Capitec savings pocket
Question:-
I have a Capitec bank account. The bank is now offering a savings pocket to its clients. The modus operandi of the savings pocket is as follows: if a person purchases from a store for R198.00 then R2.00 will be automatically transferred to one’s savings pocket and such savings attract interest. Also, the interest funds accumulated in one’s banking account is transferred to the savings pocket every month. This amount is clearly indicated in the savings pocket, making it much easier for one to remove the interest and dispose. Will it be permissible for one to open the savings account?
Answer:-
In the queried scenario, it will not be advisable to activate the “life savings account” even though the interest funds are clearly visible there. The interest funds can be withdrawn from the main account on a monthly basis and disposed off to the correct recipients as soon as the account is credited with interest. Also, the interest funds credited to one’s account is clearly indicated on one’s bank statement and can be easily removed without any confusion.
By activating the “life savings account” one will gradually become inclined towards transferring additional funds or change into the account so that it may attract interest. This is obviously not permissible. Our intention for placing funds into a bank account is for safe keeping, and this objective is being fulfilled with the original account held with the bank, hence there remains no need for an additional account. We, therefore, do not approve of having this second account.
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ALLAH TA’ALA KNOWS BEST!