TFSA move update

zerocool2009

zerocool2009

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Morning guys,

Any updates on moving a tax free savings account from one firm to another not losing your benefit ?
 
Well, first they said November 2016.
Then they said March 2017.

...so now we wait for the budget speech I guess.
 
akescpt said:
where you moving from and why?
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The TFSA (Tax Free Savings Account) that I have isn't working at all (That is my view).

The first step 2 years back was to introduce this 2 years back. The next step is where government made rules where we can move from an investor to another, not losing the benefit in the long run

If you don't know the TFSA rules, read up about it.

In short, I want to move to a product that guarantees 9% without any fees (That is my motto), but I cant just move it, because I will lose some benefits on the TFSA rules
 
The best TFSA so far that I could find was at Investec

The offer 8.55% without any fees (guaranteed)

The only thing is, you need R30k upfront from day 1, and it is non touchable for 1 year

Any others that you guys see that is worth while (guaranteed) ?
 
zerocool2009 said:
The best TFSA so far that I could find was at Investec

The offer 8.55% without any fees (guaranteed)

The only thing is, you need R30k upfront from day 1, and it is non touchable for 1 year

Any others that you guys see that is worth while (guaranteed) ?
Click to expand...
MMM and 4th power have awesome guaranteed returns.
 
zerocool2009 said:
The best TFSA so far that I could find was at Investec

The offer 8.55% without any fees (guaranteed)

The only thing is, you need R30k upfront from day 1, and it is non touchable for 1 year

Any others that you guys see that is worth while (guaranteed) ?
Click to expand...

so its like a deposit thing?
 
zerocool2009 said:
The best TFSA so far that I could find was at Investec

The offer 8.55% without any fees (guaranteed)

The only thing is, you need R30k upfront from day 1, and it is non touchable for 1 year

Any others that you guys see that is worth while (guaranteed) ?
Click to expand...

Guaranteed ETFs via EE or ABSA? Returns won't be as high as Investec's (I assume it is a fixed deposit underneath) but you have more flexibility.

FNB also has a cash deposit TFSA which guarantees returns (think it is a 7 day notice account)
 
Hamster said:
Guaranteed ETFs via EE or ABSA? Returns won't be as high as Investec's (I assume it is a fixed deposit underneath) but you have more flexibility.

FNB also has a cash deposit TFSA which guarantees returns (think it is a 7 day notice account)
Click to expand...

FNB has 3 TFSA accounts

1) Cash deposit (Rates from 6.15% (Less than 10K) to 7.40% (R500K plus)

Lets take R60K in value (that rate will be 7.25%)

2) Shares (An investment in the Top 100 companies on the JSE gives you the best chance of growth, through the Ashburton Top40 and Ashburton MidCap ETFs)

3) Unit trusts
 
Last edited:
The reason for this thread, I have a TFSA (Share Saver), and although the fees is minimal and the buying costs also, the growth is very (VERY little), even when taking in that dividends are paid out.

And I know this is a long term project / investment. And I also know the markets was not great in 2015 / 2016 (when the TFSA was started). I look at the bigger picture here
 
Just to put facts on paper

Tax Free Fixed Deposits Nominal Period Effective
R30 000
12 Month 8.24% 8.56%
 
For now I am going to start the new TFSA with Investec, and once the rules for moving is out, I am moving away from FNB's TFSA share product
 
I read this weekend an article that TFSA moves might be considered in 12 to 18 months only.

So .... choose carefully if you are taking one out !
 
zerocool2009 said:
I read this weekend an article that TFSA moves might be considered in 12 to 18 months only.

So .... choose carefully if you are taking one out !
Click to expand...

Link?

First they said November 2016, then March 2017 and now possibly November 2018 only. I don't get the hold up.
 
JCM said:
I highly doubt it will happen this year
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I also think it will take some time. I have one years worth in EE and another years worth in ABSA. What I like about those two platforms is I can change the underlying assets really easily, so I don't really have a need to move to a different provider.
 
Hamster said:
Link?

First they said November 2016, then March 2017 and now possibly November 2018 only. I don't get the hold up.
Click to expand...

There was an article this weekend on news24 about TFSA's.

I am currently stuck with my FNB share saver one. It has both good and bad points, but it is non movable now as per the rules.

I am currently looking in starting an investec (shares portfolio).
 
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