Enjoy long-term growth without paying a cent in tax on returns — up to your annual and lifetime limits.
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Grow Your Wealth with a Tax-Free Savings Account
Keep more of your money by investing in a smarter, tax-efficient way.
Saving in a tax-free account lets you grow your money faster — because you don’t pay tax on the interest, dividends, or capital gains you earn. You can invest up to R36,000 per year and a total of R500,000 over your lifetime, all without paying a cent in tax.
Whether you’re saving for short-term goals or building long-term wealth, a tax-free savings account offers the flexibility to withdraw funds anytime, while still allowing your money to benefit from compound growth over time.
Your investment stays accessible, and the earlier you start, the more you benefit. With no tax on returns, your savings can grow faster — helping you reach your financial goals with less effort and more reward.
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Let Compound Growth Work for You
The longer you save, the more your money can grow — tax-free.
Compound interest means you earn returns not only on your contributions, but also on your past returns. And with a tax-free savings account, you keep all of that growth — because no tax is deducted along the way.
For example, by contributing R2,500 per month over 16 years and 8 months, you could reach the lifetime tax-free limit of R500,000. Based on a balanced fund that grows at inflation plus 4% annually, your total investment return could reach R1,063,500, and you could save up to R495,100 in tax compared to a taxed investment.
This example assumes a 40% marginal tax rate and is for illustration purposes only. Actual results may vary.
Why choose a tax-free savings account?
Boost your returns – Since you don’t pay tax on the growth, your money can grow faster than it would in a standard savings account.
Maximise your investment – Interest, dividends, and capital gains earned in your tax-free account are completely exempt from tax, helping you reach your goals sooner.
Stay flexible – You can pause or stop contributions anytime, and withdraw funds when needed. Just keep in mind: withdrawals reduce your lifetime contribution limit and may impact your long-term savings potential.
What tax advantages come with a tax-free savings account?
You contribute using money that’s already been taxed, but any interest, dividends, or capital growth earned inside the account won’t be taxed again.
Best of all, withdrawals are completely tax-free — so you get to keep every cent you earn.
How much can I invest in a tax-free savings account?
National Treasury sets limits on how much you can contribute. You can save up to R36,000 per year, with a lifetime cap of R500,000.
It’s important to track your total contributions across all your tax-free savings accounts to avoid exceeding these limits, as any excess may be taxed.
Can I withdraw money from my tax-free savings account?
Yes, you can withdraw funds at any time without paying tax. However, any amount you take out can’t be replaced — withdrawals still count toward your lifetime contribution limit of R500,000.
So while the account offers flexibility, it’s best used for medium to long-term goals where your savings have time to grow without interruption.
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Sanlam Limited is the licensed controlling company of the Sanlam Limited Insurance Group. Sanlam Life Insurance Limited is an insurer licensed to conduct life insurance business and is a licensed financial services provider and a registered credit provider.