free savings account to invest on the JSE

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4.05.2016

Most people by now are familiar with the concept of tax free savings accounts (TFSAs), but what many may not realise is that a TFSA can form part of your share portfolio. All of the about 40 JSE listed exchange traded funds (ETFs) qualify as investment vehicles for TFSAs,
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You do have to specify that your investment is a TFSA and your brokerage does have to be able to provide a separate account,
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Standard Online Share Trading has created new TFSAs for as little as R250 a month, and investors can directly access selected JSE listed instruments such as property, Top 40 linked baskets, sharia compliant funds and dividend trackers to build up a diverse and potentially higher growth portfolio.

Existing online share trading clients can open a new TFSA,
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There is an R80 monthly admin charge and the cost of trading in the account is 0.25%,
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Standard Bank customers who are not online share trading customers can open a tax free investment account via their internet banking portal. Purchases are conducted on the 25th of each month (or the first business day thereafter),
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The cost of trading in the account is 0.25%, plus statutory charges per transaction, while the monthly fee is a mere R10, inclusive of value added tax.

FNB Share Investing has created a tax free shares account for R300 per month, or a R1 000 one off lump sum.

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