We're in the business of saving you money, which is why we want to bring to your attention the implications of over-contributing towards your Tax-Free Savings Account. You're allowed to invest R33 000 per tax year and R500 000 per lifetime, so any contribution made over and above the R33 000 will attract a 40% penalty payable to SARS.
You may contribute up to R33 000 in a tax year and R500 000 in your lifetime, without paying tax on the interest earned.
You can access your money immediately online or at any Absa branch.
It is the perfect way to start growing an easily accessible emergency fund.
See the interest rates
for our Tax Free Savings Account
| Balance Tiers | Rate |
| R0.01 - R14999,99 | 3.50% |
| R 15 000.00 - R29 999.99 | 5.50% |
| R 30 000.00 - R49 999.99 | 6.00% |
| R50 000.00 - R74 999.99 | 6.05% |
| R 75 000.00 - R99 999.99 | 6.10% |
| R 100 000.00 - R249 999.99 | 6.10% |
| R 250 000.00 R 499 999.99 | 7.00% |
| R 500 000.00 - R 9 999 999 999 999.99 | 7.00% |
Need more help?
Let one of our consultants help you get the best account for your needs.
Call us on:
0860 111 515
Email us at:
saving@absa.co.za
