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Capitec Bank

Capitec Tax-Free Investment Account

Capitec Tax-Free Investment Account
Investments, image: armstrongeconomics.com

Take advantage of the investment plan from Capitec where your investments are tax-free. True, although there are terms and conditions which are in compliance with SARS terms. With the Tax-Free investment account, you can save up to R33 000 per tax year, as a single deposit (Lump Sum) or in multiple deposits, it’s up to you.

 

Visit any branch and open the tax-free investment account with Capitec and choose to invest between 12 and 24 months

You can earn interest from R1 and can go as high as it can but not lower. Your lifetime savings limit is R500 000, if you go above, you will be taxed 40%.

And yes, your interest will not be taxed.  You will be charged R300 if you want to unlock your account for withdrawal or use of the account.

Rates and fees

Term (Months)R0 – R9 999R10 000 – R24 999R25 000  –  R100 000 R100 000+
NominalEffectiveNomEffec.NomEffec.NomEffective
124.75%5.00%6.30%6.49%6.70%6.91%6.80%7.02%
13 – 184.75%5.00%6.40%6.59%6.80%7.02%6.90%7.12%
19 – 244.75%5.00%6.95%7.18%7.10%7.34%7.25%7.50%

 

Read more on Capitec Tax-Free Savings Account. Remember that investments are worth it, and you can secure your future and or money need for rainy days. Don’t procrastinate when it comes to saving money.

You might even have the entrepreneurial characteristics to start a business with your saved money for the family’s legacy. Saving money is the only best decision when it comes to your personal finances.

 

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