The best Tax Free Savings Account | Which TFSA to Choose | TFSA with the best interest rate
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- Опубліковано 30 вер 2024
- #TFSA #Invest
So you all know buy now that I am not a financial advisor or a representative of any company that I speaking about in this video, also remember that this is my opinion and does not reflect that of any of the companies depicted in this video, this video and anything I say does not constitute as financial advise. Please consult a registered financial advisor if you need assistance in making an investment decision and visit the companies direct websites for more Information, see links below.
FNB
www.fnb.co.za/...
Capitec
www.capitecban...
Nedbank
www.nedbank.co...
Standard Bank
www.standardba...
ABSA
www.absa.co.za...
African Bank
www.africanban...
Old Mutual
www.oldmutual....
EasyEquities
blogs.easyequi...
Extra Useful Resources 💡
savetaxfree.co... - Навчання та стиль
FNB is currently offering 8.7% on the tax free cash deposit - 2023
Thank you so much. I can confidently say I understand TFSA now.
You don’t know how happy that makes me 😃😊 I’m so glad!
Your reaction to ABSA interest rates is priceless 😂😂😂
You picked that up 🙈😅 I couldn’t even pretend 🙃 like why? What’s that?
14:40 that laughter of disappointment was epic 😅🙃
I couldn’t hold it in 😅
Hey Tisa Is it possible to open 2 different tax free investment accounts in 1 bank?
I just found you and I am loving you. Just saw 2 videos so far. You make it sound so easy but so clever 💖💖 Thank you. All the best with everything
Hey Refilwe, welcome to the community☀️ I am glad you are loving it here already. Thank you for leaving a comment, enjoy all the other videos too 😊
Shopping for important things 🙌🏾 I honestly just went with who I bank with and I’m quite disappointed 😕 T
It’s disappointing what banks are offering, I couldn’t believe it, but you have the option to switch or open another TFSA with a different provider.
That makes the two of us.. will definitely try African bank and also focus more on my easy equities TFSA
I needed this video thank you.
I’m glad it was helpful, thanks for watching 😊
Thank you for sharing. I found this vidoe much more useful then the others i have watched that just speak on the benefits of such an account and dont show us options.
On a normal savings account, do we get charged interest on every rand made of interest? or is there 'free' interest even with normal savings accounts?
Thank you Sinehlanhla 😊 you only get Taxed when your interest reaches a certain amount per year, I think it’s over 23 000. But savings accounts hardly earn that amount per annum.
Thank you for this video 🙂
Have you considered a Tax Free Investment account with a local insurance company, with which you can make an extra income every month, additional to the interest and dividends growth and value on the TFIA. Would be keen to share with you so you can share with your viewers
please list any insurance Company that you know
and what are the risks
Loved this I have more insight through your channel.
I’m glad you do thanks for engaging 😇
I really want to invest in the next financial year. But the interest banks are offering 🤦🏾♀️
You know what, I’m team EasyEquities after what I saw there’s no ways shem 😄 and why do you want to wait till next March 2021?
Am trying to find where I can invest since am not South African. Banks so far are out because the interest is low
Hi Tisa, let's please see your TFSA account update 😊
Sure, coming soon!
Thank you so much for this video. I'm going to have a good look at old mutual's funds to see if I can move out of the ones I have that haven't performed well at all. Thank you 💞
That’s a great ideas! You are welcome Nomaswazi, please update us on wether your move was successful or not I’m sure there are a lot of people that feel the same way and would like to know if this is a smooth process that’s doable ☀️
Hi tisa thanks again for wonderful video it's so helpful you have saved me hours off scouring on the net for information I like convinyence so essays and essays of words bore me😂, I am also on the same boat with old mutual I feel cheated and seriously considering jumping ship very soon I took out the tfsa with them 2 years ago, now I am not sure I even understood what I was signing up for 🙄
Hey Mr. Incredible😇 if there’s one thing I’ve learned when it come to investing, you have to really know what you’re get yourself into, I think the TFSA option I had chosen resulted in those low profits, maybe one day someone from Old Mutual can help us understand things better.
Thanks for your comment ✨
Thanks a lot for this Tisa, which ETFs do you have under your Easy Equities TFSA?
Hey Nomawethu, I’ve shared that in a few videos, I’ll also do an update soon, here’s the link to the playlist; ua-cam.com/play/PLtaeTNshkAHGPS0x9bfpnAf7w3vbsWMqz.html
@@chatwithtisa Thank you 🥰🥰
Thanks alot for the video you probably spent alot of time making it!
Please may I ask, is easy equities reliable? I really can not afford to lose the money I'm going to invest in it and can you withdraw your money at anytime?
You are welcome, thank you for watching and commenting 😊 Yes EasyEquities is definitely legit and reliable, I’ve been with them for over a year now and you can disinvestment your money anytime, it won’t be processed immediately or reflect in your account immediately but that’s just how any legit investment usually works.
Hello. Are tax free savings account with banks that offer it as an investment.
Are the interest earned monthly or yearly ?
0548am learning...
Let’s learn together 🌱✨
Absa is an entire joke 🤣 I couldn’t stop laughing after your laugh of disbelief and disappointment.
Very informative video. Thank you
I couldn’t hold in that laugh at all, like why have this account if they have such low rates, why not just keep their normal 32 day notice accounts 😐🧐
Hi!ngicela ukubuza how to Deposit funds for EasyEquisitie USD nge widget?
I’ve never done it before but I think you transfer to your EE ZAR account and then transfer to your USD account when the funds are available in your EE ZAR account.
Love the content as there is so little location information. Which TFSA have you invested in on Easy Equity?
Hi Muneer, thanks for watching and leaving a comment. With EasyEquities after registration and the approval of your account you get several accounts on your portfolio and one of them is the TFSA, when you deposit money into your account not much will happen to that money until you start to invest it by buying ETFs (Exchange Traded Funds). Everyone’s TFSA on EasyEquities will be different depending on what you’ve chosen to invest in, when you started and how you distribute the funds. You can check out the ETFs that I’ve bought on my EasyEquities TFSA on this video ua-cam.com/video/1dYYpMnZwlw/v-deo.html
New subscriber 🤗,Thank you for this😍
Welcome to the Chat With Tisa family Reneilwe🤗 Thank you for watching and subscribing 😇
Your videos are brilliant... easy to understand.
Thank you 😊 I’m glad this was easy to understand.
Okay... fine...shapo. so aint nobody gonna talk about the fire interior design? This place looks fire
I was at a coffee shop/ bakery 😊 Thanks Lesedi ✨
Am sharing this with my friend who doesn't wana let go of the bank TFSA... Yohhh that red bank bathong did you see that interest 😕🤔
It’s laughable, like a TFSA is such gold when it’s invested in ETFs when not, it’s better to have a fixed savings because what would be the difference 🧐🤷🏾♀️
Fnb is dramatic 32 days notice?😩 and Capetic has no reason choosing for us. Also, Absa has always been a joke😭😹🤞.
Thank you for this. I have been meaning to leave Tymebank. So I think easyequities is the best 🤞
Love the hairdo😻
As if that account is a 32 day Notice account 🧐 but the notice periods kind of save us from ourselves hey 🙃 Capitec and ABSA rates were just a joke like how 😒 My goal save account with TYME bank are looking good haven’t withdrawn from them ever since I started saving, I highly recommend banking with them and YES! to the EasyEquities TFSA🌱
That unicorn 🦄✨ hairstyle 💁🏾♀️
@@chatwithtisa it's also looking okay on mine. I had 3 of them. So my problem was that when I tried to withdraw on one account they gave me the runaround 😭 so I'm no longer trusting. But let me stay maybe it was just that one time
@@chatwithtisa please clarify the tymebank goalsave to me. Is it also a TFSA, if so why does it not limit us from putting more than 36k. Coz i feel like its a setup for failure if i out more, especially not being informed. Or is it just a normal savings account that won't get me chased by the tax man?
The Tyme bank goal save account is not a TFSA account it’s a flexible savings account, that has a better interest rate than most banks.
@@chatwithtisa great! Thank you for clarifying
Thank you so much for your video, very educational. Been contemplating using EE for my TFSA but now I'm convinced to go ahead with it for 2022. But I have a question: I already have a TFSA with investec, my question is how do I go about moving the funds from investec to EE, bearing in mind that annual contribution is R36000 ? Let say I currently have R 80 000 with investec + R 36 000 for 2022 = R 116 000 TOTAL, am I not going to be penalized for depositing in my new EE more than the annual contribution?
I hope I'm my question I making sense.
Hey Nancy😊 great question. You can have TFSAs with different providers and contribute to them, however you need to insure that you do not exceed the annual limit of 36K in all of them combined. For example when this tax year begins on the 1st of March, and you want to invest in both the EE one and Investec, you need to split the 36K between them, I don’t know what the rules are in terms of minimum contribution amounts for investec but EasyEquities has no minimums. If you still need clarification let me know 😊☀️
Thanks for sharing the information
Sis! Ni rhandza channel ya wena! This is very informative
Nakhensa sesi ☺️
Hy Tisa , I wanna ask if does the 36k Easy equity deposit also includes Easy Properties?
Hi Awethu, EasyEquities and EasyProperties deposits are two separate things. The 36K is the Tax year limit on your TFSA account which you can find on EasyEquities. Let me know if you need more clarity.
EE is Bullying the Finance game tjooh
They really came in with a much needed fintech app 😊
Is the tymebank goalsave account a TFSA?
No it’s not, it’s just a flexible savings account.
Thank you so much for the video! Please advise on the EFTs one could invest in? Thank you.
You are welcome Noluthando, I recorded a separate video on ETFs that’s I’ve invested in you can check it out on my channel. The EasyEquities ETF website is also a great resource.
this was such a necessary video! new subbie
thank you, can you also make a video of the investments you chose with easy equities
There are plenty on my channel, here’s a playlist to watch them ua-cam.com/play/PLtaeTNshkAHEYBuTwBdp8r253fRujeec5.html
Would a fixed deposit be considered a TFSA?
No not at all. Unless it’s called a TFSA.
I honestly love this video thank you so much for this video ❤️
You are welcome Kuhle 😊
Very helpful video, thank you!
You are welcome Nico, which TFSA will you be opening?
@@chatwithtisa I will be going with Easy Equities. I am just busy weighing my options. I'm not sure if I should take money from my emergency fund and invest or should I leave it liquid as it and then just put money monthly into my TFSA.
If you have enough in the emergency fund for anything that could come up in the next three months then maybe take 20% of it and invest it as a lump sum and then contribute monthly into the TFSA there after. To see how my TFSA with EasyEquities has been doing check out my Instagram highlights on @financialchats_tisa that might motivate you ☺️
definitely moving to easy equities next year i currently invested in african bank.
Just remember to transfer instead of withdrawing, if you withdraw you can replace the amount, it deducts from your life time limit.
@@chatwithtisa Please explain what do you mean?
24:32 Easy Equities TFSA Account
Thanks for watching.
I love your channel so much ❤ I wish I found it sooner !
Tilo 😊✨Thank you for being a subscriber and leaving comments ☀️
Very informative. Thanks Tisa🙂
You are very much welcome 😊✨
I like your channel already
Thank you 😊
Just what I was looking for! Thank youuuuuu!!!!
You are welcome 😊❤️
Hi dear which Tfsa do you think is best,thanks
I really like the TFSA I have with EasyEquities, I get to invest in different ETFs.
@@chatwithtisa Thank you, you really motivated me to srart investing in easy equities after u saw your videos,i knew nothing about this platform before,but i wanted to buy shares, big up dear!!
Thank you so much🙏❤📝....
You are welcome Nompilo 😊
thank you very much
You are welcome 😇😊
Loved your presentation.
Thank you, glad it was helpful ☀️
A year later, an eye opener 😘😘😘
The information still stands 😊Thank you Balungile✨
Very informative, I’m with African bank but I feel insecure and I’m planning to change
Maybe you could open an investment one with another provider or transfer but don’t withdraw the funds. Glad you found the video useful 😇
@@chatwithtisa Hi, this is such an informative video, thank you. What would happen to your limits or ability to reinvest should the financial institution at which you investigated your TFSA close?
❤
Thanks for watching.
Nice🔥
😊😊
Hi Tisa, i am a first year student at University and I want to open an Tax free cash deposit account. I dont understand regarding Minimum Deposit...
Does it mean that i would be required to deposit R1000 once of!, and then as time goes by its when I can deposit the capital that i initially planed on.. For example i am planning on deposting R500 p. m?
For a beginner.. Which account is suitable.. Im contemplating between FNB and Easy equities. But with easy equities i feel like its for the Matured guys
@@nelisiwesishange1084 go with easy equities because they are the only ones that are bringing investing on the stock exchange investing to everyone even if you own very little, and they are the only ones that charge very little to almost no fees unlike big companies such as OlMutual and Sanlam that eat all your interest with fees. As a student, I presume you are not working or work part-time and therefore you are not a taxpayer. Because you are not a taxpayer I would not use your TFSA account until you work and start paying taxes. Once you are a taxpayer then open a TFSA and save on taxes. For now, just go on easy equities and invest in ETFs (only use offshore investments like S&P500 and NOT local investments on the JSE - local investments are low because SA's economy is dying). Register with easy equities and play around on the app to learn how to use it, they also give you a demo on the app where you pretend you are investing, but it's not for real, but just helps you to learn how to invest before you use real money.
@@dieterkerkhoff4478 Thank you so much for such an insightful information. I will definitely consider this. Thank you so much
Informative, I've been looking for this kind of content 🙏🏾
Thank you Thandokazi, more financial content will be uploaded, checkout the financial chats playlist on this channel 😊
I'm still watching, which rewards/kickback Are better Discovery bank, or Old Mutual?
Hi Ahmed, to be honest I have no idea, I think go through the rewards T&Cs and compare how you’ll benefit etc.
@@chatwithtisa 👍🏽👍🏽
Awesome finance videos
Let me visit the FNB website here and see what is available. Very detailed video, felt like you work there lol
And standard bank too . Thank you 😘
Hey Edna, were you able to contact the bank, did they have these products and services available?
Hello everyone.
I'm a student wanting to open a tax free savings account with ABSA.
Reason: To save up money every month to pay for my flight tickets from Gauteng to KZN when recess time creeps up. (Minimum R100.00pm)
Why a tax free savings account? There are no charges when I transfer money from the tax free savings account to my normal debit account. In addition, I can access the money in the tax free savings account at anytime as opposed to a notice savings account where I would be charged heavily if I access the funds before the notice period
Is a tax free savings account the best option or should I rather opt for another account? If so, which one?
Hi Samkelisiwe, thank you for your question.
First of all, I’m so proud of the fact that you’ve already though of all the above and want to plan🌻✨
I would say do not use your TFSA as you would any other savings account, your TFSA is special in that you can invest money and not ever have to pay Tax on the interest you earn, a TFSA that invested in something like ETFs grows better than a bank TFSA, you can use your TFSA later on in life, so see it as a wry long term savings account that earns good interest. I’ve spoken about the TFSA in many videos on my Channel. ua-cam.com/play/PLtaeTNshkAHEYBuTwBdp8r253fRujeec5.html
To answer your question further I’d say opens TYME bank account, add a goal save account and earn some interest on your short term savings and it’s also flexible you can access your money immediately. ua-cam.com/video/S7YmcqLV7HI/v-deo.html
Let me know if you have anymore questions or if this was helpful 😊✨
Can you transfer your investment from old mutual to easy equity without withdrawing it? Thank you for this video ❤️
I think you might be able to, contact both EasyEquities and Old mutual to find out. If you can’t, you keep it and have both the EasyEquities one and the Old Mutual one, you’d just have to manage your limits.
@@chatwithtisa thank you