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Tax-Free Call investment account
Invest up to R36 000 per year with this tax-free investment account and get guaranteed growth on your savings.
R
250
Opening deposit
Anytime
Access to Funds
7.78%
Earn interest up to
TAX-FREE CALL INTEREST RATES
See how much interest you can earn depending on your account balance.
TAX-FREE CALL INVESTMENT ACCOUNT
Interest rates are effective from 20 September 2024
Nominal interest rate over 12 months.
Some of the benefits
Flexible investment
Grow your long-term investment by making monthly or occasional deposits – capped at R36 000 per year
Tax-free interest
Earn tax-free interest if you limit your lifetime contribution to R500 000
Easy access
Get immediate access to your money without having to give notice
Predictability
Your capital returns are guaranteed
How it works
- Save up to R36 000 per tax year (maximum R500 000 lifetime contribution) to enjoy tax-free pay-out and interest
- The annual limit of R36 000 applies to the total amount of all your tax-free investment accounts with Standard Bank and other institutions
- If you contribute more than the annual limit, SARS will levy a penalty of 40% on the amount that's over the limit
- The current interest rate exemption of R23 800 for under-65s (R34 500 if older) still applies to interest earned on deposits outside the tax-free savings account
- On average, if you save the full R36 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
- Interest can be paid into any other account
- Link your bank card for access in-app, online, at ATMs or on your phone
- Interest is calculated daily and paid monthly
- Capital is guaranteed
- Only 1 Tax-Free Call investment account per customer
How to guide to transfer funds into or out of Standard Bank
Tax-Free Call terms and conditions
General terms and conditions
What it costs
- No monthly fees
- Cash deposit fees apply
How to get it
If you’re an existing Standard Bank customer:
Apply via Internet Banking:
- Sign into your Internet Banking profile
- Navigate to the Save & Invest tab and click on the browse button
- Scroll down until you see the Tax-Free Call Investment tile
- Click on Get Account and complete the steps
Apply on our Banking App:
- Sign into the app
- Tap on the More tile
- Select Open a new account
- Tap on Savings and Investment
- Scroll down until you see the Tax-Free Call Investment tile and tap on it
If you don’t bank with us:
Complete our Call Me Back form:
- Click on the 'Open Now' button at the top of the page
- Fill in your details
- Click ‘Submit’ and one of our consultants will be in touch
What you’ll need to apply at a branch:
- 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
-
How it works
-
What it costs
-
How to get it
- Save up to R36 000 per tax year (maximum R500 000 lifetime contribution) to enjoy tax-free pay-out and interest
- The annual limit of R36 000 applies to the total amount of all your tax-free investment accounts with Standard Bank and other institutions
- If you contribute more than the annual limit, SARS will levy a penalty of 40% on the amount that's over the limit
- The current interest rate exemption of R23 800 for under-65s (R34 500 if older) still applies to interest earned on deposits outside the tax-free savings account
- On average, if you save the full R36 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
- Interest can be paid into any other account
- Link your bank card for access in-app, online, at ATMs or on your phone
- Interest is calculated daily and paid monthly
- Capital is guaranteed
- Only 1 Tax-Free Call investment account per customer
How to guide to transfer funds into or out of Standard Bank
Tax-Free Call terms and conditions
General terms and conditions
- No monthly fees
- Cash deposit fees apply
If you’re an existing Standard Bank customer:
Apply via Internet Banking:
- Sign into your Internet Banking profile
- Navigate to the Save & Invest tab and click on the browse button
- Scroll down until you see the Tax-Free Call Investment tile
- Click on Get Account and complete the steps
Apply on our Banking App:
- Sign into the app
- Tap on the More tile
- Select Open a new account
- Tap on Savings and Investment
- Scroll down until you see the Tax-Free Call Investment tile and tap on it
If you don’t bank with us:
Complete our Call Me Back form:
- Click on the 'Open Now' button at the top of the page
- Fill in your details
- Click ‘Submit’ and one of our consultants will be in touch
What you’ll need to apply at a branch:
- 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
Frequently asked questions
What are the restrictions on tax-free savings accounts?
Tax-free savings accounts come with limitations on the amount you can contribute without incurring taxes. In a given tax year, the total sum you can save is capped at R36 000, while the maximum lifetime contribution cannot exceed R500 000.
Your annual contributions must adhere to these limits regardless of any growth they may accumulate.
How does a tax-free savings account differ from a tax-free investment?
While a tax-free savings account operates as a savings vehicle, a tax-free investment account involves trading investment funds on the stock exchange. Assets such as shares, commodities, or bonds are held within this account, offering low costs, tax efficiency, and characteristics similar to shares.
With a Tax-free Investment Account, you can choose between making regular monthly contributions or a lump-sum deposit.
What tax-free account options does Standard Bank offer?
Tax-Free Call Account: This savings account permits annual contributions of up to R36 000 and a maximum lifetime contribution of R500 000. Access to your funds is readily available, allowing you to withdraw anytime.
You are limited to one Tax-Free Call investment account to help manage contribution limits. It remains your responsibility to ensure compliance with both annual and lifetime contribution limits across all tax-free savings accounts.
Tax-Free Investment Account: This account allows you to invest up to R36 000 annually on the JSE without tax implications, with a cumulative lifetime limit of R500 000. Unlike the Tax-Free Call Account, funds are accessible three days after selling investments.
This account requires an Online Share Trading account. You are allowed multiple Tax-Free Investment Accounts, but the responsibility is on you to monitor compliance with contribution limits across all accounts.
Have more questions? Get the answers you’re looking for in our tax-free article.
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