How To Delete A Savings Account On Capitec Mobile App

How To Delete A Savings Account On Capitec Mobile App – Managing your finances efficiently often includes reassessing which banking products truly serve your needs. If you have multiple savings accounts with Capitec and want to clean up your portfolio, knowing how to delete a savings account through the Capitec Mobile App is crucial. This comprehensive guide will walk you through everything you need to know about deleting a Capitec savings account using the app, including preparation steps, reasons why people do it, and answers to commonly asked questions.

What is the Capitec Mobile App?

The Capitec Mobile App is a secure, user-friendly banking application that enables Capitec clients to manage their accounts, transact, and access banking services remotely. With millions of users across South Africa, the app has become a central tool for day-to-day banking.

Key Features of the Capitec App

View balances and transaction history
Make payments and transfers
Buy airtime, electricity, and data
Apply for credit and loans
Open or manage savings accounts
Lock, unlock, or delete savings accounts

The app is available for both Android and iOS devices and can be downloaded via Google Play Store or Apple App Store.

Get to Know Capitec Savings Accounts

Capitec allows customers to open multiple Flexible Savings Plans or Fixed-Term Savings Accounts under one profile. These accounts are ideal for budgeting, goal-setting, and separating funds for different purposes.

Types of Capitec Savings Accounts

Main Savings Account – This is your primary transactional account.
Flexible Savings Plans – Sub-accounts for budgeting or saving towards specific goals.
Fixed-Term Savings – Offers higher interest for locking away money for a set term.

Reasons for Deleting a Savings Account

There are various practical and personal reasons for deciding to close or delete a Capitec savings account:

Account no longer needed – Goal completed or funds moved elsewhere.
Simplification – Too many sub-accounts creating confusion.
Security concerns – Closing dormant accounts to reduce risk.
Avoid dormant account charges – To prevent future inactivity or admin fees.
Switching to fixed-term savings – For better interest rates.

Preparing to Delete Your Savings Account

Before proceeding with deletion, take a few preparatory steps to ensure a smooth process:

Withdraw or Transfer Remaining Funds
Make sure there is no balance left in the account, or transfer the amount to another Capitec account.
Cancel Linked Debits or Transfers
Ensure no recurring payments are linked to the account you’re closing.
Take Note of Transaction History
Download any important statements or transaction records for personal tracking or tax purposes.
Confirm Access to the Capitec Mobile App
Ensure you’re logged in and your app is updated to the latest version.

How To Delete a Savings Account On The Capitec App

Deleting a savings account is simple when using the Capitec Mobile App. Follow these step-by-step instructions:

Step-by-Step Guide

Open the Capitec Mobile App
- Launch the app and log in using your remote PIN or biometric authentication.
Navigate to the ‘Savings’ Section
- Tap on the ‘Savings Plans’ tab to view all your savings accounts.
Select the Account You Want to Delete
- Tap the specific savings plan you wish to close.
Transfer Out or Withdraw Remaining Funds
- If there is any balance, transfer it to your main account or another savings plan.
Tap on the ‘More’ or Settings Option
- This typically appears as three dots or a gear icon.
Select ‘Close’ or ‘Delete Savings Plan’
- The app will prompt you to confirm your action.
Confirm Deletion
- Accept the confirmation prompts. The account will be deleted instantly if there are no funds or linked transactions.

Note: You cannot delete your main savings (transactional) account through the app. This requires a branch visit.

READ ALSO: How To Use Capitec Mobile Banking

Conclusion

Managing multiple savings accounts can be beneficial for budgeting, but it can also become overwhelming. Capitec makes it easy to delete unnecessary savings accounts directly from the mobile app. With just a few taps, you can clean up your banking portfolio, reduce account clutter, and focus on your current financial goals.

Whether you’re consolidating funds or making space for new goals, deleting a Capitec savings account is a simple, secure, and fee-free process — as long as you follow the correct steps. For any accounts that can’t be deleted via the app, Capitec’s nationwide branches remain ready to assist.

Start by reviewing your current savings plans today and take control of your banking journey with Capitec.

Frequently Asked Questions (FAQs)

1. Can I delete my Capitec savings account online or through the app?

Yes, you can delete secondary savings plans via the Capitec Mobile App. However, for closing your main account, you must visit a Capitec branch with your ID.

2. Are there any fees associated with closing a savings account?

No. Capitec does not charge a fee for deleting a secondary savings account. Ensure there are no pending debits or charges before proceeding.

3. What should I do with the remaining balance in my account?

Transfer the balance to your main Capitec account or withdraw it before deletion. The app will not allow deletion if there is any outstanding balance.

How can I find the nearest Capitec branch?

Use the branch locator on the Capitec Mobile App or visit https://www.capitecbank.co.za/branch-locator to find the closest branch using your current location.

What identification do I need to bring to the branch?

To delete your main savings account, you must bring:

Your green barcoded South African ID or smart ID card
Proof of residence (not older than 3 months)
Your bank card (if available)