank as one of the ‘27 Great Brands of Tomorrow’, the only African brand to be included in the international report.

    ‎2007: Maree earned R4.5 million rand in basic pay for a total of R18.6M incl. bonus & pension.
    2008: Maree received a basic salary of R4.6 million plus a bonus of 8,5MZAR, along with pension contributions & benefits gave him a total salary of R14.1M for 2008
    2009: Standard Bank’s OUTGOING chairman, Derek Cooper, got R7,…5M golden handshake. No mention of the current CEOs renumeration for 2009 even in their annual report!!All this while the performance of the bank has been deteriorating to the point where these fatcats are ready to retrench but not ready to sacrifice their obscene bonuses.
    May there be an outcry from their client base & share holders by virtue of removing their business elsewhere.

    How is it that he is incapable of taking a pay rate cut alongside all his others vast directors – aagh shame it is just the clients paying their obscene bonuses.

    We are going to paint the town red when this fatcat is sacked from his post.

  123. Christina

    South Africa’s retail banks relieved their customers of $7bn in transactional fees. This astonishing figure (that excluded interest charges) represented an average of 1/3 of each bank’s total income. Nowhere else on earth are banks allowed to earn as much in fees, and it accounts for South African banks’ attractiv…eness to foreign buyers. UK-based Barclays Bank paid $5.5bn for a controlling interest in Absa, South Africa’s biggest commercial bank, no doubt drawn by its incredible profitability thanks to fees income that in good years contributed nearly 40% of the bank’s revenue.

    Not long afterwards, Standard Bank was able to sell off a 20% stake for $5.5bn to the Industrial and Commercial Bank of China on the same premise. In South Africa banks are able to charge their customers a bewildering and extensive range of fees and costs. While UK banks are moving towards free banking as more and more costs are shed, the South African banking sector is heading in the opposite direction.
    What to do about the overcharging is the big question, as the ‘big four’ together control 90% of the retail market. “Banks have the ability to abuse their market power,” the SACC noted.

    The commission makes 28 recommendations to lower the cost of banking, to make financial institutions more accessible to the poor and to open the industry to competition from smaller players.

    The most sweeping recommendation urges a new, independent and objective regulatory authority to be established to set interbank fees. These represent a big part of the cost to small-scale bank clients.;+An+official+enquiry+into+bank+fees…-a0183867288

    Read & get yourself INFORMED

  124. Christina

    Standard Bank has the highest profit before tax of any of the international banks operating in Africa, with the exception of its former parent, Standard Chartered (see graphic). At R36bn, it has the largest loan book in the rest of Africa, with the exception of Barclays, at R43bn.…160


    hence STD Bank is just not worth the risks and plight they have put the client base & shareholders at – whilst they cream off higest paid directorship annual bonuses & so called performance bonuses. their greed has back fired!!!

  125. Christina

    Not long afterwards, Standard Bank was able to sell off a 20% stake for $5.5bn to the Industrial and Commercial Bank of China Industrial and Commercial Bank of China (ICBC) (Simplified Chinese: 中国工商银行; Traditional Chinese: on the same premise.)

    In South Africa banks are able to charge their customers a bewildering bewildering and extensive HIGEST range of fees and costs. While UK banks are moving towards free banking as more and more costs are shed, the South African banking sector is heading in the opposite direction.

  126. Christina

    SSssh hush now – what STD not want the public & her client base to know

  127. Actually Jacko’s standing is not only my personal opinion, like you I can dig up internet references – rated by the FT as one of the Top 50 emerging market business leaders. yada yada yada.

    And in fact his remuneration pales in comparison to the R45 million paid to Sizwe Nxasana of FirstRand.

    I don’t doubt that Capitec is a great brand, and that Riaan Stassen is a great leader.

    What I don’t buy is the rhetoric that Capitec are the saviours of banking and the doyens of consumer friendliness. Capitec was a loan sharking business that has rapidly turned into a bank over the past few years. Massive kudos to Riaan and his team, but get real, there is no real difference between them and other banks.

  128. Christina

    FOOL – that is the only way you blind others
    in your ploy that we should all live off credit cards!

    I do not want to borrow – when there is a far more cost effective means of SAVINGS and generating revenue to assist clients.

    “By the way, have you compared the interest rates and fees charged by each of the institutions for credit products? You might be shocked to find out how much more expensive Capitec is than most banks when you want to borrow.”

    DONT LIVE BEYOND your means, cut your cloth according to your size, nurture GROW your niche but not at the cost of charging for servicing bank clients at the HIGHEST bank fees in the world. I am not here to do your homework.

  129. Christina

    Their greed is back firing and the gHost still eludes others carrying a book of ZAR36 BILLION is managable.

    You are a joke and obvisosuly have not studied your history on great depressions.

    Thanks but no thanks I will stick with those who PAY the
    higest rates on deposits as it instills a culture of savings and a vote of confidence to save for a rainy days.

    Cash is KING – credit is DOOM.

    You are doomed.

    Standard Bank has the highest profit before tax of any of the international banks operating in Africa, with the exception of its former parent, Standard Chartered (see graphic). At R36bn, it has the largest loan book in the rest of Africa, with the exception of Barclays, at R43bn.…160


    hence STD Bank is just not worth the risks and plight they have put the client base & shareholders at – whilst they cream off higest paid directorship annual bonuses & so called performance bonuses. their greed has back fired!!!

  130. Christina


    But never has the bank slogan “moving forward” appeared less appropriate — at least not since CEO Jacko Maree and his team, predominantly with a merchant banking background, took up office 11 years ago. Few, until a month ago, would have doubted that Standard Bank deserved the description “blue chip”.

    The top bank, with a market capitalisation of R166bn, Standard is going through more introspection now than when it mobilised against a 1999 hostile takeover by rival Nedcor.

    In September this year, at its budget planning meeting, management was jolted into action by the leap in the cost- to-income ratio which has risen from 49% to 58% over the past two years. “It was not difficult to work out that if we kept things as they were, it would hit 60%,” says Tshabalala. “To give you a better idea of why we were concerned, at a 58% ratio, we’re earning a return on equity of 13,5%, which is below our cost of capital.”

  131. Christina

    extra extra read all about STD bank


    In Capitec’s case you get one share at R125 for every 10 you hold, and the company will receive a R1bn capital injection.

    With a market capitalisation of R12.6bn, Capitec is still off the radar of many institutional investors, with just 11 asset managers holding the share at the end of the last reported quarter.

    It says a lot about private investor belief in the company that the share has been able to command a price to earnings multiple in the high teens and early twenties for the last two-and-a-half years at a time when many other small cap shares were marked down.

    A GROWING & DEBT FREE Capitec with another billion in capital and increased liquidity in the counter could begin to justify this rating for longer.

    At a time when the market is looking tough to call, especially going into the festive season, Capitec presents a decent opportunity through this rights issue to get in on the long-term growth story ofered by this counter

  132. Christina


    FROM darling ice cold blue bank to ….

  133. Christina

    OH dear oh fear it got worst into 2010

    when companies & the so called super star CEO CAN NOT even outperform the JSE OVERALL index.

    and now they should be paid performance bonuses at the cost of their client base & retrenched staff.

    the ice at blue bank is melting faster than you think…

  134. Christina

    oh dear mates of mates

    ya see when their greed back fires it gets all blow up in their faces.

  135. Christina

    According to Larsen, various share options in terms of share-incentive schemes have been awarded over the years to Maree, who has been chief executive since 1999.

    In 2009, when there were no profits, Maree did not exercise any options.

    An amount of R6.6m was entered as an expense on the income statement in terms of international IFRS accounting standards. Maree did not receive that amount that year.

    If this amount is added to Maree’s basic pay, his remuneration could have been R12.5m. This highlights the problem that arises with share options, in that annual reports DO NOT CLEARLY INDICATE HOW AND WHEN OPTIONS ARE INDEED EXERCISED.

    The exercise of options depends on various factors, such as a share price increase and the share’s initial price, which must be deducted from the selling price. If the share price is lower than the issue price, it’s an expense to the company.

    In 2009 Maree did not receive a bonus after having received a R8.5m bonus in 2008. The cash portion of his remuneration package that year was R4.5m and his benefits and pension scheme contributions R273 000 and R745 000 respectively, bringing the total package to R14m.

    According to Larsen, a deferred bonus of R2.5m was payable to Maree in March 2009. Had he received this, it would have been indicated as such in his remuneration package for the year.

    Maree exercised no share options in 2008. A total of R6.4m was noted AS AN EXPENSE……
    If this were added to his 2008 remuneration, he MIGHT HAVE EARNED R23m.

    I think he has sponged off the client base and share holder base more than required. What does the client base say?

    or would you feed him until he pops?

  136. Christina


    China’s attitude of progress above all else, above Human rights, above equity , or pain common decadency.

    Should like every other such injustice of the past or present, have no place in Africa, let only South Africa. China is running out of space and clean water due to their lack of care. let them figure out how to fix their own mess rather than dumping their inappropriate and harmful, mining , farming , and economic practices upon nations who have more than enough of their own atrocities to deal with.

    Down with greedy directors & the worlds it is killing in the name of progress, money and power.

    A few days later, in Luanda, the journalists get some context for what they’ve been told. A mine-clearance official from a Norwegian agency confirms the total indifference of Chinese labourers to landmines, saying: “We’ve got over 2 million Angolans living next to more than 3,000 areas that we know are mined. And those areas are just the ones we know about. One day I came across a crew of Chinese workers, who were firing up their machines right in among the little red marker stones that identify a minefield. I pointed to the stones and told them what they meant. They didn’t care. They just shrugged their shoulders and got on with the job.”

    A Chinese diplomat in Luanda explains to the journalists the reason: “They’re just not scared of dying. They know that if anything happens to them, their families will be handsomely compensated. These men are not afraid of sacrifice.” The diplomat added that the family of the victim they’d heard about on the Lobito road would receive $44,000, a huge figure for people from rural China.

    So what is the story symbolic of? On the surface, it’s obviously to do with the fact that Chinese workers are not at all like workers from the West (if there still is such a thing in Africa). To the Chinese, long hours and dangerous conditions mean comparatively little; they appear to place their projects – and their communities – before themselves. Second, they do have something in common with their colonial predecessors – a tendency to let the local population do the heavy lifting (taking the mechanised diggers while the Angolans take the shovels, for instance). Third, and perhaps most symbolically, there’s the building of infrastructure in areas that have been neglected for decades. The trench, as Michel and Beuret make clear, was being dug for a fibre-optic cable that would run between the Angolan towns of Benguela and Lubango. The workers were employees of Huawei, the Chinese telecom giant.

    As if to reinforce the words of Ayittey, just last week a story of Chinese atrocities surfaced in the Zambian press. On Friday 15 October an entity known as the Zambian Watchdog reported that 11 miners and an onlooker had been shot and seriously wounded by Chinese nationals at the Collum Coal Mine in Sinazongwe district in Zambia’s Southern Province. Apparently, the miners were shot while presenting a list of grievances to Chinese managers. Commenting on the report, the Africa Review – an outlet of the Nation Media Group in Kenya – observed that it wasn’t the first incident in Zambia this year: “A few months ago, local workers at a Chinese-owned copper mine went on strike demanding better working conditions. The strike turned into a riot with reports of a Chinese manager firing at the crowd and injuring people.”

    In such a context, does Africa need China? Maybe; the jury’s still out as to what legacy the Asian giant will leave. But the real issue, is why China needs Africa more.

    Meanwhile, in another report, Standard Bank Group Ltd. announced a memorandum of understanding with Industrial & Commercial Bank of China Ltd.
    China’s largest lender, which owns a minority stake in Standard Bank, to promote nuclear cooperation between the countries, according to a South African government statement. The two banks are working with China Guangdong Nuclear Power Co. to engage with the Chinese and South African governments, the statement said.

  137. Wow, I can see why they fired you

  138. Christina

    no you foolish H

    I won a lottery, hence have so much time on my hands.

    why is my time an issue with you, I got all the time in the world to forewarn others of your kind.

    our blinkers are off, go blind some1 else

    Pity you do not see the correlation
    has all your kontant blinded you
    made you like a gHost.

    some see the correlations in history & did act upon
    ruthless men who chase after money as if it were they god.

    carry on supporting the corruption price fixing around you
    it has kept your machine well oiled.

    all in the name of those who violate human rights,
    who live life supporting injustices like fixed banking
    prices, supporting others for building nuclear plants
    in South Africa, who support, those that ban populations
    from practicing their Christian Faith.

    We do not welcome or want them here.

  139. Christina

    Run along now, just as runners do

    sponging off the client base, filling their coffers
    and bank accounts at the cost of South Africans paying
    them the HIGHEST banking fees ETC ETC

    What has compounded Zuma’s & his government is THE FACT that South Africa has the highest number of HIV infections in the WORLD – more than five million people, and a government that advocates HIV prevention – by preaching regular condom us
    and faithfulness to one partner. The president’s behaviour CONTRADICTS the not only common sense and decency, but undermines the South African government’s stance on its official HIV/Aids campaigns.

    In addition, Zuma’s actions protray a collective DISREGARD for the continent of Africa’s moral integrity as well as suggest that corruption, theft, elections fraud, lawlessness, abuse of power and political instabilities are not just the only serious problems the continent has, but that its leaderships have problems with common decency and common sense.

    President Zuma’s action shows that South Africa would have been far better today than a “free” South Africa where a
    HIGH SCHOOL DROP-OUT like him can caricature a national leadership. The South African presidency is more of a regional leadership, given the influence and advancement of the country in southern Africa. As such, a president of South Africa should be a person of average intellectualism and acceptable dignity – something that the semi-illiterate Zuma lacks at every level including transparency.

    RESPECT for the institution of marriage & decent family life are the hallmark of a decisive, significant and intelligent leadership.

    Apparently, the South African presidency and people have missed this mark by electing a philanderer as president.

    One will only hope that the ANC of today will transcend blackness and IGNORANCE by RETURNING to the integrity and standard set by Nelson Mandela in a post Zuma’s era of international shame and ridicule.

    CAN YOU ACTUALLY SEE where I am coming from

    Run along now supporting those that have added to the
    unemployment rate in this country so that you too
    may face the same wrath of that which you have actioned
    against others.

  140. Christina

    old Jacko ranked 16th amongst his old club boys
    the so called super star CEO who is losing his “midas touch”

    run along now you need to keep their machines well oiled
    carrying on taking your business to inflate their coffers.

  141. Christina


    take your nuclear power plants and shove them
    far down your allies. A certain bank suckered you for
    R5.5billion – you are not in the limelight today
    or ever until you get your households in order.

    sorry STD bank it is OUT !

    as in out with the old and in with the NEW
    youngest bank in town –

    You chose red in your banking brand logo
    Red for Russians

    (some how the red in the Chinese is not the red what the world opted for – are you still wondering why, maybe
    their Faith in how you have blinded your populations holds the key)

    CAPITEC we are with you all the way.

  142. Ok, Christina, thanks for the feedback but I think that’s enough now.

  143. Danny De Vito

    Phew Chris – I absolutely agree with everything you say here.

    Who would have thought that where you were labelled
    a communist banker turns out that China get the boot

    and Russia takes the cake.
    Yes we all know that Russians gave up the communists ideologies years ago – only if you have DSTV would you
    be able to see how Russians began to prosper.

    Nobody wants to deal with those sleeping partners
    that advocate building nuclear plants in South Africa.
    These idiots are years behind they can not even reach
    common ground saving mother Earth no lets pollute sommer
    in SA.

    I have throughly enjoyed your correlations, makes
    perfect sense to boot out greedy directors that have just
    sponged off the general public for far too long.
    In all in the name of saving their skins boot out the
    work force but keep the internal lechers.
    I think that is how you spell people to such blood out of their client base and share holder value.

    Time to boot out the old ice cold blue standart
    and in with new technologists & new bankers that
    are prepared to stand up against this old regime.

    I am loving it – please do not be dishearten
    please show us more correlations more similarities
    where banks have failed their communities.

    I for one closed our business corporate account with Standard Bank & opened a further 145 accounts for my labors.
    it took us three days, however my staff love me for going this extra mile with them.
    We were horrified to hear how some of their Zambian family members were defrauded at the Zambian STANBIC ATMs.

    We know they have lost the plot with banking outside of SA.

    Pity too many South Africans still wear blinkers being blinded by their own bankers , as standard banks profiteers from their customers from all walks of life for doing the bear minimum of any banking service.

    The whole Africa debacle and exposure into 15 African countries is going to hit them the hardest.

    I just feel sorry for the masses that have been blinded by the standard bank directors (was told 12 directors hold posts in the credit dept alone at JHB Head Office Simmonds street, how come they were not shown the street, are they owing the bank too much debt in order to be fired?)
    it is a crying shame they still hold their posts.

    Capitec we wish you much success, continue to grow
    South Africa is behind you.

  144. This is funnier than anything I have read in ages!

  145. Christina

    oh no the gHost is laughing at himself cause he can’t find correlations; guess who the joke is on;

    Thanks Danny, you look nothing like de Vito
    sssh they can’t appreciate beauties like you with brains

    what on DSTV is far more hilarious.
    Buenas Noches

  146. where was I with all of this happening.

    @ H, some mistakes you made.

    Capitec does not offer a cheque account, therefore you can not compare the product. However, STD other saving options are not much better with regards to the interest earned and the banking charges are FAR higher than Capitec.

    Please also note that

  147. where was I with all of this happening.

    @ H, some mistakes you made.

    Capitec does not offer a cheque account, therefore you can not compare the product. However, STD other saving options are not much better with regards to the interest earned and the banking charges are FAR higher than Capitec.

    Please also note that you can not compare term deposits with Capitecs savings account. Capitecs savings account gives you access to your money and allows you to save as well. Std bank does not offer anything similiar, if they do, please point it out. I think that the general problem most people have is that when they put money into STD bank, and all they want is a place to store money and they can access it, they will have less money that they can access than what they put in.

    With Capitec I put in my salary and at the end of the month, despite having used the account often, I still get more than what I put in, via the interest and the low banking charges.

    yes, I would agree that I would never take a loan from Capitec, but then again I would never take a loan from standard either. Both loans are rip offs.

    and regarding their loan business, you should note that indeed the amount of arrear (note, not bad debt, but arrears) have gone up 7% since last year and more than that between 2008 and 2009, but it is also nice to note that the provision for that bad debt exceeds it by a considerable amount, therefore making much better debt relations than the big banks have.

    And has it changed the scene of banking, of course it has, where else is there a bank wherein you can put out money, and actually SAVE money in that account and get interest so that you have more left over after a month. Besides fixed deposits of course.

    Answer, no where.

    Where can you get banking charges so low that your interest more than covers it?

    Where can you get easy access to your money without being charged an arm and a leg for YOUR OWN money…

    Lastly, what other bank only charges you for the transaction, not the amount, ie, forgoes that rip off of charging you and intital fee and then a set amount per R100 that you use…

    Plus you don’t have to maintain a miminal amount and you don’t get interest with plus plan etc…

    do I need to go on.

    @ Christina, illuminating, but way too much info, its a fine line to be drawn between being informed and been a conspiracy theorist, rather gradually draw us in that the information bombardment, also, reacting angrily to criticizm make you lose credibility in our eyes.

  148. Christina

    Cheque accounts are being eased out, banking community far more appreciates EFTs as offered on DEBIT cards;

    to the left to the left everything u own in a box,
    to the left cause replacing u was so easy

    My Capitec DEBIT card & its debit facilities
    (you know when you swipe your debit card at retailers bling)
    far better than carrying ur ama cheque book.

    Please stop trying to lure clients & general public
    Ur ama English is misleading…

    All bank charges ARE THE HIGHEST on ANY DEBIT cards held
    at ALL other banks, other than Capitec.

    Some of us savers are against credit cards cause that is the primary reason for banks staying afloat.
    NOTICE the word afloat….

    All other banks in SA,
    other than Capitec, Sponge & Leech off the public & their clients as far as bank charges on DEBIT CARDS are concerned.
    It is called price fixing on bank charges.

    (Strange how bread price fixing, as recent as this last week,
    was deemed unconstitutional, yet these conglomerates
    claim it is their bread that they general public MUST pay.
    Their price fixing days ARE OVER – adiós!!!)

    SO SO glad that my blinkers are off.
    STD bank go blind some1 else.

    There is only 1 bank in SA who is prepared to stand out, stand above the other 4 “major” SA banks,
    the bank’s name is Capitec.

    DO NOT TRY PREACHIng to me on credit cards –
    Rather educate public to live within their means, cut your cloth according to your size.

    Cash is KING
    Credit is doom, because of the crippling effect it has on households purchasing power.

    So I am going to sit in the households of Kings.

    Thanks Danny for your kind words showing almal
    that STD’s sleeping partner China is OUT OUT
    as FIFA announces Russia to host World Cup for 2018.

    It is by high time general public and South Africans
    come to terms with that China needs Africa.
    On our terms my china

  149. Christina

    who me “reacting angrily to criticizm make you lose credibility in our eyes.”

    NO ways I am smiling all the way to my preferred bank.

    Do not have time for price fixing banks, if you deemed that as me reacting angrily well… that becomes your view.

    “conspiracy theorist” who me….???
    no I just pay attention to who “sleeping partners” are.
    But do take your time reading & getting yourself informed
    cause IGNORANCE costs more at the end of each day.

  150. Ive been with Capitec Bank for +- 10 years – I moved from ABSA – Best decision I ever made – very low bank charges.They are always so helpful. They also do 1 month loans with extremely low interest rates

  151. rhulani kubayi

    Couldn’t believe my eyes when I stumbled upon this. Been with Capitec for almost a year now. Switched over from Std Bank. Best financial decision I’ve ever made. Here’s is a bank that allows me to keep more of the money I earn. They even pay me for keeping money in my account. Been doing free marketing for them ever since. I guess it’s time South Africans to punish non-performing banks and switch to the Capitec side of life. There’s more transparency and fairness there. We should do the same with our politics – politicians must be accountable, or else we ditch them and vote for those that seem well-meaning and credible.

  152. Justin

    Well said Rhulani!

  153. Standard Bank Vehicle Finance the most pathetic bunch you could come across! Been with Standard for 30 years now. Completed online vehicle finance form, wouldn’t go through when attempting to submit – tried and tried and tried… eventually the form just disappeared. Phoned 6 pass-me-on numbers in Pretoria, Johannesburg, Durban (I live in Durban), back to Johannesburg and so on. Still no help. They have just lost a customer on a new vehicle deal! @$#%& $%@!^&$*

  154. I do agree with standardbank at the moment and my mothly fees are R 350 -R550 A MONTH THAT IS ROBBERY.

  155. I was 25 years by Standard bank and the last 2 years it was a discrase to even go into the bank the servise was k..k and monthly charges was more that we had in the bank (so to say) you stand in a que for hrs.My wife and I changed to Capitec +-6month ago and now you go into the bank and within 5 min you finnish and of you go also we are saving lots on charges.

  156. Deborah

    I’m a Capitec client and very happy. I’m going overseas in June and hoping to take my debit card. However, I was surprised to find after several emails that staff are quite unknowledgeable about the fees they charge!

    I know its R4.75 per overseas debit card transaction and R35 for an ATM withdrawal, but there has to be a foreign exchange fee as well, surely? EVERY other card (visa/mastercard/maestro) does and i can’t understand why their staff don’t know what their’s is. Just don’t want to be hit with the extra bill by surprise. I just want to compare money options and choose the best deal!

    For some background, my discovery credit card (visa) charges 1% plus R26 on overseas ATM withdrawals and 2.75% on credit card purchases, which they call a “foreign currency conversion fee”. They also must use a higher exchange rate than anyone else cos i never get the same rand amount when i calculate my overseas internet purchases based on the purported fees!

    Anyway, has anyone ever used a Capitec debit card overseas – and what is the currency conversion fee?

    Your help would be appreciated!

  157. Richelle

    I am currently with Nedbank – and what a disaster!!!! It feels like I have a bomb inside of me, waiting to explode! Never in my life had I had such bad service! The banking costs are so high, and everytime I want to deposit money at the ATM there are NEVER envelopes or the deposit opsion does not display on the screen. ALWAYS just problems, problems, problems!!!! They even charge R110.00 if a debit order does not go through!! It is rediculous! I heard about Capitec from my friends at work. So I wanted to check on the websites for more information about Capitec. Was even considering Standard Bank! Now that I went through all your posts, I have no doubts! I am moving all my banking to Capitec! Thank you everyone!

  158. Shona

    Hi, visited the link Graeme posted April 21st 2009: result was ‘page no longer exists’ and redirects to a site sponsored by Nedbank! Help, thanks.

  159. My son has been with Capitec for sometime now and is very happy with the service. He boasts a R200-R300 saving on fees etc, compared to his previous Bank. I have just gone on pension and am in the process of opening a Capitec account. My friend is with Standard and complains all the time with their fees. As a person with little income, she really suffers with Standard’s ridiculous fees. She will be migrating to Capitec shortly.

  160. Themba

    The charges are low and i also recommend drawing my money from retailers(Pick n Pay)but can you please put more ATM’s on all SOWETO shopping complexes and other Townships,so that we can enjoy our zero fees to the fullest…

    best regards

    Themba Jiyane

  161. Justin

    Themba, its not zero fees, they do charge for most things, just much , MUCH lower than the other banks. Atms are more expensive than shopping centers.

  162. rhulani kubayi

    Themba, you don’t need cash at all. just swipe your card when you buy stuff. there’s no charge for that. its’ free. and the interests are very good if you keep money in your savings accounts. it’s a decent 6%, or even more in some cases. used to get less than 3% for keeping money in my 32-day notice account with Std bank. I’ve seen the light now and am getting to keep more of the money I earn. what’s more, I get charged R3.75 for returned debits, as opposed to the 145.00 that I used to get charged by Std bank for any returned debit. being in the business sector I’m in (consulting – where payments from clients don’t usually come on time), I got charged a whopping 2 500 one month by Std bank for returned debits. talk about stealing money from poor people! all in the name of teaching us to be financially-responsible. switch to capitec and get to keep more of the money you earn. no sense in allowing some smooth talking bankers to swindle you of your hard-earned money.

  163. Pholisa

    I have recently changed from standard bank to capitec. I must say I am very happy with everything. I don’t believe I pay less than R50 on monthly fees and transactionaly fees, let alone only paying R1 when you withdraw from Shoprite,Spar.

  164. mohammed

    here’s my story, 05/07/2011
    Card no. 5104 3232 4003 5790 for Mohammed Ebrahim ID No. 801221 5087 088
    As I have opened a cheque account last year @ standard bank Keywest in Krugersdorp, I’ve been offered a credit card, I’m not exactly sure if it was offered telephonically or by a consultant who conned me over the phone. I do have an Edgars credit card but I just accepted the offer on the fact that I was informed of the ANNUAL / YEARLY service fee of R40 as in last year’s rates. I never actually swiped the card ever since I received it, I only accepted cell c put a debit order on the card twice or so which amount to R900 & some odd rands. As a result of this of not using this card, I never bothered to look @ my statements. I just recall having a look at my first statement where I noticed been charged the initiation fee & the service fee of R40 which I was told that the R40 is an annual fee. I’ve got two documents that states the service fee as been Annual & not monthly & your 2010 pricing does not mention any monthly fee for accelerate credit cards. It’s only stipulated on your 2011 pricing guide which has not concerned me as I accepted this ridiculous offer in 2010 where I was lied to and told it’s a yearly fee.
    According to your pricing guide of 2010, there’s no mention of the ridiculous con accelerated credit card which are suppose to be for beginners like myself. The annual service fee for platinum card holders (who are probably multi millionaires) is stipulated at R495. If you at standard bank con beginners to sign up for an accelerated credit card for R40 as in last year’s pricing (R42 for this year’s pricing), a beginner would pay R480 a year & person who’s high up there, probably a millionaire would pay R495, R15 less than a beginner. Where is the logic in this?
    I accepted this offer on the fact that I was not told of the service fee of R40 per month, had I been told this I’d never would have accepted this ridiculous offer in this lifetime & not in the next 2 million lifetimes, I have been conned into this & I will refuse to pay what I was not clearly informed about. I refuse to pay all those fees & kindly request it to be reversed so I can settle the amount and have that ridiculous non logical credit card cancelled as soon as possible.
    The amount I require to be reversed is R40 for Sep, Oct, Nov, Dec = R40 * 4 = R160
    R42 * 7 (Jan – July) = R294, less agreed annual fee of R40 === R414 + interest charged to me on this ridiculous conned amounts. R160 + R294 – R40 = R414 + interest charged to me.
    If the above request is not fulfilled, firstly I will not pay the outstanding amount of R688, this matter can go further & I fax to you the agreement where ANNUAL service fee is mentioned & NOT MONTHLY. Secondly I will withdraw & cancel my cheque account where you are benefitting by charging me R99 a month & will inform every potential person wanting to open an account to stay away & not go near standard bank as the STAFF that works there are trained to con people in making the rich richer & the poor poorer(platinum-R495, accelerate-R480, gold gold gold-R263). The choice is yours, you can lose R414 + interest instantly or you can lose R688 + R99 a month (loosing me as a client) and have bad publicity. Please contact me on 083 435 1657 regarding this matter.

    i’m probably also changing to capitec, its probably for the best

  165. Kacho

    If you want a bank that sucks try NEDBANK!

    With this business of nationalising banks and seizing of white owned assets I asked them what they are doing to protect my money and they said they don’t talk politics and don’t feel like they owe me any explanation.

    So they are actively prohibiting me from making informed decisions about my money and are assisting the government to seize your money.

    Take your money and run if you are with NEDBANK they will stab you in the back.



  167. Makhosazana

    I’ve been with capitec for more than 5 years now, had some loans and paid them off in full, then I stopped usingh the account until december 2010 when I received my tax returns. I was a happy chappy until last week when I went to capitec Vosloorus to query few things. I found out that I was handed over to lawyers for what I don’t know, even the consultant and the supervisor couldn’t tell me for what I was handed over for! I mean its very embarassing and yet disgusting to find out that your name is in dirt for something you don’t know! My salary gets deposited into capitec on monthly basis, infact my husband and kids have bank accounts therer too. I’ve never received form of correspondence whatsoever regarding the so called money that I was handed over for. I need someone superior from capited to contact me and resolve this asap before I do what others do and take them to speak out and my lawyers and this is not a threat! I’m so disappointed and maybe that’s the reason why I can’t get a home loan due to their stupidy, lack of communication and laziness.

  168. Justin

    that is bad, hopefully you’ll get some news from them, they must inform you before they can hand you over, or you can sue them for defamation.

  169. guys i have been reading the coments from 2009 and 2morow im going 2 change my salary from Fnb to Capitec, i should have done it back in march wen my brother got retrenched and he was owing R40000.00 for his car & they wanted 2 reposes it. I went 2 Fnb my bank 4rom 2003 i explained my situation 2 fnb they told me that they can only offer me R15000, same day i went 2 capitec and they offered R37000. From 2morow my salary will go to my number1 bank CAPITEC BANK.

  170. Justin

    Just make sure you can cover the repayments. Capitec loans repayments are extremely high.

  171. thought i’d add my 2c about std bank. 4 months ago i signed some papers for poa on my gran’s account as she was ill and i had to do her banking for her. i just found out that those papers went missing and std bsnk claims they didn’t exist. a week before i found out i went to withdraw money from my bank account only to be told that my signature wasn’t on the system. i’ve had that account for 10 years and 4 months after i sign papers that vanish, my signature is suddenly missing? i also had problems with the same branch twice before about my credit card where they didn’t even know which branch had it. i have already started the process of closing my accounts with standard bank.
    incidentally my bf had a credit card with standard bank (he closed it), it was used in fraud. std bank claimed that he wasn’t careful enough with his pin. thing is, he NEVER used his card in store, not even online, only to draw from the atm. they continued to charge him for the budget facility that was used in the fraud.

  172. Melkman

    I have been with Capitec for a year now. After sampling all four of the previous main courses, I have now arrived at dessert.

    As mentioned already their fees are low and it is simple to use. I still have my internet banking, which I in fact believe to be MORE secure than the other banks, and can carry on like normal. I kid you not, my bank charges at one stage use to be about R1,500 per month (multiple bank accounts), now I pay less than R100 per month (ok some better habits from my side as well).

    It’s so great to finally have a bank where everything just works. No fancy promises and gizmos. It just WORKS!!!

    Maybe not all the time… I have to be honest, a couple of months ago my tag (to logg into internet banking) failed. I took me 2 hours at the branch to get it sorted out, with initially not the call centre or bank staff being able to help. After the two hours they eventually issued me a new tag, at no cost to myself, and I was on my way again.

    So to summarise; in the last year I have spent 2 hours at the bank. In the past I probably spent about 30 minutes a month in the bank for one or other simple reason.

    I am VERY happy indeed, and have absolutely no plans to change banks again any time in the near future…

  173. rhulani kubayi

    Sure thing Melkman! I’ve been doing free marketing for Capitec for more than a year now. I’m still pissed off with the other banks. The attitude is just wrong. Why steal money from poor people? As long as they carry on doing that, I’ll happily do free marketing for Capitec. Hopefully South Africans will soon realize the wisdom of saving money and switch en masse to the Capitec side of life.

  174. I changed from FNB to Capitec six months ago and have nothing but praise for them. The service is outstanding… thank you Capitec for making a difference, as evidenced by all these posts!!
    Please launch a credit card soon….I still have my FNB card and they’re still up to their usual tricks, freezing my account for no reason without telling me and then charging me to re-activate it.
    Remember the good old days when people robbed banks… not the other way around…

  175. No one in their right mind will choose to stay with banks like fnb, standard bank, absa or nedbank! In todays age of technology u need to be MAD to be with this banks. I was with FNB when they charged me R110 when a debit order of R35 couldnt go through!

  176. Capitec Bank is the way to go! I dnt think that everyone know that CAPITEC is actually the front runner leading the banking sector in South Africa! I just wish that they would start homeloan and vehicle finance! Also be 1st to cancel initiation

  177. Jan Wouters

    Capitec seems to be a winner here… but as I travel a lot, a bank without credit card facilities, is just not an option. Hope this will change in the future.

  178. Jan Wouters

    Does Christina get enough sex?

  179. Christina

    Who gives a shit about Jan Wouters
    Just as he has shown disrespect against a complete stranger
    so what goes around comes around.

    Since when has sex got to do with anything banking you sic individual, when you can not come up with viable solution you revert to what occupies your pee brain – sex

    my sexual orientation and frequency has f all to do with you sicko Jan Wouters – go get a life. Whilst you are at it continue allowing your bank to rip you off with their highest banking charges. Stay with you blinkers on.

    Global international banks have learnt to steer away from charging highest banking fees against their client base, South Africans still have a long way to go before removing their business away from leeching bankers. I could reveal vast studies and transcripts of what cause large banking groups to change their modis operandi but spoon feeding days are over. History will teach you otherwise. Adios amigos Stay clear of allowing banks to rip your consumer rights into the ground. cartel days and price fixing got blown sky high into oblivion but so long as you support them they will continue to milk you dry.
    proudly South African, proudly woman, proudly anti banking price fixing charges, read their yearly after tax profits and where and how this years ZAR5,9 billion after tax profits were distributed to the remaining directors and their newly largest Chinese shareholder, after they retrenched over 2,000 of their staff all in the name of operational costs, acting as “responsible banking group” but the day shall come when they in turn shall be removed from their blinding thieving price fixing conduct posts. Hasta la vista Christina

  180. @ Jan Wouters, apparently not, but you should also realise that Capitec’s global one card is international, you can access your cash funds anywhere in the world.

    I know its R4.75 per overseas debit card transaction and R35 for an ATM withdrawal.

    Not sure if their is an additional foreign exchange fee, but I doubt it, as it is a simple formula to put in so that your rand is converted to $ or whatever. It would go against what Capitec general does, which is not to charge for a a simple formula or add on extra charges where the amounts differ, eg additional 99c for every one hundred rand when it is the same administration costs

  181. Oh yes, and I forgot to mention that an international point of sale transaction is also free. So there may be no need to lose money to at the foreign exchange, just take your card. I could be wrong it would be nice if one of the capitec staff here can clarify the international aspect of the global one card

    @Christina, Jan actually spoke in favour of Capitec, except for its lack of credit card, but why use a credit card and get into debt…

    Also, he did not question your sexual orientation, just whether you were getting any… Inappropriate, but I think it is based on your overwhelming responses… point in case.

  182. Christina

    Hiya @Justin
    You are a beaut of a man!
    Thanks for your latest update on confirming “that Capitec’s global one card is international, you can access your cash funds anywhere in the world.

    I know its R4.75 per overseas debit card transaction and R35 for an ATM withdrawal.”

    as far as I am concerned when a tiny no brainer like @Jan Wouters starts to insult women in general, actual women who are strangers to this “man” and resorts to his sic one liner of sex – one just realizes that he has lost the plot, he deserves no respect and is a loser in just about everything he does including his banking.

    Not nice to deliver insult for insult but come to think of it, that is the only way some folk register their conduct and mentality when you feed them their own medicine. Yeap sic people need a doctor and certain medication. LOL

    Stay smiling savvy bankers, cut your cloth according to your size (not the naked emperors BS). I am with savvy Capitec, who has and continues to cultivate a culture of savings, handsomely rewards their clients that have safe deposits, far above any of the cartel banks in South Africa.

    THANK YOU CAPITEC FOR RESTORING MY FAITH IN YOUR SOUTH AFRICAN BANK, WHERE SOCIAL RESPONSIBILITY MEANS MORE TO YOUR GROUP THAN LEECHING ON A CLIENT BASE FOR THE SOLE PURPOSE of paying remaining directors exorbitant multi million bonuses at the cost of their staff and at the cost of retrenching over 2,000 staff members as conducted by standard bank SA ltd during OCT2010 and charging the general public and their customers, the highest FIXED banking fees witnessed anywhere in this country and globally.

    Does not make humanitarian sense or financial sense to have axed so many staff, all in the name of deriving a profit. Now we know your true colors standard bank, may the mass exodus continue as millions of clients remove their business from your underhand profit at all cost mentality.

  183. Christina

    Makes for good reading:
    “Profit is all that matters…. ”
    Whilst this concept is not illegal but HERE IS THE CATCH, it won’t increase your bottom line!

  184. Christina

    A TBL company conceives the triple bottom line
    (Abbreviated as “TBL” or “3BL” and also known as “people, planet, profit” or “the three pillars” in that order!)

    People (human capital) / the staff members, pertains to fair and beneficial business practices toward labour and the communities and region in which a corporation conducts its business. Without your staff supporting and promoting your business ethics, you may as well close doors and shut down.

    A triple bottom line enterprise seeks to benefit many constituencies, not exploit or endanger ANY group of them.

    In concrete terms, for example a TBL business would not use child labour and monitor all contracted companies for child labour exploitation, would pay fair salaries to its workers, would maintain a safe work environment and tolerable working hours, and would not otherwise exploit a community or its labour force.

    MONITOR WISELY THOSE BANK directors ENGAGING in financing companies, to build FURTHER NUCLEAR POWER STATIONS AT WHOSE COST! AND WHO SHALL BE PAYING THE ULTIMATE PRICE WHEN SOMEONE HAS BLINDED OUR EARTH’S RESOURCES AND YOUR EYES! What are you going to do about it, carry on supporting these fat cats in nuclear explosion plant installations. We do not want them near us, there are far more clever means of generating CLEAN power you idiots. Solar energy has been around for centuries but alas it will not fill their profit coffers as you can not charge humans for the consumption of solar energy. ETC ETC

    A TBL business also typically seeks to “give back” by contributing to the strength and growth of its community with such things as health care and education. The social impact of a business towards it’s communities. Credit cards are bad news, erodes your assets worth and locks you into debt for a lifetime.

    “Planet” (natural capital) refers to sustainable environmental practices. Anyone or business or group of people threatening our natural capital is to be exposed and removed from their post. Nuclear power stations are bad news globally, who in their right sane mind would want to support their thieving schemes. Banks you have a role to play here, may more people and clients expose those bank directors and it’s share holders that financed such irresponsible thieving blinding unethical conduct that lead to devastating beyond repair human and Earth disasters.

    “Profit” is the economic value created by the organization after deducting the cost of all inputs, including the cost of the capital tied up.

  185. I just opened my Capitec account today YEAY!!! And will be closing my Standard Bank account in a month. I am so done with ridiculous bank charges and NOTHING in return. At least I earn about 6% interest per year on my positive balance with just a normal savings account….

  186. iv been with standard bank since 2002..bad service,had to que when i was pregnant,bt @the other bank i was offered sits even water,,i now hate them with passion since i hv noticed hw capitec bank operates,i hv been trying 2get a loan even an overdraft frm my cheque account of R4800,im going 2 get a a loan frm capitec&get rid of ’em people…after reading that letter,i now realise most people are sick&tired of this Bank…

  187. Thank you so much for this post!

    I went to Standard Bank this week to open a new business account. I have been banking with them since 1986 and currently have a Prestige account and a credit card. They would not give me and my new business partner ANY over draft facility because…and I quote “we do not have any relationship with you yet” WHAT!!!!!! My business partner banks with Investec. The business has been operating since 1995! It already makes a profit! They can see that! And no need to mention the bank charges for the business account…on every transaction.
    So I came to work and started asking some questions, which led me to Capitec. Guess where I am going on this cold, wet Friday 🙂 with a smile on my face straight to Capitec.

  188. I did the same thing..I left Standard for Capitec and i’t the best decision I made : ) Standard bank have a way of irritating the cr*p out of me when it comes to EFT limits and what I’m allowed to do with my money.. No such unnessesary restrictions at Capitec.

  189. so good to see high ratings for capitec. i have been with standard bank since the day i got my autoclub 3 card – so about 20 years.
    i recently enquired why their travel insurance on a standard bank gold card is so bad compared to FNB’s gold credit card. they agreed that what they can offer is not as good as FNB.
    the only thing they could say about the standard bank gold card is that it covers you with travel insurance up to the age of 84 whereas FNB gold card only covers you up to the age of 70. um yes – i am 30 years old… and???
    i am excited to join Capitec. i think i’ll throw away my standard bank car sun shield. no promoting for that one!

  190. Capitec is COOL ! I was unable to open a Capitec account as I dont have a ID document but my wife opened a Capitec account and closed her FNB account , Yipeeee. The amount of money saved on bank charges is an eye opener.If I was’nt in the red on my FNB overdraft and had a ID I would move too.FNB takes advantage of people when they are at their lowest with their fines and fees .When a debit order doesnt go thru for lack of funds FNB fines me R130.00 while capitec fee is R3.50 .Finally getting rid of all our FNB accounts would be a dream come true for me.
    If you want to move I say go for it ! Capitec lets you pay everything from your home just like before for much less.

  191. stuff standard bank…moving ova to capitec sooner rather than later

  192. i have been a staff member at both fnb and standard bank, funny thing is staff get no special rate even when applying for bonds what’s the use, might as well exhaust all options ..Don’t see why i should have a cheque acc. Its of absolutely no use to me…just damn well bleeding me dry….Morons!!!!

  193. Can anyone give me advice re Std Bank’s policy of not allowing you to close a cheque account between 25th & end of the month? I switched to Capitec end of August & waited a few days to check all my payments went off. Phone Std to close my account & was told I need to go into the branch. Haven’t had chance until today (29-Sep) & when I went in, I was told they don’t allow you to close accounts over month-end. I told the lady that I had phoned & the consultant told me nothing about their stupid rule. She said it was on the t’s & c’s – I still haven’t found where exactly. Then this same lady told me that as I have Prestige banking, I could have phoned in to close the account – and she also informed me that my “personal banker” had moved & I had a new person now (shows you how much contact I had with them over the past almost 20 years). I was then told I could, in fact, close my account – provided I paid them R193 in fees for the next month. Any advice, anyone (I am putting this complaint on hellopeter as well).

    1. My advice is to just pay them whatever they want and get the hell out of there. Fighting won’t be worth the energy. Then thank your lucky stars that you have seen the light and can look forward to 20 years of not being ripped off for a change.

      I can tell you every time I walk past a Standard Bank ATM or branch, I get a warm glow of satisfaction inside knowing that I dumped them ages ago. This warm glow is an unexpected perk of moving to Capitec, in addition to the perks of not being ripped off with bank charges every month and actually earning interest on my money.

  194. Thanks for the reply, Dax – I have good news however. I reported the problem on HelloPeter & I got a phonecall from Std apologising for the screw up. They decided not to charge me & closed my account on the spot! The lady I spoke to was upset about the stories a certain Mrs Govender had told me when I went into the branch – basically all she told me was utter rubbish! Anyway, just thought I’d post this – hopefully this can help the next poor sucker who’s still at one of the “big” banks.
    Have a GREAT Capitec day everyone 🙂

  195. Hi Dax

    I’ve been with Standard Bank for the past 8 years. My first salary cheque was deposited with them. Every cheque since has been deposited without fail. Apparently they have certain “ratings” on their cheque accounts. Despite my record with them, my “rating” is not enough to apply for a vehicle. So I went to Wesbank. Wesbank will finance me, but Standard Bank refuses to accept the debit order for the installment due to Wesbank. I have had enough, any enquiries made to Standard Bank, they simply pull up their shoulders. “Wait 6 months” was their answer. I’m seeing an FNB consultant this afternoon and moving my cheque account. Unfortunately, Capitec is not in my country yet.

  196. I was with Standard Bank for more that 20 years. To make matters worse you find that it’s ATMs are out of order on oay day. I swallowed my pride and went to Capitec now in Sep. I’m living happily ever after.

  197. I guys. Interesting issues you are discussing here. It is unfortunate that iam also have a current account from standard bank which they cannot link to my savings account and therefore charge me interest separately from each account. I currently have a loan with Capitec as i could not afford theirs. My question(s) therefore is: Does Capitec have a current account and since i want to buy a car, can they finance it without me having to borrow money from them

  198. Tom Wilkinson

    I also moved to Capitec about 18 months ago, also from Standard Bank. Best thing I ever did. Tom

  199. Hi all, quite a discussion you have going on here. I’m a business owner and its ridiculous what they are charging for business owners. Why are the over rating the prices like this and is there a bank that has a fixed rate for business accounts like you get with your personal cheque accounts?

  200. I was with Standard Bank for over 30 years and am delighted to say I have finally managed to clear and close my accounts. (Took six weeks to get it done – no responses to secure messages via their website or to emails, so I spent over an hour waiting in the branch. Two weeks later I’m still waiting for the promised confirmation of closure.)

    I’ve been with Capitec for two years and am sending every one I know there too (for savings accounts, not loans). The only thing I needed and couldn’t do at Capitec was to bank a dollar cheque – but I see that is indeed possible now.

    One thing that particularly got my goat at Standard was the punitive charges (R165 or 185 – I forget the exact amount) if a debit order bounced when it pushed the balance over the limit, however slightly. If that debit order was for a credit card payment, then the recipient bank would levy a similar fine for the non-payment. At Capitec the fee for a bounced debt order is all of R3.95. Capitec rocks!

  201. Capitec offer good interest rates but rubbish service. Only today they gave me R100 to compensate for a mistake they made, I guess it is worth the pain of enduring bad service to receive R100 for free!

  202. The outright deceipt from these banks is beyond me. I recently found out that apart from the R110 management fee that I pay with absa, I’m also paying R140 transaction fee, R25 for each debit order and lots more that I can’t explain. I was told on opening the acc. that the monthly fee would be R99. What do you call it when you pay over R600 to your bank? I say robbery. Moving to Nedbank. They seem transparent

  203. Thank you Capitec..I have been a client of FNB and Ned Bank for many years.My bank charges have been between R500.00 and R 750.00 per month from FNB.This is because I perform many transactions and regularly draw large sums of money. I have changed to capitec and started saving money immediately.The internet banking is uncluttered,fast and secure.The token works well.I am happy that their is a bank for the people.

  204. I was with Standard Bank for a few months, and after I was misled about instalments on a loan, I simply switched to Capitec. Not to dodge my debit order, but to have some sort of control over it. I had numerous R14 charges on my Standard Bank statement every month that didn’t even make sense. This month with Capitec my salary finally makes a bit more sense. Oh and I can check my balance online, free!!!!!

  205. I would like to trade in my mazda 2 1.3 of 2008. I wanted a small car to learn how to drive so now I can drve. Is it possible that I can trade in the car even if it has not finished two years?

  206. wondering

    Hi I wondered if anybody has also been the victim of a teller scam at Standard Bank branches. I have twice (at different barnches and different tellers) been told that there is a R 10 note amongst the R 100 notes being counted in the automatic teller machine. I have on both occasions made up the deposits myself and am absolutely certain that there were no R 10 notes inbetween the R 100 notes.

  207. I am with Virgin credit card and definately moving to Capitec bank.Why not try virgin mobile while you at it saved myself R1000 on my monthly bill.I took 3 months off to review my finances[it takes that long] and saved myself R10 000 a month.[insurances,communication,transport etc]Kabooom!

  208. Dax, in fairness, please confirm that you are neither an employee, nor shareholder, nor hold ANY interests in Capitec other than being one of their clients.

    1. Manny, I am nothing more than a Capitec client. I am not an employee, nor do I have any interests in the company. Although I’m considering buying some shares!

  209. LOL, and if you had read through the blog Manny, you would have noticed that Dax has barely commented…

    And no, I am not an employee of Capitec either, just someone that appreciates the way they do banking!

  210. @Dax: okay just asking. I’m with you. 33 years with Standard W*nk (bad keyboard) and I’m looking to change to Capitec. I’ve had it with the outrageously high and stealth charges. Even FNB – I have a letter dated 13 July 2009 where FNB “advise” an increase in my home loan “admin fee” from R39.90 to R52.00. = R12.10… peanuts right? But it’s a 30.2% increase. And how many home loans do FNB admin? Guess 1 million? So *just like that* they gave themselves a R12.1 mil INCREASE, PER MONTH. Nice huh? First National W*nkers (bad keyboard).

    @Justin: blog too long – must work more to pay higher bank fees coming soon.

    So ja – come early March I’ll give Capitec a try. How else can we choke the greed?

  211. A am also in the process of changing over from ABSA to Capitec + Virgin Money. My ABSA monthly cost is around R150pm on my debit card and R20 on my credit card, with Capitec so far it is around R40, and VM is R0.

  212. OMW , I was thinking of opening up a savings account for my kid, that she has access to and was told to try FNB fluid account, billed as “FNB’s Fluid Account is designed for the youth market, specifically for those 18 years of age or younger. Get great discounts and save on banking fees at the .”

    Well, you need a minimum balance of R1000 to avoid the monthly fee, R5.25. But then they charge you for everything else, include depositing money into your own account.

    How the heck are you expected to save.

    cash withdrawal rates
    Value: R0.01 – R500.00

    Value: R500.01 – R1 000.00

    Value: R1 000.01 – R1 500.00

    Value: R1 500.01 +

    I really don’t want to go into all the other charges, cause there are lots, but see

    this is recommended for kids… to save.

    hell might as well give FNB all the kids money ….

    To top it off, I asked how much they give me for credit interest, ZERO point ZERO five percent on balances above R1000. 0.05% on credit interest above R1000.

    man, FNB, if I wasn’t so well brought up I would be flipping you the bird with both hands.

  213. its the final straw im changing to capitec thanks alot standerd bank for the shittie service

  214. I am thinking of CLOSING my Capitec account and going back to FNB, I cannot make online purchases with a Capitec Card as they don’t have CCV numbers…not can they say when those cards will be in. Not good enough.

  215. @ Anthony , I am afraid that you are confusing a DEBIT card with a CREDIT card. Credit cards have CCV numbers.

    Capitec does not offer a credit card, if you had read the posts you would have seen this immediately, ie, that Capitec offers only a straightforward savings account with a DEBIT card which gives you free at the till purchases.

    So if you want a CREDIT card, you should apply at an institution that offers the facilities, but it does not make sense to complain about an institution that does not offer Credit Card facilities not to have them. Its like complaining that your dog does not give you milk…

    Suggestions for a credit card included virgin which apparently has no subscription fee.

    Also, just as a matter of interest, you can make online purchases wherever they accept an EFT with Capitec. I do a number of purchases from groupon, Ubuntu deal etc which are online sites, just as an eft and emailing proof of payment.

    So, as so many others have pointed out, keep your credit card wherever, but for your saving / banking move over to capitec, its cheaper, more convenient and better service. And by cheaper I mean hundreds of rands a month…

  216. I , or my wife, has a woolies credit card. It has an annual subscription but you also get vouchers. Plus to pay your account is free with your capitec card, just go install and swipe…

    Also Anthony, if you have to do an eft to your credit card from your capitec account, (which on the banks internet site credit card payments have its own option) you can just do it for I think R3 a payment.

    Where as FNB will charge you more than that for the transfer…

    So, logically, can’t support your view to leaving

  217. @ Justin….nope, talking about DEBIT cards not CREDIT cards, FNB gave me one with a ccv number and I could do online transactions with it, if you like I can take a picture of it to show you. Capitec told me last year that they were also getting debit cards with CCV numbers and chips when I opened my account, that branch told me they would be available in November. I do my homework on these things.

  218. My apologies Anthony, never heard of a debit card with ccv numbers so I stand corrected.
    Capitec probably will take a LONG while to get it, it took them 3 years to set up their internet banking and they had their postponed start time with starting it up, but I still say it does not make economic sense to leave Capitec just for the CCV number.

    Rather keep capitec open foe the interest and low service fees and get a credir card if you need to do online shopping with a ccV card?

    You will surely pass less fees with a once a month debit to your credit card from your capitec account.

  219. Standard Bank sucks! I moved my account to another bank! I lost my job and recently again employed. Standard Bank took my cars, got so called lawyers to handle the matter. In the mean time, bank officials are scrutenising my bank account and even took R3000 from my account, without a court order, or even the decency to inform me about it! It’s time they leave the country, we need proper banks.

  220. I know what you are saying, I bank with nedbank and their bank fees are just as ridiculous. If you add it up my bank fees for the month comes to almost R500 do you have any idea what I could have done with a R500 for a poor single mother that is daylight robbery. I will also be changing to Capitec should have it a long time ago.

  221. i think it is vital to research about the acc while the consultant helps you, with a achiver acc, there 1 for R95pm, as far as i know, with this a cheque acc you can do 4 free withdrawals and get charged on the 5th 1. Did you inquire aou that?

    In order for you to survive those hectic charges, you need to withdraw sufficient money and swipe, which is free.

  222. Gotta love the irony of the Standard Bank banner ad next to this post…

  223. Ye, years back there were people who sat every day and kept all banking records up to date, real people working every day to keep savings and other account up to date, you got 12 percent interest on your savings, and there was no bank charges, today a frigging computer does all that and you pay the banks to use your money to make money, bank managers had normal cars and lived in standard middle class suburbs, but today they have to have the flashiest car and live in top suburbs, i say screw the banking paresites of this country and join the banks that realy want help the people, down with Standard, ABSA, FNB, suport wizzit and capitec

  224. FND used to charge me R150 for each debit order that bounce, if 1 debit order bounce 3 times a night then it meant that in the morning i will be owing them R650 before i even pay the debit order. FNB actually got me more in debt trap for the red tapes i’ve been paying.
    FNB even suggested that they place me on a debt review but after moving to Capitec, there was no need for a review as i am now enjoying the financial freedom

    With Capitec i pay i think it’s around R2.00 if i’m not mistaken, i can not even see that i had defaulted in my debit orders

    Thank you capitec

  225. Very informative. Thank you!

  226. I think Capitec should hire you for all the good PR!

    Seriously though, I have banked at Standard Bank for 16 years and am now looking forward to closing my account there! I’m sick to death of being ripped off by high banking charges. I already have a Capitec account and am very happy with what I’ve seen so far. Good riddance Standard Bank!

  227. I banked through Standard bank for years. When I returned to SA after 5 years of living in another country they were most unhelpful to say the least. I managed to open a student acc (at the age of 33!) and they nailed me on every transaction, especially my income from overseas. As soon as I was employed I switched to FNB. They were great for a year or two but then they became just like every bank in SA. Greedy with charges and shocking service.

    I was fed up, so I switched to Capitec over a year ago. Their service is great! Admittedly they’re not put to the test often as there are never any problems. The downside is that they don’t have a credit card so I am still stuck with FNB for that service. Over the last year I have had multiple problems with FNB and I can’t wait for Capitec to launch a credit card so that I can switch to a Capitec credit card too.

    Two weeks ago I tried to buy data from my mothers iPad using FNB’s online service. I got an error message so I gave up and tried the next day from my laptop. I had initially used my iPhone. No luck. After 45 mins on the phone to the FNB call center it emerged that the service had been disabled “for my protection”. Whatever. I requested that it be reactivated. TWO WEEKS AGO. I’ve spent hours on the phone to FNB, even sending them screenshots via email. No response. So I gave up and trekked out to the shop to buy data.

    The solution? Try not to use the FNB card. They charged me R240 for a late payment. The payment of R330 was made 3 days late. It was the first late payment I’d made in 7years! The reason is because FNB cannot debit my Capitec account for the payment each month. Call centre operater: “Ja some people have problems with Capitec, when are you going to pay?” Grrrrr!!

    I intended to write about how marvelous Capitec are, not rant about FNB, apologies. Capitec encourages you to save, this should be the primary function of a bank. They’re also open about their charges, helping you to make an informed choice. Their service is simple and streamlined and best of all your interest is better than all of the other banks. When I asked FNB why they were unable to offer me the same deal as Capitec, they responded “Capitec is not a real bank”. Capitec does not misinform or overcharge the customer. So in that respect perhaps they’re not a real bank. My money is safe and secure with Capitec, the process of switching is simple and easy. I encourage you all to do it. Switch and force to other banks to offer a better service to try and win you back.

  228. And l was also in standard bank last year l recieved a call to unkwon verifying all may details inclunding account number for standard than i asked her where she get my information she reply that they are connected with standard bank than l went to bank enquire about that they said the don`t know such a thing this after that l decided to remove my cash to capitec month the derbit order of 399.00 tried to strike in standard bank acc but they didin`t succed now l`m changing to capitec everthing its fine thanx global thanx !!!

  229. Dear All

    I have been with Capitec Bank for more than 5 years now and I am forever happy with their services.


  230. I took a personal loan with Standard bank and sadly was Retrnched 3 months later … I had tried to activate the retrenchment cover and they just refused pOint blank to assit me in anyway because I did not get thru the 3mnth probation for the retrenchment cover. So I am still struggling to pay for the loan they have even blacklisted me … I am done with stanfdard … Wen I was a kid it was all well and gud but now that iam working and earning a decent living its like they just wanna eat all my money . So I’ve moved to captiec and this is my 1st month let’s see how it goes.

  231. Eric Harrison

    “He’s just a poor boy from a poor family. Spare him his life from this monstrosity”

    Jokes aside, thanks for sharing this.
    I would like to know if you are still with Capitec now, and how things are with the recent changes in fees and interest rates?

    1. Hi Eric, thanks for the comment. I was actually thinking it was time to update the post. It’s been a while now and yes, I am still with Capitec. I have even put them to the test with some international banking which they do not do directly (they use Nedbank). I have been depositing cheques from an international bank (they struggled with the first one but no hassles since then) and they charge me R3.50 to deposit vs the R125 Standard Bank was charging me! I also transferred some money from an overseas bank account and everything was fine.

      The interest rates have come down obviously but they still compare well against the other banks. The fees have increased very slightly and are still a fraction of the other banks’ fees. I’m VERY happy with Capitec.

  232. And how is capitec? I also want to move to there, I also want to move from standard bank to capitec?

  233. Wow. I’m a bit shocked. I always knew standard bank has ridiculous charges bcz they r a big bank and they spend so much on trying to keep that up. None the less, I told everyone I would never leave standard because of their great customer service. Just recently I realised I spoke too soon.

    Firstly, I took a loan of R3k, the repayment was +-30% interest on a three months payment plan. I set a debit order to run but as in life, unforeseen circumstances happened forcing me to push the payment plan to six months. I would like to tell you that that went well – it didn’t. I was told that I cnt change it regardless neither can I cancel my debit order. Now I’m still young, I don’t quite know if all banks do this but in my judgement, it makes no sense what so ever. I’m really unhappy about it.

  234. Celeste

    Moved over to Capitec from ABSA today… what a wonderful process… Simple and positive 🙂 And I have my shiny new Capitec card… i got back to work and contacted all my 7 debit orders to change the details (it’s much quicker to do it yourself) and sent HR my new details. Bam. All done! So excited. I think I will transfer all my money over from my ABSA account to my Capitec account now so I can start using it immediately 🙂 Very excited for this… ABSA’s banking fees are absolutely shocking when you actually go through them…

  235. I also love Capitec and have been with them for almost a year but i feel they still need to improve on certain things, like their ATMs…how can they not have money especially month ends and they tell you to go and withdraw at Pick n Pay and there their limit is only R3000. i”m considering to move to another bank…i have waited long enough hoping this will emprove with time but it seems they are not doing anything about it.

  236. i have an account with FNB for the last 15 years…i have never ever wanted to close my account so badly with them like i do now…they charge me a ridiculous R135.00 for a debit order of R35.00 that never went off…and on top of that R138.00 because it returned!! that’s like so pathetic…Capitec charges R4.00 if a debit order returns…i think FNB is so ridiculously pathetic with their bank charges, shoo, i’m so upset i’m going to close my account with them this weekend…they can never get rich of our hard working earnings we deserve, the banks suppose to help us, not take advantage of our monies? my word! Good heavens, i’ve never been so upset the way i am today shooo…a bunch of morans, losers, whatever you wanna call them…hope capitec will treat their clients with more dignity and only help us, not like FNB status “HOW CAN WE HELP YOU” by charging us such high bank charges!!! they should change their statement?? “HOW CAN WE ROB YOU”

    1. I was also very disgruntled by FNB,I lost my job last year ,having a personal loan with then,tried to make arrangements that I couldn’t pay the full installment.My life became hell from there,I couldn’t pay my other debit accounts because any money deposited was used for repayment of the personal loan.I would have as many repayments as the deposits I made no matter how much I deposited,as a resultI lost all of my long time policies,that would help me in my my old age,and I’m nearing my old age

  237. i have had it with Standard bank, im switching to Capitec.Worse i was declined a bank overdraft after i have been with this bank(standard bank) for over 15 years.

  238. Capitec is great, but the problem with them is that they dont offer any cheque accounts, so you cant raise your credit scoring. i was forced to move to Nedbank for this reason but I’m seriously considering going back to Capitec, even though my credit scoring will remain the same. also, I dont see any fixed deposits with them.

  239. I heard through one of my friends that Capitec has these ridiculously small banking fees. Wanted to switch to Capitec but alas! Being a foreign student, I cannot open an account with Capitec!

  240. Nokuzola

    Capitec bank is thumbs up.I’ve been with them for about 5yrs & I don’t regret moving from FNB.The only thing that still worries me,Capitec bank does not offer home loans ,then these other banks will penalize you for taking your account to Capitec bank.
    Please make us complete with you by offering us home loans so that we don’t have to go back again and be ridiculed

  241. Hey Dax

    Nice site dude, I gather you are a fellow Internet Marketer 🙂

    One that note, I’ve got 2 Google checks to deposit and I bank with the dreaded Standard Bank. I haven’t even bothered going into to depost these checks with them, they just sitting on my desk. I already know that there will be blah blah blah stories if I go to Standard bank. I noticed you deposited it with Capitec, I’ve been thinking bout opening an account with them for some time now. I guess I might as well go ahead and do so and take my Google checks with me at the same time and deposit into Capitec account.. Just as a matter of interest, how long did the checks take to clear? – I pretty much abandoned adsense because of the messy check payments but at least now If Capitec can process them properly and in time then I could revisit Adsense again. 🙂

    1. Hi Daryl, Capitec currently charges R15 to process the cheques from Google, and they take 10 days to clear. Standard Bank was charging me R125 to process my Google cheques.

  242. I wish I had read this back in 2009. I am definitely moving to Capitec. Standard bank screwed me over on an ATM fraud case where ALL my current accounts got cleaned out while I was placed on hold trying to block the cards. To pay R99 per month just to be hacked at their own ATM then told it was not their fault and thus I cannot get assisted??

    Adios Standard, keep moving forward without those of us who realize what a sham you are running.

    I get upset just thinking about ALL that money that Marched out of my account last week. My cents may mean nothing to them but dear Lord does it ache me to lose them.

  243. Thanks for opening up my eyes. Referring to the first post. I have an account with Nedbank and Standard bank! I’m on my way to Capitec!

    Thank you!


  244. Caroline

    Hi Dax et al,

    I just scanned this blog for advice on overseas withdrawals via Capitec, but I couldn’t see anything.
    I am more often overseas than not, and the Nedbank fees are killing me.. I will definitely be changing over to Capitec for all SA transactions but I am wondering if anyone knows the rates for each withdrawal overseas?


    1. Hi Caroline, to be honest I wouldn’t recommend Capitec is you deal with overseas transactions a lot. They are not geared up for it. You would be able to use your Capitec bank card for transactions and withdrawals, etc. But depositing money from overseas is a mission.

      1. Tshifhiwa Nengovhela

        The mission to deposit money onto a Capitec account is worth it.

  245. Pluggedbean

    Thanks to all that left a comment you have made it easy to chose my new bank , ill be going to open my capitec account tomorrow as im fed up with standard bank and really dont know why i haven taken there sh*t for so long .
    Standard Bank decided that they going to close my access bond so when i wanted to draw from it i was told its closed Now they want to charge me 5700 to open it and have taken that off the capital , i sent the mail below to there complaints dep , and have received nothing from them .

    I am starting to get upset now , this is just crazy!

    First of all we were told we had an access bond on our bond and received a print out that stated we had R7000.00 available in that account we were happy with this and thought we would continue to pay extra over and above the required amount to use this on the house. Some months later called to find out what the process was to release the extra money to find out that the access bond was closed with no communication to us whatsoever. Not by mail , a call or even a letter.

    I was then told that it was not correct practice from your end and that we should have been notified in some way. I was then told to reapply for an access bond and the funds that were available would be available to us again.

    We then reapplied, and now you saying that there are no funds available from the access bond as to the R5700.00 fee. What Fee? R5700 for what? And not only what is this fee for and why or who in your bank made this error but if I had R7000 available a couple of months ago and continued to pay extra in the bond ( the access bond that your bank told me was open ) why is it that if you subtract R5700 from the amount that was in is there are no funds available now? What’s wrong with the math here?

    I was then told I have not only 1 bond but 2 with standard bank? This is news to me as I only pay for one bond? Again with your mysterious information ( This must most certainly be rectified ).

    I have called and sent in numerous emails asking standard bank to drop our interest rate for past year as 11.1% is really high with a result of “No” each time, yet now that SA Home Loans are willing to give us a rate of 9.1 % are you happy to accommodate as long as we give proof that they will ? What is this? Is this the way you treat all your customers?

    I have had nothing but problems with this bank and moving both my account, my Wifes account and bond to your bank has come back to bite me!
    It’s absolutely disgusting how some corporates will treat the little guy!

    I want a full explanation of what went wrong and who was at fault from when we opened the bond to who was meant to apply this mystery fee in the first place and how you, the bank, are going to resolve this.

    I am happy to come in and see who ever I have to see I will bring with the print out of the access bond that was open and had R7000 available to us that we could draw that day and do not tell me to go see someone that has no knowledge of what’s going on I would like an appointment. Send this mail to whoever can look into all the facts but I do want this resolved.

    I would like to post a thread of this to myBroadband as I believe that there are a lot of people experiencing these ( based on people I have spoken to and from what I have read on hello peter ) issues and would like to see how affectively you can resolve an issue that was created by you “Standard Bank’’. I find it fascinating how you can treat people like this when FNB has such a strong marketing campaign and people are just looking for a reason to “jump ship“.

    Note that if this just gets pushed aside we will be closing our accounts .

  246. Yes…I dumped Standard Bank at the end of 2013. Apart from banking with them for over 30 years, they also insured my car for 5 years….up to the point when someone drove into the back of me. What a nightmare….I can’t even bear to think about it. They did end up paying for the repairs, but balked at paying for the breakdown service, which was more than R6000. I went into to see them, and made my displeasure and disappointment in them very clear. I received a call from the consultant (who I must say was a shinging star amongst a bunch of lazy morons) later on that afternoon, to say that Std Insurance had changed their mind, and would pay everything. I have never been so disgusted with service in all my life. I cancelled my insurance with them as soon as everything was over, and took my business elsewhere. I also closed my bank account and crossed over to FNB….and I haven’t regretted it for one second.

  247. I could take each one of the comments posted here and find something that would apply to me. When I still had lots of transactions going through my FNB account, especially when I was in the country, they smiled all the way. I have a Platinum account. I tried getting a Platinum credit card (monthly income about 35k after tax) and it was declined, despite a credit rating most can only dream of. So I got one with a lower interest rate from another bank and waved it in FNB’s faces. Oh, they hated that. They could see the debit orders to pay the other bank’s credit card on my statement. Then they offered me a Gold Credit card and I told them Gold and Platinum don’t look good together in the same wallet. Either give me the Platinum card, or leave it.

    In July 2013 I decided to rid the family of FNB and we all went to Capitec. Was getting sick and tired seeing how the kids’ accounts were being robbed by the bank. Had the new accounts done in about one hour. I switched ALL my debit orders, and now FNB is so p**d off that my “premier banker” does not even want to reply to my e-mail (I will report this little matter to someone higher up the food chain). The bank complains as it sees me as only using the Platinum account to receive my forex (I work overseas) and then move everything to Capitec (Capitec’s forex processing via Nedbank is a pain). I told FNB to get lost – as long as I pay the monthly fee on the card, and the commission on the forex, they can do nothing. Currently this is convenient for me, and the bank still gets its share. You see, the bank is only nice with you when they get a lot of money from you. When you become streetwise, they treat you like you don’t exist. The minute Capitec manages to sort out receiving forex, then it’s bye-bye FNB. This guy is NOT paying for the “privilege” of some platinum coloured card with “slow-lounge” access at the airport anymore. The Capitec card looks as “classy”, if not better.

  248. My Fiancé both repossessed house through STD bank, he didn’t moved in to the house because the owner of the house refuse to moved out & they promise to kill him & his family, the community helped the owner. He go back to the bank and report matter, the bank said there is nothing they can do its not their problem its his problem, he must make a plan. Now his black listed by STD bank for the house he didn’t even staying in to,

  249. Blimpy

    Regarding Virgin Money – i dont think the 10% interest on positive balance applies any longer.

    They now pay 2.5% on positive balance,

  250. haha you can’t even compare Capitec with Standard Bank, or any other bank for that matter. Remember this when you think of cost saving: all banks are “clients” of the reserve bank. The Bank, like you, must pay interest on money that they borrow from the reserve bank, like you. Now The Bank must pay huge amounts of intrest on their loans aswell. For eg. you have a overdraft of R30 000 but you use only R5000, now that R25 000 the bank has to have in reserve for the client. just in case he decides to use R25 000 at the last day of the month, now your interest or any fees is half of what the bank has to pay ther reserve bank this means the bank makes a loss and the client is up in arms when they reseve a their monthly bank fee. Remember like any other business, a bank is also a business that needs to make profit. its not a charity organisation