What is a Tax Free Savings account?
Tax-Free Savings Accounts are savings products on which no income tax, capital gains tax or dividend withholdings tax will be charged.Read more
Investors are allowed to invest R33 000 per year into a Tax-Free Savings Accounts (TSA) subject to a maximum lifetime limit of R500 000. Sars will charge a 40% tax on contributions above these thresholds - so please don’t add more than the maximum of R33 000 per year. If you withdraw money from the TSA, you will lose the value of that withdrawal from your lifetime limit; that means you should only use the TSA for long-term investments i.e. 20 years and longer. You are not forced to keep your money in a TSA and you can withdraw at any time with no penalties or tax.
See our Other Services page for more information on how to invest in a Tax Free Savings account with us.
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