What is Tax-Free?
Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a
ruling power upon persons, property, income, or transactions.
Best Tax-Free Interest Rates In South Africa
Bank | Tax Free Account | Nominal Interest Rate (per annum) |
---|---|---|
FNB | Tax-Free Cash Deposit | 3.25 – 3.90% |
Nedbank | Tax Free Savings Account | 1.75 – 4.5% |
Standard Bank | Tax-Free Call account | 2.8 – 3.5% |
Old Mutual | Tax-Free Savings Account | You Pick the Funds |
How much interest is tax-free in South Africa?
Individual taxpayers enjoy an annual exemption on all South African interest income they earn, set by SARS every year.
This interest exemption has remained unchanged for a number of years and for the 2024 tax year is set at R23 800 for individuals under 65 years old, and R34 500 for individuals 65 years and older.