Question:
Does Capitec Bank offer student packages? My bank charges are killing me!

Answer:
Capitec Bank does not offer a specific student-only product. Don't, however, assume that a student specific product always has the most competitive bank fees on the market. Do your own research and choose whatever you find to be the most economical product on the market.

For someone on a tight budget being able to draw cash with your debit card from retail stores like Pick n Pay for just R1 or from an ATM for R3 will quickly help you cut down costs. Anything costing more than this is just too expensive.

If you are planning to study but don’t have the financial backing from parents or a bursary, consider starting a fixed-term savings plan. This is a sure-fire way to reach financial goals like the tuition fees you need for a course or the deposit on your first car. When you save for a fixed term you commit to deposit money each month into a savings account for a dedicated period (between 6 and 24 months). But unlike a regular savings account, or a 32-day notice deposit, you can’t access your cash until the end of the fixed term.

While saving on bank fees is of the utmost importance, students can also cut back on their spending by making some savvy on- and off-campus choices like (click here for Personal Finance Editor Kabous le Roux's 'Money tips for students'):

  • Live at home. In addition to saving money, you’ll enjoy creature comforts like having appliances, ready-made meals and access to a washing machine.

  • Pack your own lunch. You could save R30 a day by making your own sandwiches instead of buying take-aways.

  • Buy second-hand books or furniture for your digs. Look out for ‘For Sale’ signs and check out websites like Facebook and Gumtree.

  • Swop clothes. Host a clothes swap with your friends at the start of each season and end up with a whole new wardrobe for free!

  • Go for car pooling. Save on petrol, vehicle maintenance and parking by finding other students in your area who can share a lift-scheme.

  • Have you got a question related to banking? Click here to ask our banking expert.

  • For further information about Capitec Bank, click here!


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