Bank Better, Live Better

tax-free savings account

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

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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  • Money withdrawn cannot be replaced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.

 

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