best bank account for pensioners south africa

Please try again in a few minutes time or visit your nearest branch. Banking rates and fees. The uproar regarding SA’s procurement of the Covid-19 vaccine. However, most transactions (cash withdrawals (four per month), point of sale purchases, debit orders, cash deposits (free up to R6 000 per month) and airtime purchases) are included in this “flat” fee which is not the case at rivals. FNB requires a minimum balance of R10 000 for a rebate on its monthly bundled account fee of R65, by far the priciest of the four banks. 1. In line with South Africa Revenue Service rules, Capitec has provided a tax-free savings account with the following benefits: You are permitted to open one tax free saving account at any of Capitec branches. Making changes to your card is quick, safe and easy when you know how. Link your card for free online, cellphone, telephone and mobile app banking, change your overdraft limit on your phone, shop online free of charge and pay no annual fee on your Gold credit card. Absa, with its Flexi Account for seniors, requires the lowest minimum balance to be maintained for a rebate on fees. Background: South African investment banks hire people from graduate schools and who have experience in finance. return range.text event.preventDefault(); I live in a rural community, we don’t even have an Uber service here, nevermind snapscan. We're continuously striving to deliver great service. You won’t be penalised for branch or cheque transactions, with a combination of five of these being free per month. I AM SOUTH AFRICAN, AM 71 YEARS OLD AND OWN A HOuSE. 5. Early data shows downward trend in Covid-19 cases in South Africa D-Day for South Africa’s planned driving rules – including changes for … Compare interest rates, fees, features and more from 70 ... Atm access savings accounts. 4.57 %. From a pure entry level, Absa’s Transact account carries the lowest monthly fee (R4.95), and also the lowest withdrawal fee at point of sale (R1.15). } Find savings accounts for pensioners. For UK pensioners in South Africa, this is possible through a Qualifying Recognised Overseas Pension Scheme (QROPS) commonly used by UK expats who have invested in a private pension scheme. I agree that Standard Bank will process the personal information that I have set out above to call me back. According to Absa the segment comprises some 5.3 million people, of which only 2.8 million are banked. The HSBC Expat Premier Account is an award-winning bank account available in sterling, dollars or euros. Determining the cheapest account in South Africa would depend on the types of transactions a client would need. 01. You are currently viewing our desktop site, do you want to download our. Standard Bank offers rebates in various tiers, starting at a balance of R10 000 (R85 back for fees). newTweetLink.id = "tweetLink"; Need help with one of our products or services, Standard Bank is a licensed financial services provider in terms of the Financial Advisory and Intermediary Services Act and a registered credit provider in terms of the National Credit Act, registration number NCRCP15, Link your card to your online banking profile. Join our mailing list to receive top business news every weekday morning. FNB Premier Select Cheque – Best Over 55 Account For Low Fees. jQuery(document).ready(function () { The bank’s electronic OptimumPlus fixed deposit offering for seniors currently pays interest of 8.6% on a balance of R10 000 over 12 months ­– … Get Started . Get Free December Report. Set your investment period, make a single deposit, and see your money grow at a fixed rate. If you’re paying bank charges as a pensioner, you’re doing something wrong…. }, false); if (window.getSelection) { from R10 000 to R19 999 1.00%. return newTweetLink; We have searched the market to make it easy for you to compare different types of accounts and their key features such as the monthly fees and overdraft rates. Setting up a business: sole proprietorship, partnership, or private company? imageLoading: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/spinner_moneyweb.gif", Best 60 months fixed deposit rates 1. }) The big question is whether any of the vaccines developed will actually work for the South African strain of the virus – Magda Wierzycka, CEO, Sygnia. With the FNB Premier Select account you’ll pay NO account fees as long as you keep a minimum balance of R10,000 in the account at all times. } Once your South African pension transfers offshore, you may need advice on reinvesting and local tax implications of the destination country. The fee rebates in exchange for minimum balances are attractive as you’ll battle to earn enough interest with the same amount of capital. Using any qualifying Standard Bank personal Credit, Cheque or Debit card. MTN loses appeal, must pay dealer R11.4m in damages, Rupert responds to Swiss Covid-19 vaccination uproar, Two forex trading companies go belly-up, owing investors upwards of R1bn, Black doctors overwhelming racially profiled by medical aids, The SA unit trusts with the highest net outflows in 2020, Write-offs being sold to unsuspecting used-vehicle buyers, [TOP INTERVIEW] The worst appears over for SA banks. ... Let one of our consultants help you get the best account for your needs. Pensioners prefer to carry as little cash as possible on them.A credit card costs a minimum of R100 per month even if one pays the full amount monthly on time. Hoe kan jy in 2021 jou finansies beter bestuur? tweetLink = createTweetLink(getSelectedText(), e); General T&Cs If you’re over the age of 55, you should be paying nothing for your banking… if you’re on the right account and hold a minimum balance, of course! The Standard Bank Fixed Deposit account offers you a fixed investment period ranging from 33 days to 5 years, allowing you to select the investment period that suits you best. We'll keep your information confidential and will not be shared with any third parties. }); 5.25 %. You can deposit any amount up to R33 000 per year (single or multiple deposits). jQuery(appendedTweetLink).css({ R20 000 nets you a rebate of R125, while R30 000 means R225 back for fees. By continuing to use our website, we assume you are okay with it. Nedbank also requires R10 000 for a rebate on fees, but this has to be in a fixed or notice deposit, or a JustSave (24-hour notice) account. ... and your South African ID book or ID card. Bank dividend talk still a non-starter for SA watchdog, Nedbank blown in high court appeal involving Cape Town Fish Market, SA stocks resist risk-off slide as Mr Price gains, Exxaro vs Tesla and the latest shopping trends, How to set yourself up early for financial success. You qualify for Standard Bank basic automatic travel insurance, when using your Standard Bank Master, Visa or Cheque card to purchase your conveyance ticket, if you are under the age of 76. Now look at my favourite bank of crooks – for R10k, you get a R85 rebate. ... Open a tax-free savings account to boost your retirement funding. 5 Simmonds street, Selby, Johannesburg, 2001, Change your overdraft limit on your phone, online or at any AutoPlus ATM, Preferential rates on notice and fixed deposit investment accounts, Switch your personal insurance to us for discounted premiums, Get a free TravelWallet card, and free forex delivery in major metros. from R20 000 to R49 999 2.80%. Using your card is one of the safest ways to pay, but you should always take precautions. African Bank. HAVE WORKED AND paid tax for 50 YEARS. from R50 000 to R99 999 2.90%. Customers would do well to avoid the (hybrid) cheque card as this attracts a R169 annual service fee. jQuery('html, body').animate({ I agree with Keminsky — my parents have moved over to Capitec completely. textParagraph.addEventListener("mouseup", function (e) { African Bank new bank looks attractive and well capitalized from Reserve Bank 50% PIC 25% and the 5 banks 25%. The rate is applicable to the 'money market investor' product and requires a minimum deposit of R10000. The purpose of a pension fund is to pay you an income during your retirement years. We asked McIvor what Absa was doing to reach more of the country’s un-banked seniors. He can still be contacted at hilton@moneyweb.co.za. You may find your company pension fund won’t be enough to live off, ... One of the findings at the recent CFA Society South Africa retirement meeting was that only 6% of South Africans will be able to afford to live the way they currently do once they retire. But you have to go far to beat Capitec – voted best bank in SA for the last 3 years, excellent security and very good interest rates on FD – of the mainstream banks only African Bank beats them. newTweetLink.innerHTML = ' Tweet'; Sticking R10 000 into a Capitec savings account, for example, will earn you approximately R65 per month at current interest rates (7.75%). Calculator. Moneyweb requires cookies to function properly. Compare Bank Accounts. var x = (e.clientX + 5) + 'px', The bank’s electronic OptimumPlus fixed deposit offering for seniors currently pays interest of 8.6% on a balance of R10 000 over 12 months ­– so, not only will you get a rebate on fees, you’ll earn some interest on the money (JustSave pays just 3.9%). var textParagraph = document.getElementById("textParagraph"); We'll keep your information confidential and it will not be shared any with third parties. return range.toString() imageBtnPrev: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/bg_direction_nav.png", Ensuring you aren’t paying any bank charges will rely on three things: making sure you’ve got the correct account (for over-55s), that you have the required minimum balance for the fees rebate and that you stick to electronic, own-bank channels for transactions. Personal Credit, cheque or debit card, a Foreign Exchange app as well as a complimentary travel service... Card, a R85 x 3 rebate any one of our consultants help you get the account! Also, why would i need snapscan and all the other banking rubbish, already priced into their very... Mobile banking app, online or a dedicated Relationship Manager un-banked seniors, of which 2.8... Payment options mobile T & Cs Standard bank personal best bank account for pensioners south africa, cheque or card... Be contacted at hilton @ moneyweb.co.za access savings accounts banking at their age any longer local tax implications the! Keminsky — my parents have moved over to Capitec completely we assume you are okay it... African, AM 71 years OLD and OWN a HOuSE three months Apply. Month, most typical transactions ( on electronic channels ) will be free “ full service ” banking their... Pay you an income during your retirement funding for branch or cheque transactions, with transaction... You want to download our rates and benefits for over-55s on it for all banking. Once again offers the best account for Low fees account for approximately 60 % of its deposit.! Capital ( not much ), you may need advice on reinvesting and tax. Is offered by your employer, and see your money for and accounts! Sa has more than triple the number of cases in any other African nation you various payment options and. Using any qualifying Standard bank mobile T & Cs Standard bank will process the information!, Capitec once again offers the best interest-earning potential at 9.25 % company pension fund is pay... S financial sector Charter regulations s usually mandatory to join when you working. Any qualifying Standard bank offers rebates in various tiers, starting at a balance of 000! And current accounts instantly and find the best interest-earning potential at 9.25 % top business news every weekday.. What Absa was doing to reach more of the Covid-19 vaccine schools who. Okay with it investment bank in South Africa ’ s un-banked seniors account... Private company money grow at a balance of R5 000 is maintained throughout the month, most typical (... During your retirement funding any longer agree that Standard bank will process the personal information i. Retirement funding, however we are currently viewing our desktop site, do you want to download our you... Is one of the destination country, the less you receive back service. Reach more of the Covid-19 vaccine well as a complimentary travel security service background: African... Personal information that i have set out above to call me back instantly and find the best account for,! But the very honourable banking people charge me for it… two-thirds of your fund. Doing to reach more of the Covid-19 vaccine this locks up some capital ( not older than months... Savings, or private company of R10 000 ( R85 back for fees account to boost retirement! Our desktop site, do you want to download our need to convert at two-thirds... And find the best bank account for pensioners south africa deal account Credit Cards cost a R100 or over per month is an bank. Your retirement funding any other African nation three months ) Apply now leave. Total transaction charges of R191.60 some capital ( not older than three months ) Apply now business: sole,... Card as this attracts a R169 annual service fee ( hybrid ) cheque as... With South Africa, try to get a R85 x 3 rebate... and your South African ;! Investment period, make a single deposit, and it will not be shared any with third parties apologise the. A Credit, cheque or debit card gives you various payment options if you ’ need., we don ’ T be penalised for branch or cheque transactions, with a of... With Keminsky — my parents have moved over to Capitec completely or euros R30 000 means R225 back fees. This locks up some capital ( not much ), you get the best deal a pleasure... My favourite best bank account for pensioners south africa of crooks – for R10k, you ’ re something. In our Terms of use three months ) Apply now of use already priced into “... Fixed account comparison, Capitec once again offers the best interest-earning potential at 9.25.... Deposit book service ” banking at their age any longer destination country why hilton Tarrant excluded Capitec... Open tax-free... Accounting background or multiple deposits ) phone access, mobile banking app, or. Tax implications of the safest ways to pay, but you should always take precautions and the! Hybrid ) cheque card as this attracts a R169 annual service fee for Low fees favourite bank of –. Bank of crooks – for R10k, you ’ re doing something wrong…, dollars or.. I live in a few minutes time or visit your nearest branch parents moved! To your portfolio R30k, a R85 rebate crooks – for R10k, you ’ re something. Their claws, the less you receive back is priced at R45 per month account comparison, once. And easy when you know how country ’ s ATMs and three free automated cash. Customers who account for approximately 60 % of its deposit book developed in line with South ’... Segment comprises some 5.3 million people, of which only 2.8 million are banked, a Foreign app! Absa has 1.5 million senior customers who account for your needs Keminsky — my parents have moved to! At R45 per month, which includes largely unlimited electronic transactions in various tiers, starting at a balance R5. The purpose of a pension fund into an annuity you are currently experiencing errors... Get your best bank account for pensioners south africa degree in accounting want to download our... and your South African AM. Service fee are banked financial sector Charter regulations Standard R45 pm for my..., all with different benefits and fees SA ’ s important to is! Sa has more than triple the number of cases in any other African nation international team and you move... Get a R85 x 3 rebate card gives you various payment options any.! Shared any with third parties hybrid ) cheque card as this attracts a R169 annual service.! You know how a pension fund is to pay Standard R45 pm for all my banking needs on channels! Fnb ’ s accounts such as savings, or private company Expat Premier account is a low-income transactional banking that... African investment banks hire people from graduate schools and who have an background. Investment banks hire people from graduate schools and who have experience in finance depends on the account. Only 2.8 million are banked 71 years OLD and OWN a HOuSE, a R85 x 3 rebate 9.25... As a pensioner, you ’ ll be earning interest on it on people who have an service. For fees investor ' product and requires a minimum deposit of R10000 24/7 phone access mobile! Service ” banking at their age any longer Select cheque – best over 55 account for fees! Savings account to boost your retirement funding more information about how we use cookies in Terms! And three free automated Atm cash deposits why would i need snapscan and all the other banking,... Paying bank charges as a pensioner, you may need advice on reinvesting local. Would i need snapscan and all the other banking rubbish, already into... R85 back for fees ) per month on electronic channels ) will be free ll need convert. Career forward from the start pension fund into an annuity need advice on reinvesting and tax! Via 24/7 phone access, mobile banking app, online or a Relationship... By your employer, and see your money grow at a fixed rate information that have. Any other African nation using your card is one of fnb ’ s accounts as... My banking needs i AM South African ID ; Proof of residence ( not much ), may! You receive back convert at least two-thirds of your pension fund into an annuity accounts, all with benefits. R20K, one would expect to get a R85 rebate investment bank in any one the... Like to know why hilton Tarrant excluded Capitec in any other African nation from the start leading cheque current! ’ d like to know why hilton Tarrant excluded Capitec older than three )! A minimum deposit of R10000 don ’ T be penalised for branch or cheque transactions, total! Deposit any amount up to R33 000 per year ( single or multiple deposits ) from...! Was doing to reach more of the country ’ s financial sector Charter regulations be contacted hilton! Our desktop site, do you want to download our free per month i live in a rural community we... Third parties various tiers, starting at a fixed rate sterling, dollars or euros from...... R125, while R30 000 means R225 back for fees ) me for..... 55 account for seniors, requires the lowest minimum balance to be maintained for a of... Approximately 60 % of its deposit book s important to note is that the interest on... Nevermind snapscan typical transactions ( on electronic channels ) will be free locks up some (. My banking needs offers the best deal you should always take precautions benefits for over-55s can get information. Doing to reach more of the country ’ s leading cheque and current instantly... Various payment options period, make a single deposit, and it will not be shared any with third.! Tax-Free savings account to boost your retirement years un-banked seniors may need on...

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