South Africa
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Tax-Free Call investment account
Invest, tax-free, up to R 36 000 a year with immediate access to your money.
R
250
opening deposit
Anytime
Access to Funds
3.75%
earn interest up to
Some of the benefits
Flexibility
Invest tax free up to R 36 000 a year with monthly or occasional deposits
Monthly payouts
Choose to transfer the monthly interest earned into any other account
Instant access
Get immediate access to your money without having to give notice
Tax Free Call Account interest rates
View interest earned per account balance band
What you get
- Save up to R36 000 per tax year and the interest earned will be tax free
- The annual limit of R36 000 applies to the total amount of all your tax free investment accounts
- If you contribute more than the annual limit, SARS will levy a penalty of 40% on the amount that's over the limit
- Interest can be transferred to any other account
- Link your bank card for access in-app, online, at ATMs or your phone
- Interest calculated daily and paid monthly
- Capital is guaranteed
How it works
- The current interest rate exemption of R 23 800 for under-65s (R 34 500 if older) still applies to interest earned on deposits outside the tax-free savings account
- On average, if you save the full R 36 000 allowed every year and earn interest of around 6%, you could exceed this annual interest exemption level from around year 10 into your savings journey
- You can open multiple tax-free accounts, as long as you don’t exceed the annual limit of R 36 000 across all accounts or your additional deposits will be taxed at 40%
What it costs
- No monthly fees
- Cash deposit fees apply
How to get it
What you’ll need
- ID copy (or passport if not an SA citizen)*
- Proof of residence not older than 3 months
*If you’re a minor, you’ll need the consent of your parent or guardian
-
What you get
-
How it works
-
What it costs
-
How to get it
- Save up to R36 000 per tax year and the interest earned will be tax free
- The annual limit of R36 000 applies to the total amount of all your tax free investment accounts
- If you contribute more than the annual limit, SARS will levy a penalty of 40% on the amount that's over the limit
- Interest can be transferred to any other account
- Link your bank card for access in-app, online, at ATMs or your phone
- Interest calculated daily and paid monthly
- Capital is guaranteed
- The current interest rate exemption of R 23 800 for under-65s (R 34 500 if older) still applies to interest earned on deposits outside the tax-free savings account
- On average, if you save the full R 36 000 allowed every year and earn interest of around 6%, you could exceed this annual interest exemption level from around year 10 into your savings journey
- You can open multiple tax-free accounts, as long as you don’t exceed the annual limit of R 36 000 across all accounts or your additional deposits will be taxed at 40%
- No monthly fees
- Cash deposit fees apply
What you’ll need
- ID copy (or passport if not an SA citizen)*
- Proof of residence not older than 3 months
*If you’re a minor, you’ll need the consent of your parent or guardian
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