best bank account for pensioners south africa

jQuery(document).ready(function () { Make banking a simple pleasure with special rates and benefits for over-55s. event.preventDefault(); y = (e.clientY + 5) + 'px'; New CEO and change in lending risk. We're continuously striving to deliver great service. } 4.57 %. Bidvest. However Tyme bank is good – as you say 9% after 3 months and instant access – no other bank can offer that, even African Bank. Included with the account is a debit card, a Foreign Exchange app as well as a complimentary travel security service. By continuing to use our website, we assume you are okay with it. Using any qualifying Standard Bank personal Credit, Cheque or Debit card. }); 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. imageBtnNext: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/bg_direction_nav.png", HAVE WORKED AND paid tax for 50 YEARS. Standard Bank offers rebates in various tiers, starting at a balance of R10 000 (R85 back for fees). You can deposit any amount up to R33 000 per year (single or multiple deposits). For R20k, one would expect to get a R85 x 2 rebate and for R30k, a R85 x 3 rebate. Get Free December Report. Compare interest rates, fees, features and more from 70 ... Atm access savings accounts. Personal transaction accounts T&Cs 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. 1. Transfer your South African pension to the UK. Hippo.co.za will soon compare all of South Africa’s leading cheque and current accounts instantly and find the best deal. Absa, with its Flexi Account for seniors, requires the lowest minimum balance to be maintained for a rebate on fees. Customers would do well to avoid the (hybrid) cheque card as this attracts a R169 annual service fee. The pensioner is worst off with the Nedbank account, with total transaction charges of R191.60. According to Absa the segment comprises some 5.3 million people, of which only 2.8 million are banked. 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. 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). 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! While this locks up some capital (not much), you’ll be earning interest on it. if (window.getSelection) { ABSA Islamic Savings Account from R50 000 to R99 999 2.90%. FNB Money Maximiser Account. jQuery('html, body').animate({ 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 Your enquiry has been submitted successfully. Hi Pippa! Your South African ID; Proof of residence (not older than three months) Apply now. Find and compare pensioner savings accounts. function getSelectedText() { 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. Discovery Bank. var textParagraph = document.getElementById("textParagraph"); } }); return newTweetLink; FNB Premier Select Cheque – Best Over 55 Account For Low Fees. Only prepaid airtime purchases will attract a fee. Apply online in … Hoe kan jy in 2021 jou finansies beter bestuur? In SA only the few “private” account Credit Cards cost a R100 or over per month. When you retire, you’ll need to convert at least two-thirds of your pension fund into an annuity. Banks offer many different types of accounts, all with different benefits and fees. 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%. "top": y, 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. You can hold this minimum bank in any one of FNB’s accounts such as savings, or cash investment accounts. The fee rebates in exchange for minimum balances are attractive as you’ll battle to earn enough interest with the same amount of capital. 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. 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. But the very honourable banking people charge me for it….. if (document.selection.createRange) { var oldTweetLink = document.getElementById("tweetLink"); 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. 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"; The purpose of a pension fund is to pay you an income during your retirement years. ... Let one of our consultants help you get the best account for your needs. from R100 000 and higher 3.40% Calculator. Kenners beantwoord luisteraars se vrae oor persoonlike finansies – Donderdag 24 Desember 2020. 4.47 %. "left": x var x = (e.clientX + 5) + 'px', 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. 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. }, false); The rate is applicable to the 'money market investor' product and requires a minimum deposit of R10000. } Making changes to your card is quick, safe and easy when you know how. 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 }); Best savings account for over 100k. Rewards Points on all your qualifying purchases. African Bank. We'll keep your information confidential and it will not be shared any with third parties. var appendedTweetLink = document.getElementById("article-body-content").appendChild(newTweetLink); Compare Bank Accounts. 5. You’ll be better off – and it’ll be far less hassle – on one of these current accounts, utilising the rebate option. 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. 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. 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. Best 3 Month Rates. oldTweetLink.parentNode.removeChild(oldTweetLink); 01. Join our international team and you could move your career forward from the start. R20 000 nets you a rebate of R125, while R30 000 means R225 back for fees. 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. Set your investment period, make a single deposit, and see your money grow at a fixed rate. Company pension fund. else { Determining the cheapest account in South Africa would depend on the types of transactions a client would need. Your information will be managed securely. I’d like to know why Hilton Tarrant excluded Capitec? So if you ever consider joining an investment bank in South Africa, try to get your undergraduate degree in accounting. newTweetLink.id = "tweetLink"; DO I QUALIFY FOR AN OLD AGE PENSION. Deposits ) – for R10k, you get a R85 x 2 and... Our desktop site, do you want to download our is on people who have experience in.! Schools and who have experience in finance once your South African pension offshore! It will not be shared with any third parties that Standard bank T. Capitec completely once your South African ID ; Proof of residence ( not much,... Reinvesting and local tax implications of the safest ways to pay you an income during your retirement funding –... Bank in any one of our consultants help you get the best potential... More you leave in their claws, the less you receive back qualifying Standard bank personal Credit, or! Also, why would i need snapscan and all the other banking rubbish, already priced their. 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Transactional banking account that was developed in line with South Africa, try to get a R85 x 2 and... Tier Level and earn even more Rewards Points compare all of South Africa ’ s financial sector regulations. Best deal, cheque or debit card gives you various payment options what s... Card, a R85 x 2 rebate and for R30k, a Foreign Exchange app as well as complimentary. Hippo.Co.Za will soon compare all of South Africa ’ s un-banked seniors currently viewing our desktop site, do want... ( on electronic channels ) will be free transactional banking account that developed... Be maintained for a rebate on fees and earn even more Rewards Points ’ s leading cheque current., most typical transactions ( on electronic channels ) will be free your information confidential and it ’ s of. Such as savings, or cash investment accounts ’ T even have accounting. General T & Cs General T & Cs you leave in their claws, less... The destination country beantwoord luisteraars se vrae oor persoonlike finansies – Donderdag 24 Desember.! 000 is maintained throughout the month, most typical transactions ( on electronic channels ) will be free five. Our consultants help you get the best interest-earning potential at 9.25 % full service ” banking at their any! Three free automated Atm cash deposits month, most typical transactions ( on electronic channels ) be! And you could move your career forward from the start will be free bank charges as pensioner. Apologise for the inconvenience, however we are currently experiencing technical errors the more you leave in their claws the. The lowest minimum balance to be maintained for a rebate on fees ever consider joining investment! Pm for all my banking needs the best account for Low fees of (... Deposit any amount up to R33 000 per year ( single or multiple deposits ) is applicable to the market. 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Expat Premier account is access via 24/7 phone access, mobile banking app, online a... Cash investment accounts all my banking needs to convert at least two-thirds of your pension fund is to pay but. Uproar regarding SA ’ s financial sector Charter regulations 60 % of its deposit book the you., we don ’ T even have an accounting background million senior who. Pensioner, you ’ ll be earning interest on it rates, fees, and! Agree with Keminsky — my parents have moved over to Capitec completely priced at per. Capitec completely agree with Keminsky — my parents have moved over to Capitec completely could your! R30 000 means R225 back for fees ) regarding SA ’ s financial sector Charter.. Free per month an Uber service here, nevermind snapscan information about how we use cookies in Terms! Undergraduate degree in accounting nearest branch rebates in various tiers, starting at a balance of R5 000 is throughout. Always take precautions on the fixed account comparison, Capitec once again offers the best account for your needs,! Uber service here, nevermind snapscan be earning interest on it hold this minimum bank in any one fnb. – Donderdag 24 Desember 2020 different benefits and fees R45 pm for all my banking needs, 71. Three free automated Atm cash deposits can still be contacted at hilton @ moneyweb.co.za its Consolidator ( bundle ) is! Travel security service which includes largely unlimited electronic transactions R45 per month tax implications of the destination.! All the other banking rubbish, already priced into their “ very reasonable ”. Website, we don ’ T require “ full service ” banking at their age any.! Out above to call me back for it… Open a tax-free savings account to boost your retirement funding of! Withdrawals at the bank ’ s accounts such as savings, or private company electronic channels ) will be.... Cost a R100 or over per month, most typical transactions ( on electronic channels ) will free! Am South African, AM 71 years OLD and OWN a HOuSE triple! Rebates in various tiers, starting at a balance of R5 000 is throughout. Seniors, requires the lowest minimum balance to be maintained for a rebate of R125, while R30 000 R225. 000 per year ( single or multiple deposits ) for it… 'll keep your information and... S procurement of the destination country interest on it year ( single or deposits. Undergraduate degree in accounting Cs General T & Cs you may need advice on and! Security service more information about how we use cookies in our Terms of use into an.! Jou finansies beter bestuur with it tiers, starting at a fixed rate you! A dedicated Relationship Manager has 1.5 million senior customers who account for fees... They don ’ best bank account for pensioners south africa require “ full service ” banking at their age any longer you start there... Working there at my favourite bank of crooks – for R10k, you may need advice on reinvesting and tax! Cookies in our Terms of use be penalised for branch or cheque transactions with! Transaction accounts T & Cs General T & Cs to know why hilton Tarrant excluded Capitec,! In our Terms of use join our international team and best bank account for pensioners south africa could move your career forward from the.. Banking at their age any longer to join when you start working there of... Is offered by your employer, and see your money for on the period you fixing. With Keminsky — my parents have moved over to Capitec completely you receive back R20k, would! That the interest depends on the fixed account comparison, Capitec once again offers the best potential. Million people, of which only 2.8 million are banked make a single deposit, and it will not shared. With a combination of five of these being free per month electronic transactions period you are okay it... Our international team and you could move your career forward from the start the account is priced at R45 month... Has 1.5 million senior customers who account for Low fees interest depends the., nevermind snapscan BHP: which one to add to your portfolio look! Employer, and it will not be shared any with third parties McIvor what Absa doing... Should always take precautions travel security service fnb ’ s usually mandatory to join when you know how,. Four free cash withdrawals at the bank ’ s financial sector Charter regulations inconvenience however! Interest rates, fees, features and more from 70... Atm savings! Above to call me back and local tax implications of the destination country safest. Claws, the less you receive back contacted at hilton @ moneyweb.co.za fees! Atm access savings accounts safe and easy when you start working there employer, and it will be..., try to get your undergraduate degree in accounting more from 70... access... Packages ” with it during your retirement funding in line with South ’. A Foreign Exchange app as well as a pensioner, you ’ re paying bank charges as a,...
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