Bank Better, Live Better

tax-free savings account

Give your lifetime financial plan a boost with a tax-free savings account.

Article Image

Are you thinking about saving? Do you have a fixed-term savings account that’s matured and don’t know what to do with the money? Open a tax-free savings account and start saving or transfer the money from your mature savings account to boost your financial plan for life.

About our tax-free savings account

You can open one tax-free savings account at any of our branches.

  • Existing clients get the extra account at no additional cost. New clients will have to open a Global One facility first
  • No minimum deposit
  • Choose any deposit amount up to R36 000 per year (single or multiple deposits)
  • Choose any investment term from 12 – 24 months
  • Interest will be earned from R1
  • A fee of R300 applies for early access to your money

South African Revenue Service (SARS) rules

  • Contribution limits:
    • Your combined limit for the financial year 1 March to 28 February across all tax-free savings accounts including those at other financial services providers is R33 000
    • Lifetime limit is R500 000
  • Contributions over these limits are taxed at 40%
  • Interest earned will not be taxed
  • Money withdrawn cannot be replaced
  • Money may not be transferred to a tax-free savings account at another financial services provider
  • Other savings accounts may not be converted to a tax-free savings account

More information

Call our 24hr Client Care Centre on 0860 10 20 43.

Although we are not registered as a financial services provider with the Financial Services Board, we do have an independent compliance department which can be contacted using the above number in case of any disputes as required by the Treasury Disclosure Notice.


Was this article helpful?

you may also like...

View All Other Articles View All
a wedding venue to suit your pocket

a wedding venue to suit your pocket

Want to splurge on your big day but not sure where to start? Or dreaming of a big fat Greek wedding but have a slim ZAR budget? Read on.

Read More
smart ways to save

smart ways to save

Whether you’re saving for lobola, building your emergency fund or putting money away until you decide what to do with it, these tips can help you grow your savings.

Read More
plan for irregular expenses

plan for irregular expenses

Make planning for irregular yearly expenses part of your budget plan to avoid nasty surprises.

Read More
the cost of loyalty programmes

the cost of loyalty programmes

It’s hard to find a company that doesn’t offer rewards these days. But are they worth your time – and money?

Read More
View All Other Articles