FNB Share saver (Tax Free)

Hendrix said:
You can't buy individual shares within a TFSA, what are you buying? ETFs?
Click to expand...

Mmmm, why not. Dividends are paid out. And with the money that isn't taxable you buy more shares.

FNB Share Saver Tax Free account.

I still await an answer from FNB regarding my issue.

The long and short is, if you cant buy more shares with the dividends, then why have the account at all. That is my view
 
zerocool2009 said:
Mmmm, why not. Dividends are paid out. And with the money that isn't taxable you buy more shares.

FNB Share Saver Tax Free account.

I still await an answer from FNB regarding my issue.

The long and short is, if you cant buy more shares with the dividends, then why have the account at all. That is my view
Click to expand...

You cannot buy individual shares in any TFSA Individual shares, as Hendrix has stated. FNB, Naspers, Kumba, Coronation, those individual company shares.

You can buy ETFs and Unit trusts and similar Collective Investments or other similar products from providers.
 
zerocool2009 said:
Mmmm, why not. Dividends are paid out. And with the money that isn't taxable you buy more shares.
Click to expand...

Think you are getting confused between "single shares" and ETFs. All are traded as shares on the JSE but National Treasury have rules in place that state a product cannot contain any share that is not diversified enough (i.e. the product cannot have more than say 25% allocated into one company). This is the reason you're also not finding gold ETFs in TFSAs.

You can buy more ETF shares with your dividends.
 
supersunbird said:
You cannot buy individual shares in any TFSA Individual shares, as Hendrix has stated. FNB, Naspers, Kumba, Coronation, those individual company shares.

You can buy ETFs and Unit trusts and similar Collective Investments or other similar products from providers.
Click to expand...

What I am trying to say, I bought additional shares with my dividends that paid out.

To be more specific, the Share Saver account from FNB only allows you to buy into the following wrappers, if I can call it that:

RMBMID and RMB TOP 40
 
Hamster said:
Think you are getting confused between "single shares" and ETFs. All are traded as shares on the JSE but National Treasury have rules in place that state a product cannot contain any share that is not diversified enough (i.e. the product cannot have more than say 25% allocated into one company). This is the reason you're also not finding gold ETFs in TFSAs.

You can buy more ETF shares with your dividends.
Click to expand...

Thanks for the reply Hamster.

I am not confused at all. FNB says I contributed more than the allowed R30K a year. They see contributing and buying as the same thing I think. Hope to hear from FNB soon as I am in the clear.

Its like buying a Ferrari and telling the customer, only fill it up once a year. For the remainder of the year, don't drive it, just look at it.
 
zerocool2009 said:
Thanks for the reply Hamster.

I am not confused at all. FNB says I contributed more than the allowed R30K a year. They see contributing and buying as the same thing I think. Hope to hear from FNB soon as I am in the clear.

Its like buying a Ferrari and telling the customer, only fill it up once a year. For the remainder of the year, don't drive it, just look at it.
Click to expand...
I meant confused by what a single share and an ETF (wrapper as you call it) is and the rules of buying them in an ETF. If you read the last sentence in that post you'll see that you are correct and are allowed to buy more ETF shares.
 
Hamster said:
I meant confused by what a single share and an ETF (wrapper as you call it) is and the rules of buying them in an ETF. If you read the last sentence in that post you'll see that you are correct and are allowed to buy more ETF shares.
Click to expand...

Thanks Hamster, same book and page.

What is more disturbing in my eyes, FNB moved money out of the account without my knowledge. I hope they have great answers for that move !
 
Do you have any other tax free savings accounts?
 
I just want to verify with guys who has TFSA. I can now transfer another R30K into my TFSA for the year (1 March 2016 to 28 Feb 2017).
 
Apparently there was a glitch on FNB's side where they credited the account. Because of that, the contribution was above the allowed R30k.

So now the question, why are they making their issue my issue ?
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X