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You’ll notice that you’ve got a few different EasyEquities Accounts that you can use to invest with. And all of them are part of the no minimum amounts, no platform fees, fractional share investing club!
You would have activated the accounts of your choice when you first registered your account, but you can always edit these in the Account Activation setting in your profile.
- Your ZAR Account is where you’ll invest in local shares and ETFs.
- Your Tax Free Savings Account allows you to invest up to R36 000 a year tax free.
- Your US Dollar Account gives you access to shares that are listed in America. Hello Apple, Amazon and Facebook!
- Your AU Dollar Account gives you access to shares that are listed in Australia.
- Your EasyProperties account allows you to invest in the property market, in the same way you in invest in shares on EasyEquities.
- Your RA Account is where you can invest in managed retirement annuities.
- Your ZAR and USD Demo accounts - these contain play-play money for you to practice with. Hopefully you've taken these for a spin already!
Here's a little more detail on each of them:
ZAR stands for South African Rands. This is the account where you’ll invest in local shares and ETFs. Read more about Exchange Traded Funds (ETFs) here.
TFSA stands for Tax Free Savings Account. A Tax Free Savings Account allows you to invest up to R500 000 without paying any tax on the profit you make on your investment, the dividends you receive, or the interest you might earn on cash.
There are a couple of restrictions though:
You can only invest up to R36 000 a year in this account.
You can only invest in Collective Investment Schemes (ETFs fall under this category btw) and not single shares.
If you exceed the annual (R36 000) and lifetime (R500 000) limits, SARS will klap you with penalties - 40% on the excess. Ouch.
Luckily EasyEquities will prevent you from over contributing in the TFSA you hold with us, however, we can’t monitor TFSA contributions you make elsewhere. Any amount that you withdraw from your account will count towards your annual and lifetime limit. If you have deposited R36 000 and withdraw R15 000 in the same year, you cannot deposit any more funds as you have already used your R36 000 deposit allocation.
Watch our video on TFSAs here.