Author Topic: Best/Cost Effective Bank for TFSA?  (Read 673 times)

IceQB

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Best/Cost Effective Bank for TFSA?
« on: November 08, 2017, 07:50:02 pm »
Which bank trading account is best as per title?

Patrick

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Re: Best/Cost Effective Bank for TFSA?
« Reply #1 on: November 09, 2017, 08:53:51 am »
I think most here wouldn't use a bank for a tax free savings account, but rather a stockbrokers tax free account. There are really only two I can recommend thanks to their low costs. They are ABSA stockbrokers (not the ABSA bank TFSA) and Easy Equities.

More details here: http://investorchallenge.co.za/a-newbies-guide-to-investing-on-the-jse/

IceQB

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Re: Best/Cost Effective Bank for TFSA?
« Reply #2 on: November 13, 2017, 08:33:07 pm »
Thanks Patrick

gcr

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Re: Best/Cost Effective Bank for TFSA?
« Reply #3 on: November 13, 2017, 09:30:40 pm »
If you already have a stock broking company which you use, you really need to talk to them regarding the TFSA type accounts. I have incurred some R 6.90 in charges which were brokerage fees and hold both STXIND and DBXWD which are doing rather nicely. I review my investments monthly and on projection on interest income for the tax year and I see that I will exceed the ceiling for interest then I move funds to my TFSA account
However I don't see TFSA as a store of wealth especially with our high inflation, falling off interest rates and negative exchange rates we as Rand denominated investors are becoming poorer keeping the funds in SA :'(   
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