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Financial planning

Overview

Documents required


If you are new to FNB, you will need to undergo a "know your customer" (KYC) check at your nearest FNB branch before you can open your account.

You will need to bring proof of

  • Identity: a South African green bar-coded identity document.
  • Physical address: A recent utility account (not older than three months). For example: rates, taxes, water, electricity or telephone account. You can also use a retail account such as clothing, pharmacy, veterinary or doctors' accounts etc.
  • Income tax number(s): If issued

Please take note


  • If you want to transfer to a Tax-Free Cash Deposit, you must have an existing and active Tax Free Cash Deposit. Apply now if you do not have one already.
  • If you previously had a Tax-Free Cash Deposit that is no longer active, speak to your banker or branch to activate your existing account.
  • In order to qualify for a Tax-Free Cash Deposit, you must have an active transactional account with FNB.
  • Your transferred Tax-Free funds to another tax-free account will not be counted as part of your annual contribution limit with FNB.
  • Regularly check your annual contribution limit held with us and other institutions to avoid over contributions and penalties.
  • Do not withdraw funds to contribute to your other Tax-Free Savings. This will affect your annual contribution limit and may result in SARS charging you a penalty fee on your overcontribution amount.
  • You can open a Tax-Free Account for a minor.
  • Download a copy of Ts & Cs for more information .

Note for Tax Year-End

Existing customers

Please note that you will not be able to transfer your Tax-Free Account to us or from us to another institution from the last 10 business days of every February. No payments will be allowed towards your Tax-Free Cash Deposit on the last two business days of every February.

Tax-Free Cash Deposit


The table below illustrates the interest rate you will receive based on the balance in your Tax-Free Cash Deposit.

Nominal rate per annum (NACM): This is the annualised interest rate that you will earn daily and is capitalised monthly. This rate does not take into account the compounding interest effect.

Annual Effective Interest rate: Annualised interest rate that takes into account the compounding interest effect for one year assuming interest is not withdrawn.


Find a branch


Tax-Free Cash Deposit


Enjoy the full reward of your savings


The Tax-Free Cash Deposit guarantees your capital and quoted returns and gives you access to your money in 32 days.

What this is


Flexibility + convenience

What you get with the Tax Free Cash Deposit:

  • Peace of mind as you won't lose your capital or quoted returns
  • Growth on your savings - knowing the value won't be eroded due to monthly fees
  • Access your money in 32 days
  • Convenience to contribute flexibly either monthly or as a once-off lump sum
  • The option to save regularly through a scheduled transfer to maximise tax savings
  • Ability to open an account in your child's name as there is no age restriction
  • You are able to contribute a maximum of R36 000 per tax year, and a maximum of R500 000 during your lifetime completely tax free
 

Three quick steps to switch to a Tax-Free Savings Account.


Follow the transfer process below to move funds from your Tax-Free Savings (TFS) to your other Tax-Free Savings (both accounts must belong to the same account holder).

  • Initiate the transfer with your current institution, the institution should complete a Transfer out form. You can also download our transfer request form
  • Ask the institution that you are transferring to or from to complete their part on the transfer request form
  • Send us the completed transfer request form to the following mailbox: tfitransfers@fnb.co.za

A specialised team of advisors will contact you to finalise your TFS transfer request. Transfers can take-up to 10 business days if all the information is valid and accurate.

Take note

 

What's hot


100% capital guarantee

Save for your future goals and know your money is safe.

Guaranteed capital

No Risk. Your original deposit and quoted returns are 100% guaranteed.



Free

It's free. There are no monthly fees



Anytime saving

The ability to save from as little as
R300



Convenience

Manage your account Online or the App



Access

Access to your money in 32 days



Applying made easy


Tax-Free Cash Deposit

Qualifying criteria

You must hold an FNB transactional account or open a transactional account to qualify.

Ways to apply

Apply now!

Other ways to apply

Complete the call me back form

Contact us

Find a branch

Transfers to and from another institution

Contact us on tfitransfers@fnb.co.za or call 087 320 4321

Download the Transfer Request Form
FAQs

Documents needed

Existing FNB customers can apply online via their Online Banking profile.

New customers will need to undergo a "know your customer" (KYC) check at their nearest FNB branch before they can open their account.

View documents required