Best Tax-Free Savings Accounts in South Africa (2025)
By MoneyToday Team • Nov 22, 2024 • 8 min read
Choosing the right provider for your Tax-Free Savings Account (TFSA) is arguably more important than the account itself. Why? Because high fees can destroy your tax-free gains over 20 years.
In this guide, we compare the top platforms in South Africa (EasyEquities, Sygnia, Satrix, and Banks) to help you decide where to invest your R36,000 this year.
First Decision: Cash or Shares?
You can open a TFSA at a bank (Cash) or an investment broker (ETFs/Shares).
Bank TFSA (Cash)
Your money earns interest (e.g., 7-9%). Low risk.
Investment TFSA (ETFs)
Your money buys shares in companies (e.g., Apple, Naspers). High short-term risk, massive long-term growth.
Top Investment Platforms Compared
1. EasyEquities
The crowd favorite. EasyEquities disrupted the market with its "no monthly fee" model. You only pay when you buy or sell.
Pros
- No monthly platform fees
- Massive variety of ETFs
- User-friendly App
Cons
- Transaction fees on every deposit/trade
- Can be overwhelming for beginners
2. Sygnia
A powerhouse asset manager. If you invest in their own ETFs (like Sygnia Itrix MSCI World), the platform fees are incredibly low.
Pros
- Lowest fees for Sygnia funds
- Automatic debit order integration
Cons
- Interface is less "fun" than EE
- Penalties for external funds
3. SatrixNOW
The brand that made investing famous in SA. Solid platform, but EasyEquities has largely surpassed them in terms of cost and flexibility (SatrixNOW is actually built on the EasyEquities engine).
The Fee War
| Platform | Annual Platform Fee | Brokerage (Buy/Sell) |
|---|---|---|
| EasyEquities | R0.00 | ~0.25% per trade |
| Sygnia | 0.00%* | R0.00 |
| SatrixNOW | 0.50% p.a. | R0.00 |
| Banks (Standard/Absa) | Varies (Often high min) | ~0.50% + Min fees |
*Sygnia charges 0% platform fee if you invest in Sygnia ETFs. Other funds attract fees.
What should I buy?
We cannot give financial advice, but a common strategy among long-term investors is the "One-Fund Solution".
The Global ETF Strategy
Instead of picking winners (like buying just Amazon or Sasol), you buy the whole haystack. A "World" ETF invests in 1,500+ of the biggest companies across developed markets (US, UK, Japan, Europe).
Common Questions
Can I have TFSAs at different banks?
Yes, legally you can. BUT the R36,000 limit applies to YOU (your ID number), not the account. If you put R20k in FNB and R20k in Capitec, you have contributed R40k and will be penalized by SARS.
Can I transfer from Old Mutual to EasyEquities?
Yes. DO NOT WITHDRAW THE CASH. You must request a "Section 14" transfer between providers. If you withdraw the cash yourself, you lose that portion of your lifetime allowance forever.