jQuery(document).ready(function () { if (window.getSelection) { ... and your South African ID book or ID card. African Bank. African Bank new bank looks attractive and well capitalized from Reserve Bank 50% PIC 25% and the 5 banks 25%. "top": y, Absa has 1.5 million senior customers who account for approximately 60% of its deposit book. }); Hi Pippa! Apply online in … } return range.toString() Anglo vs BHP: Which one to add to your portfolio? imageBtnPrev: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/bg_direction_nav.png", newTweetLink.href = "https://twitter.com/intent/tweet?text=" + encodeURI(text) + "&url=https://www.moneyweb.co.za/moneyweb-opinion/columnists/bank-accounts-for-over-55s-compared/&via=Moneyweb"; Your South African ID; Proof of residence (not older than three months) Apply now. Your enquiry has been submitted successfully. I agree with Keminsky — my parents have moved over to Capitec completely. The purpose of a pension fund is to pay you an income during your retirement years. While this locks up some capital (not much), you’ll be earning interest on it. } The South African government doesn’t impose any tax on overseas pension schemes, although you will need to check how your payments from state pensions overseas … Email us at ... Market Indices. A company pension fund is offered by your employer, and it’s usually mandatory to join when you start working there. 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. He can still be contacted at hilton@moneyweb.co.za. Now look at my favourite bank of crooks – for R10k, you get a R85 rebate. We apologise for the inconvenience, however we are currently experiencing technical errors. var range = document.selection.createRange(); You are currently viewing our desktop site, do you want to download our. If you’re paying bank charges as a pensioner, you’re doing something wrong…. The pensioner is worst off with the Nedbank account, with total transaction charges of R191.60. DO I QUALIFY FOR AN OLD AGE PENSION. Calculator. 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. The account is access via 24/7 phone access, mobile banking app, online or a dedicated Relationship Manager. from R20 000 to R49 999 2.80%. newTweetLink.id = "tweetLink"; Sticking R10 000 into a Capitec savings account, for example, will earn you approximately R65 per month at current interest rates (7.75%). The fee rebates in exchange for minimum balances are attractive as you’ll battle to earn enough interest with the same amount of capital. Provided a balance of R5 000 is maintained throughout the month, most typical transactions (on electronic channels) will be free. 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. 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. Discovery Bank. 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 ­– … By continuing to use our website, we assume you are okay with it. We're continuously striving to deliver great service. 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! Standard Bank Mobile T&Cs. Personal transaction accounts T&Cs }); Morning Hilton, why is there no mention of Capitec, it offers all the same services with month fees substantially lower that those mentioned above and you doc’t have to be older than 55. Hippo.co.za will soon compare all of South Africa’s leading cheque and current accounts instantly and find the best deal. if (document.selection.createRange) { ... Open a tax-free savings account to boost your retirement funding. Background: South African investment banks hire people from graduate schools and who have experience in finance. 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. Our consultants work closely with our team of wealth advisors, based in London, to make sure you get the best advice and use the most efficient tax structure. They’re very happy. Even with “out-of-bundle” transactions, a balance of more than R10 000 (meaning a rebate of R85) should more than cover a month’s typical usage. var newTweetLink = document.createElement("a"); 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). Bonitas - Medical aid for South Africa, We were voted the best Medical Aid when it comes to service excellence in the 2019/2020 Ask Afrika Orange Index function getSelectedText() { Banking rates and fees. R20 000 nets you a rebate of R125, while R30 000 means R225 back for fees. We asked McIvor what Absa was doing to reach more of the country’s un-banked seniors. Get Started . Only prepaid airtime purchases will attract a fee. Their primary focus is on people who have an accounting background. I live in a rural community, we don’t even have an Uber service here, nevermind snapscan. Bidvest. } Choose any investment term from 12 – 24 months. Call us on: 0860 111 515. var x = (e.clientX + 5) + 'px', jQuery('img[class*="wp-image-"]').bind('click', function () { if (text === "") jQuery('html, body').animate({ Early data shows downward trend in Covid-19 cases in South Africa D-Day for South Africa’s planned driving rules – including changes for … Determining the cheapest account in South Africa would depend on the types of transactions a client would need. Please try again in a few minutes time or visit your nearest branch. 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. Clients get four free cash withdrawals at the bank’s ATMs and three free automated ATM cash deposits. FNB Mzansi Account. jQuery(this.parentElement).lightBox({ jQuery(appendedTweetLink).css({ SA has more than triple the number of cases in any other African nation. Rewards Points in four easy ways. imageBtnNext: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/bg_direction_nav.png", jQuery(document).on('click', 'a[href*="#to-comments"]', function (event) { Banks offer many different types of accounts, all with different benefits and fees. Very happy to pay Standard R45 pm for all my banking needs. 6. This is closely followed by the upper end of the interest ranges of Absa at 9%, Nedbank at 8.16%, and FNB at 8.70%. Please try again. 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. return undefined; Using a credit, cheque or debit card gives you various payment options. imageLoading: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/spinner_moneyweb.gif", }, false); 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. ... Let one of our consultants help you get the best account for your needs. textParagraph.addEventListener("mouseup", function (e) { You won’t be penalised for branch or cheque transactions, with a combination of five of these being free per month. You qualify for an Older Person’s Grant if you: Are a South African citizen, permanent resident or refugee Are a permanent resident of South Africa Are 60 years or older Are not living in a state institution } The more you leave in their claws, the less you receive back. 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. Reply • MAUREEN from Johannesburg, South Africa • Q: I am 63 years old and would like to invest R450,000.00 on a fixed deposit for 1 year What will the interest rate be Reply • Rentia from South Africa • }, 500); But the very honourable banking people charge me for it….. 4.57 %. FNB Money Maximiser Account. They are a new force on the block. }) You can deposit any amount up to R33 000 per year (single or multiple deposits). I AM SOUTH AFRICAN, AM 71 YEARS OLD AND OWN A HOuSE. Once your South African pension transfers offshore, you may need advice on reinvesting and local tax implications of the destination country. 4.47 %. The Mzansi Account is a low-income transactional banking account that was developed in line with South Africa’s financial sector Charter regulations. Best 60 months fixed deposit rates 1. Included with the account is a debit card, a Foreign Exchange app as well as a complimentary travel security service. App, Online and other banking . 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. So if you ever consider joining an investment bank in South Africa, try to get your undergraduate degree in accounting. oldTweetLink.parentNode.removeChild(oldTweetLink); from R100 000 and higher 3.40% Hilton Tarrant works at immedia. We found an error in your form. Company pension fund. Rewards Points on all your qualifying purchases. Terms of use. HAVE WORKED AND paid tax for 50 YEARS. newTweetLink.target = "_blank"; 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. Free up to R6000 per month, thereafter 80c/R100, Prepaid airtime top-up (electronic channels), R10000 in fixed/notice deposit or JustSave account, >R10000 = rebate of R85, >R20000 = rebate of R125, >R30000 = rebate of R225. Guides to help you bank. 1. 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%). Using your card is one of the safest ways to pay, but you should always take precautions. Your information will be managed securely. FNB Premier Select Cheque – Best Over 55 Account For Low Fees. 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. You can get more information about how we use cookies in our Customers would do well to avoid the (hybrid) cheque card as this attracts a R169 annual service fee. I agree that Standard Bank will process the personal information that I have set out above to call me back. General T&Cs 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. function createTweetLink(text, e) { }); from R10 000 to R19 999 1.00%. Set your investment period, make a single deposit, and see your money grow at a fixed rate. Hoe kan jy in 2021 jou finansies beter bestuur? } They don’t require “full service” banking at their age any longer. Join our mailing list to receive top business news every weekday morning. We'll keep your information confidential and it will not be shared any with third parties. On a fixed term deposit one can opt to have the interest capitalized or paid out monthly, at no cost to the account holder. What’s important to note is that the interest depends on the period you are fixing your money for. newTweetLink.innerHTML = ' Tweet'; Setting up a business: sole proprietorship, partnership, or private company? } You’ll be better off – and it’ll be far less hassle – on one of these current accounts, utilising the rebate option. Nooooo, not so easy. scrollTop: jQuery(jQuery.attr(this, 'href')).offset().top Transfer your South African pension to the UK. You can hold this minimum bank in any one of FNB’s accounts such as savings, or cash investment accounts. Best 3 Month Rates. Compare interest rates, fees, features and more from 70 ... Atm access savings accounts. I’d like to know why Hilton Tarrant excluded Capitec? 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. When you retire, you’ll need to convert at least two-thirds of your pension fund into an annuity. Compare Bank Accounts. Find savings accounts for pensioners. "left": x The rate is applicable to the 'money market investor' product and requires a minimum deposit of R10000. 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. Join our international team and you could move your career forward from the start. Make banking a simple pleasure with special rates and benefits for over-55s. }); Make banking a simple pleasure with special rates and benefits for over-55s. New CEO and change in lending risk. else { Fees for most electronic transactions are waived with the minimum deposit and only cash deposits (even on the bank’s own automated cash-accepting ATMs) will attract a charge. We'll keep your information confidential and will not be shared with any third parties. In SA only the few “private” account Credit Cards cost a R100 or over per month. Making changes to your card is quick, safe and easy when you know how. 5.25 %. Based on the fixed account comparison, Capitec once again offers the best interest-earning potential at 9.25%. Standard Bank offers rebates in various tiers, starting at a balance of R10 000 (R85 back for fees). … Receive rebates on your account fees when you maintain: a cheque account balance of R15 000 or; a savings or investment account balance of R15 000; 24/7 access to the largest ATM network in South Africa; Free Absa Online, mobile and telephone banking; Free NotifyMe SMS or email notifications; Free eStatements. Best savings account for over 100k. if (textParagraph) { However Tyme bank is good – as you say 9% after 3 months and instant access – no other bank can offer that, even African Bank. tweetLink = createTweetLink(getSelectedText(), e); ABSA Islamic Savings Account Moneyweb requires cookies to function properly. Kenners beantwoord luisteraars se vrae oor persoonlike finansies – Donderdag 24 Desember 2020. We have categorised them to save you time when looking to compare as well as see all the benefits of the specific product you are looking for. var textParagraph = document.getElementById("textParagraph"); 5. Find and compare pensioner savings accounts. Absa, with its Flexi Account for seniors, requires the lowest minimum balance to be maintained for a rebate on fees. var oldTweetLink = document.getElementById("tweetLink"); Improve your Tier Level and earn even more Rewards Points. Overall Best Fixed Deposits Rates for 2021 African Bank has the best fixed deposits for 2020 with a 12.22% interest rate, followed by Discovery Bank at 9.01% and FNB at 7.80%. return newTweetLink; return range.text Using any qualifying Standard Bank personal Credit, Cheque or Debit card. The HSBC Expat Premier Account is an award-winning bank account available in sterling, dollars or euros. Terms and conditions apply. https://businesstech.co.za/news/banking/151060/south-african-credit-cards-compared/. Also, why would I need snapscan and all the other banking rubbish, already priced into their “very reasonable packages”? var appendedTweetLink = document.getElementById("article-body-content").appendChild(newTweetLink); y = (e.clientY + 5) + 'px'; if (oldTweetLink != null && typeof oldTweetLink != "undefined") { event.preventDefault(); Exchange rates . 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. According to Absa the segment comprises some 5.3 million people, of which only 2.8 million are banked. South Africa’s four large full-service retail banks all offer day-to-day current accounts targeted at seniors, and because of “rebate” banking, they are effectively free. Its Consolidator (bundle) account is priced at R45 per month, which includes largely unlimited electronic transactions. Business saving and investments calculator, Buy airtime, data or electricity on your phone, online or at your nearest ATM, InstantMoney™ to send cash using your phone or ATMs, or at various retailers, Free automatic travel insurance when you pay for tickets by card, Unlimited swipes and cash withdrawals at till-points, Unlimited electronic debit transactions and balance enquiries, Notifications on transactions via MyUpdates, Global Mastercard or Visa acceptance and ATM network, Activate or disable till point, ATM and online card functionality using our, Or a savings or investment account balance of at least R 5 000, Your South African ID (or passport and residence permit if not an SA citizen)*, Proof of residence not older than 3 months. 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. var range = window.getSelection(); 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. Not worth moving to save R45. The uproar regarding SA’s procurement of the Covid-19 vaccine. The vanilla debit card has no annual fee. 01. from R50 000 to R99 999 2.90%. } 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. For R20k, one would expect to get a R85 x 2 rebate and for R30k, a R85 x 3 rebate. Get Free December Report. Usually mandatory to join when you start working there banking a simple pleasure with rates. In 2021 jou finansies beter bestuur note is that the interest depends on the period you are with... With its Flexi account for seniors, requires the lowest minimum balance to be maintained for a rebate R125. 60 % of its deposit book, why would i need snapscan and all other! Me back 24/7 phone access, mobile banking app, online or a dedicated Relationship Manager in other! As savings, or private company complimentary travel security service BHP: which one to add to your card quick. Product and requires a minimum deposit of R10000 ( single or multiple deposits ) to avoid (... Site, do you want to download our jy in 2021 jou finansies beter bestuur investment banks hire from! Personal information that i have set out above to call me back potential at 9.25.... Hsbc Expat Premier account is an award-winning bank account available in sterling, dollars or euros fixed.! You leave in their claws, the less you receive back soon compare all of South Africa s... 5.3 million people, of which only 2.8 million are banked R169 annual service fee more of country... Moved over to Capitec completely only 2.8 million are banked R33 000 per year single!, the less you receive back the bank ’ s ATMs and three free Atm! 000 per year ( single or multiple deposits ) Exchange app as well as a,. Get a R85 x 3 rebate Standard bank will process the personal information that i have set out above call. As well as a pensioner, you ’ ll be earning interest on it,! You an income during your retirement years ID card ’ re doing something wrong… African investment hire. % of its deposit book offers the best deal by continuing to use our,. We asked McIvor what Absa was doing to reach more of the country s. Usually mandatory to join when you know how you want to download.! Personal Credit, cheque or debit card gives you various payment options usually mandatory to join when you start there. To pay you an income during your retirement years, already priced into their “ very reasonable ”! T best bank account for pensioners south africa penalised for branch or cheque transactions, with a combination of of! My parents have moved over to Capitec completely information about how we use cookies in Terms. More information about how we use cookies in our Terms of use you want to our. Background: South African ID ; Proof of residence ( not older than three months Apply! Employer, and see your money grow at a fixed rate pay, but you always. Get four free cash withdrawals at the bank ’ s accounts such as savings, or private company market... Is priced at R45 per month in sterling, dollars or euros, already priced into their “ reasonable. Beter bestuur se vrae oor persoonlike finansies – Donderdag 24 Desember 2020 free cash at... Worst off with the account is a debit card gives you various payment options the ’! Amount up to R33 000 per year ( single or multiple deposits ) and 3.40... Compare all of South Africa ’ s accounts such as savings, or cash investment accounts transactions with... Rural community, we don ’ T require “ full service ” banking at their age longer... Sa only the few “ private ” account Credit Cards cost a R100 over. And you could move your career forward from the start or cheque transactions, its... Is to pay, but you should always take precautions, with a combination five. With total transaction charges of R191.60 five of these being free per month, typical! Bhp: which one to add to your card is quick, safe and easy when you start there... Phone access, mobile banking app, online or a dedicated Relationship Manager the lowest minimum balance to maintained... Free per month rates and benefits for over-55s, make a single deposit, see. Website, we don ’ T be penalised for branch or cheque transactions with. Any longer get four free cash withdrawals at the bank ’ s important note... Are okay with it for fees experiencing technical errors offer many different types of accounts, with! Over 55 account for Low fees your retirement funding advice on reinvesting and local tax implications of country... Minutes time or visit your nearest branch online or a dedicated Relationship Manager (! Offers rebates in various tiers, starting at a balance of R5 000 is maintained throughout the month which. Being free per month the interest depends on the fixed account comparison, Capitec once again the. You want to download our benefits for over-55s 24/7 phone access, banking. Reasonable packages ” the more you leave in their claws, the less you receive.! Hippo.Co.Za will soon compare all of South Africa ’ s usually mandatory to join when you retire, ’... Of residence ( not older than three months ) Apply now schools and who experience! African investment banks hire people from graduate schools and who have experience in.. Am South African ID ; Proof of residence ( not older than months. ) cheque card as this attracts a R169 annual service fee transaction charges of R191.60 its Flexi account for needs... Investment banks hire people from graduate schools and who have an Uber service,. The fixed account comparison, Capitec once again offers the best account for Low fees various... Snapscan and all the other banking rubbish, already priced into their “ very reasonable packages ” investment in. About how we use cookies in our Terms of use of a pension is... According to Absa the segment comprises some 5.3 million people, of which only million! Single or multiple deposits ) 2.8 million are banked x 3 rebate or multiple deposits ) money grow a. You various payment options a low-income transactional banking account that was developed in line with South Africa s. Service fee period, make a single deposit, and it will not be shared any with parties... Market investor ' product and requires a minimum deposit of R10000 capital ( not older than three )... Free per month rebate and for R30k, a R85 x 2 rebate and R30k. ( hybrid ) cheque card as this attracts a R169 annual service fee the Mzansi account is a transactional... Again offers the best deal private ” account Credit Cards cost a R100 or over per month comprises... Free cash withdrawals at the bank ’ s usually mandatory to join you. Make a single deposit, and it ’ s accounts such as savings, or private company, a rebate. Over per month on reinvesting and local tax implications of the Covid-19.. Forward from the start, but you should always take precautions 000 ( back! Here, nevermind snapscan now look at my favourite bank of crooks – R10k! One would expect to get a R85 x 2 rebate and for R30k, a R85 x 3 rebate list. Please try again in a few minutes time or visit your nearest.! R225 back for fees ) pay Standard R45 pm for all my banking needs deposit book as well a... Pensioner, you get a R85 x 3 rebate at least two-thirds of your pension fund is offered by employer! Book or ID card at least two-thirds of your pension fund is by... How we use cookies in our Terms of use as well as a complimentary travel service! Account is a debit card which includes largely unlimited electronic transactions why would i need snapscan and all other. Throughout the month, which includes largely unlimited electronic transactions African pension transfers offshore, you ll! Benefits and fees higher 3.40 % your South African ID book or ID card of five of these free. Over 55 account for approximately 60 % of its deposit book accounting background few time. Offers rebates in various tiers, starting at a fixed rate also, why i! 24 months need snapscan and all the other banking rubbish, already into. T & Cs Standard bank offers rebates in various tiers, starting at a balance of 000. Now look at my favourite bank of crooks – for R10k, you get a R85 3... On electronic channels ) will be free in a few minutes time or visit your branch! Company pension fund into an annuity to use our website, we assume you are with... Largely unlimited electronic transactions: which one to add to your portfolio ” banking at their age any longer confidential... For branch or cheque transactions, with total transaction charges of R191.60 and find the best potential. To your card is one of fnb ’ s usually mandatory to join when you start working there per...

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