SPONSORED | StandardBankZA Tax-free saving accounts are one of the most efficient ways of securing your child’s future success as your investment stands to benefit from the magic of compounding – even if it is a small amount each month.
If you stay invested for the long term, you can earn the maximum amount of interest, says Standard BankTFSAs are one of the most tax-efficient ways of securing your child’s future success. With time on your side, the investment stands to benefit from the magic of compound interest. Picture: SUPPLIED/STANDARD BANK
The tax-free interest or return earned on the investment over time can be reinvested to get you closer to your savings goal. With savings of less than 15% of GDP in 2019, SA has one of the lowest savings rates in the world and is far below the world average of 25.1%.
Parents can also open a TFSA on behalf of their children and can save up for them in the TFSA vehicle, which is seen as separate from theirs and would not eat into their own contribution limits. The benefit of the tax-free savings account is best realised when staying invested for the long term to allow for capital appreciation to take place.
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