Open the Capitec App and Go to Accounts
To create another savings account on the Capitec app, start by opening the app on your phone and logging in with your PIN or biometric authentication. Once you are logged in, you will see your current account or accounts on the home screen. Look for a button or menu option that says "Add Account," "Open Account," or a plus sign (+) — the exact label depends on which version of the app you have, but it will be near your existing account list.
If you cannot find this option on the home screen, tap the menu icon (usually three horizontal lines) and look for "Accounts," "Products," or "Open a New Account." Capitec regularly updates the app layout, so the path may shift slightly, but the option to add an account will always be in one of these two places.
Select Savings Account as Your Account Type
Once you tap the button to add an account, the app will show you a list of account types you can open. You will see options like Current Account, Savings Account, and possibly others depending on your customer status. Tap on Savings Account to proceed.
The app may ask whether you want a regular savings account or a fixed-term savings account. A regular savings account lets you deposit and withdraw money whenever you want. A fixed-term account locks your money for a set period (usually 30 days to several years) and pays a higher interest rate. Choose the type that matches what you need.
Key Takeaways
- You can create a second savings account directly in the Capitec app by tapping "Add Account" or the plus sign on your home screen.
- The app will ask you to choose between a regular savings account and a fixed-term savings account, each with different withdrawal rules and interest rates.
- You will need to give your new account a name so you can tell it apart from your other accounts in the app.
- The entire process takes about five minutes and does not require you to visit a branch or call customer service.
- Once your account is open, you can transfer money into it from your current account using the app's transfer feature.
Name Your New Account
After you select the account type, the app will ask you to give your new account a name. This name appears only in your app and helps you remember what the account is for. You might call it "Emergency Fund," "Holiday Savings," "Car Fund," or anything else that makes sense to you.
Choose a name that is clear and specific. If you plan to open more than two savings accounts later, a descriptive name will save you time when you are looking for the right account to transfer money into or check the balance.
Review and Confirm Your Details
The app will show you a summary of the new account you are about to create, including the account type, the name you chose, and any interest rates or fees that apply. Read through this information carefully to make sure everything is correct.
If you are opening a fixed-term account, the summary will also show the lock-in period and the date your money will become available again. Once you have checked everything, tap "Confirm" or "Create Account" to finish. The account opens immediately — you do not have to wait for approval or for a staff member to process it.
Transfer Money Into Your New Account
Your new savings account is now open and ready to use, but it will have a zero balance until you move money into it. To fund the account, open the Capitec app and go to the "Transfer" or "Send Money" section. Select your current account as the source and your new savings account as the destination.
Enter the amount you want to transfer and confirm the transaction. The money moves instantly within the Capitec system, so your new savings account will show the balance right away. You can make as many transfers as you want between your accounts, and there are no fees for moving money between your own Capitec accounts.
Check Your New Account Balance and Settings
Once your transfer is complete, go back to the home screen of the Capitec app. You should now see both your original account and your new savings account listed. Tap on the new account to view its balance, transaction history, and settings.
From the account details screen, you can also change the account name if you want, set up automatic transfers into the account, or adjust any other settings. If you opened a fixed-term account, this screen will show you the maturity date — the day your money becomes available to withdraw.
What to Do If the Option Does Not Appear
If you cannot find the "Add Account" button or the app does not let you open a second savings account, there are a few possible reasons. First, check that you are using the latest version of the Capitec app — go to your phone's app store and update if a newer version is available. Outdated versions sometimes have missing features or display bugs.
Second, some Capitec account types or customer statuses may have limits on how many savings accounts you can hold. If the app still will not let you proceed after updating, contact Capitec customer service through the app's chat feature or call 0860 10 20 30. They can tell you whether your account type allows multiple savings accounts and help you open one if there is a technical issue blocking the process.
Frequently Asked Questions
Can I have more than two savings accounts on Capitec?
Yes, you can open multiple savings accounts on the Capitec app. The exact number allowed depends on your account type and customer status. Most standard Capitec customers can open at least three to five savings accounts. If you need more than that, contact Capitec to check your limit.
Will opening another savings account affect my credit score?
No. Opening a savings account with Capitec does not involve a credit check and does not appear on your credit report. It will not affect your credit score or your ability to borrow money in the future.
Can I close a savings account if I change my mind?
Yes. You can close a savings account through the Capitec app by going to the account settings and selecting "Close Account." If the account has money in it, you will need to transfer the balance to another account first. Closing an account takes a few minutes and does not cost anything.
Do I need to visit a Capitec branch to open a second savings account?
No. You can open a second savings account entirely through the app without visiting a branch or calling customer service. The whole process happens on your phone and takes about five minutes.
What is the difference between a regular savings account and a fixed-term savings account?
A regular savings account lets you deposit and withdraw money whenever you want with no penalty. A fixed-term account locks your money for a set period (30 days to several years) and pays a higher interest rate, but you cannot withdraw the money until the lock-in period ends without losing the interest.