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.
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
You can access your money immediately online or at any Absa branch.
Cash for emergencies
It is the perfect way to start growing an easily accessible emergency fund.
Earn additional interest on your Tax-free Savings account with the Absa Digital Bonus Rate
To qualify, simply open and manage your Tax-free Savings account here, or on the Absa Banking App. You can also call us on 0860 111 515.
Do the following transactions online, at the ATM or via our call centre:
· Downloading an eStatement
· Making a deposit and/or withdraw at ATM
· Balance enquiry
· Downloading a IT3 (when required/applicable)
· Downloading a bank confirmation letter (when required/applicable)
You will not qualify for the Absa Digital Bonus Rate if you do these transactions at an Absa branch.
Free Digital Fraud Warranty
In a first for South Africa, we introduced our free Digital Fraud Warranty, which provides added protection for customers who have been defrauded. The warranty covers all customers who use the latest version of the Absa Banking App and who transact responsibly*. Terms and conditions apply*.
Interest rates including the add-on Absa Digital Bonus Rate
Balance Tiers |
Standard Rate |
Digital Bonus Rate |
Total Rate |
|
|---|---|---|---|---|
R0.01 |
R 999.99 |
0.00% |
0.00% |
0.00% |
R 1 000.00 |
R14 999.99 |
7.75% |
0.25% |
8.00% |
R 15 000.00 |
R29 999.99 |
7.75% |
0.25% |
8.00% |
R 30 000.00 |
R49 999.99 |
7.75% |
0.25% |
8.00% |
R50 000.00 |
R74 999.99 |
7.75% |
0.25% |
8.00% |
R 75 000.00 |
R99 999.99 |
7.80% |
0.25% |
8.05% |
R 100 000.00 |
R249 999.99 |
7.80% |
0.25% |
8.05% |
R 250 000.00 |
R 499 999.99 |
8.50% |
0.25% |
8.75% |
R 500 000.00 |
R 9 999 999 999 999.99 |
8.50% |
0.25% |
8.75% |
Absa Rewards
In addition, if you are an Absa Rewards member and maintain a minimum combined balance of R5 000 in your Savings or Investment Accounts, you will get a Rewards score of 55. Making monthly recurring payments from as little as R250 into your Savings or Investment Accounts gets you an additional Rewards score of 20. A total Rewards score of 75 could get you more real cash back to spend any way that you like.
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
