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 R36 000 per tax year and R500 000 per lifetime, so any contribution made over and above the R36 000 will attract a 40% penalty payable to SARS.

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Tax-free savings account

Tax free

You may contribute up to R36 000 in a tax year and R500 000 in your lifetime, without paying tax on the interest earned.

Immediate access to your money

Immediate access

You can access your money immediately online or at any Absa branch.

Emergency fund

Cash for emergencies

It is the perfect way to start growing an easily accessible emergency fund.

  • What you need to know

    • You need R1 000 to open the account
    • You can add to your savings whenever it suits you — subject to the current tax-free limits
    • Capital and returns guaranteed
    • No monthly management fees
    • R36 000 limit per tax year and R500 000 lifetime contribution limit
  • When applying, you will need

    • Your South African ID
    • Proof of residence (not older than three months)

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See the interest rates

for our Tax Free Savings Account
Balance Tiers Rate
R0.01 - R14999,99 0.50%
R 15 000.00 - R29 999.99 2.50%
R 30 000.00 - R49 999.99 3.00%
R50 000.00 - R74 999.99 3.05%
R 75 000.00 - R99 999.99 3.10%
R 100 000.00 - R249 999.99 3.10%
R 250 000.00 R 499 999.99 4.00%
R 500 000.00 - R 9 999 999 999 999.99 4.00%

Last reviewed on 24 July 2020

All interest rates are expressed as a percentage per annum and are indicative rates subject to change.

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Need more help?

Let one of our consultants help you get the best account for your needs.

Call us on:

0860 111 515

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