What is a Tax Free Savings Account?
It’s like the name says. The Old Mutual Tax Free Savings Account (TFSA) lets you grow your money without paying tax on the growth of your investment (capital gains), the interest or dividends. Simply decide on how much you want to save and how often. Then let your money make more money. The longer you leave it, the more it grows. And when you’re ready, access your money. No tax payable.- Reach your goals, then make new ones
- Pay no tax on the growth of your investment
- Start with as little as R350
- Invest a maximum of R36 000 per tax year and R500 000 over your lifetime
- Quickly access your money when you really need it
Tax Free Savings AccountHere's why people choose us:
We've got answers.It's easy to wrap your head around Tax Free Savings. If you can't find what you're looking for, call our Customer Service Centre on 0860 60 60 67.
Apply online today. Here’s what you’ll need:
- Proof of identification (a valid SA ID or passport)
- Proof of residence
- Bank account details
- if applying for a minor, you will need a birth certificate
You can also speak to an Old Mutual Financial adviser.
- Proof of identification (a valid SA ID or passport)
Old Mutual charges an annual administration fee which is 0.5% of your fund value (if you invest in Old Mutual funds). This is deducted at the end of every month. If you don't have a regular investment set up, the administration fee will be a minimum of R22 per month.
You choose which funds you want your money to be invested in. You can split or switch your money between different funds at no cost. You can do this by logging on to MyPortfolio or by speaking to your financial adviser.