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tax-free savings account

Invest for the long term, for your future or your children’s.

Benefits

The benefits of our tax-free savings account:

  • You can open one tax-free savings account at any of our branches
  • Deposit any amount up to R36 000 per year (single or multiple deposits)
  • Choose an investment term from 12-24 months
  • Earn interest from R1 

South African Revenue Service (SARS) rules

  • Contribution limits
    • Your combined limit for the financial year (1 March-28 February) across all tax-free savings accounts, including those at other financial services providers, is R36 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  • Money withdrawn cannot be replaced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 be transferred to and from a tax-free account at another financial services provider
  • Other savings plans may not be converted to a tax-free savings account

 

Rates and fees

Term (Months)R0
– R9 999
R10 000
– R24 999
R25 000
– R99 999
R100 000+
 NominalEffectiveNominalEffectiveNominalEffectiveNominalEffective
122.25%2.27%3.00%3.04%3.50%3.56%3.75%3.82%
13 – 182.25%2.27%3.50%3.56%3.95%4.02%4.00%4.07%
19 – 242.25%2.27%4.30%4.39%4.75%4.48%5.00%5.12%
R0– R9 999
 NominalEffective
122.25%2.27%
13 – 182.25%2.27%
19 – 242.25%2.27%
R10 000– R24 999
 NominalEffective
123.00%3.04%
13 – 183.50%3.56%
19 – 244.30%4.39%
R25 000– R99 999
 NominalEffective
123.50%3.56%
13 – 183.95%4.02%
19 – 244.75%4.48%
R100 000+
 NominalEffective
123.75%3.82%
13 – 184.00%4.07%
19 – 245.00%5.12%

A fee of R300 applies for early access to your money.

The nominal interest rate is used to calculate the daily interest earned on your account balance, which accumulates until it is capitalized on an agreed date every month. The interest is then either reinvested or transferred to your savings account. 

The effective annual interest rate is calculated by taking into account the fact that interest is earned on capitalised interest over a period 12 months.

Although Capitec Bank is an authorised financial services provider (FSP 46669), we are not permitted to provide financial advice on any of our savings plans. In case of any disputes we have an independent Compliance department which can be contacted using the number 0860 10 20 43, as required by the Treasury Disclosure Notice.



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