In this edition of our 2023 investment series, we unpack everything you need to know about tax-free savings:
- Why consider tax free investments?
- Using tax-free investments to save towards a goal.
- Choosing the right tax-free investment product and fund.
The end of the tax year is here and with that, the opportunity to use your current year's tax-free allowance. Already fully invested in a tax-free fund? Then get ready to use the 2023/2024 tax-free allowance from 1 March 2023. Either way, make sure you do not miss out on the compound-growth benefits of investing tax-free for you and your family.
Why consider tax-free investments?
A tax-free investment (TFI) is an efficient way of saving without getting taxed on the income, interest, dividends and capital gains from the investment. TFIs are great to supplement long-term savings, including your retirement savings.
Using tax-free investments to create a legacy for your children
What if you invested R3 000 per month for your child into a tax-free unit trust and left it there for a long time? A very long time.
Investing with Nedbank is easy
We offer a full range of savings and investment products, which can be opened in a few clicks via Online Banking or the Money app.
Simply log in, go to the investment section, select Open an investment account and choose between a wide range of options.
Other knowledge-sharing sessions in the Nedbank 2023 Investment series
Part 3: Finance that lets you dream big
Part 5: Managing your short-term needs