Best Tax-Free Savings Accounts in South Africa (2026): Fees Compared

By Finance Guide Editors Updated October 2026 · 8 sources · 5 min read

Prices and facts checked 15 October 2026. We don't accept payment for rankings.

Short answer: for long-term growth, a low-cost ETF account is usually cheapest. On EasyEquities, buying an ETF in your TFSA costs about 0.38% once, with no monthly platform fee. For money you might need within a few years, a bank TFSA with no fees and a fixed interest rate is simpler. Since 1 March 2026 you can put in R46,000 a year, up to R500,000 in your lifetime (SARS).

How we compared

We read each provider's current cost profile or minimum disclosure document, and SARS's rules on tax-free investments, on 15 October 2026. Then we worked out what a full year's contribution of R46,000 would cost in rand. We didn't open accounts or test the apps. No provider paid to be included, and none of these links earn us a commission.

The rules (from SARS)

According to SARS:

• Annual limit: R46,000 from the 2027 tax year, which started on 1 March 2026. Unused allowance is lost. It doesn't carry over.
• Lifetime limit: R500,000 per person, across all your tax-free accounts.
• Penalty: 40% tax on anything you put in over either limit.
• Withdrawals can't be "topped back up". Money you put back in counts as a new contribution. Growth that stays in the account doesn't count towards your limits.
• You can have more than one TFSA, but the annual limit applies across all of them combined. Transfers between providers are allowed.
• Children can have their own TFSA, using their own limits.
• Allowed investments include fixed deposits, unit trusts, some ETFs and certain insurance products. Individual shares aren't allowed (EasyEquities).

Fees compared on a R46,000 contribution

How we worked out the costs:

• EasyEquities: brokerage of 0.25%, settlement of 0.0795%, and investor protection levy, plus 15% VAT, according to its cost profile dated 12 February 2026. The TFSA has no monthly platform fee, except on unit trusts, which carry 0.25% a year.
• SatrixNOW: brokerage of 0.10%, settlement of 0.075%, plus VAT, and a platform fee of 0.50% a year on aggregated ETF holdings up to R500,000. This falls to 0.40% and 0.30% for bigger balances, according to its cost profile, version 10.24.
• 10X: the Your Future Fund minimum disclosure document for May 2026 shows a 0.50% management fee plus VAT, a total expense ratio (TER) of 0.62% and a total investment charge (TIC) of 0.65%. 10X says it charges no platform or adviser fees (10X TFSA FAQ).
• Discovery Bank: 6.5% interest, R1,000 to open and zero monthly fees, as at 29 January 2026 (Discovery Bank). Rates change, so check the app for today's rate.

Don't forget the fund's own fee. On EasyEquities and SatrixNOW you also pay each ETF's total expense ratio, which comes out of the fund's price. The 10X figure already includes everything.

Why a small yearly fee matters so much

A TFSA is meant to grow for decades, so a yearly percentage fee compounds against you. In 2023, Daily Investor modelled the same R36,000 in the Satrix Top 40 ETF over 18 years. On EasyEquities it grew to about R221,000, but on SatrixNOW it grew to about R200,000, because of the 0.50% platform fee. Fees have changed since then, but the lesson holds: pay attention to the ongoing yearly cost, not just the cost of buying.

Which type suits you?

Mistakes to avoid

1. Withdrawing and redepositing. You lose that allowance for good.
2. Going over R46,000 across all accounts. For example, a debit order at one provider plus a lump sum at another. The excess is taxed at 40%.
3. Leaving it in cash for decades. A bank TFSA is safe, but over very long periods cash has usually grown less than shares. That's not a guarantee either way.
4. Ignoring the transfer option. If you're paying high fees, you can move your TFSA to another provider without using up your allowance.

FAQ

What is the tax-free savings limit for 2026/27?

R46,000 a year from 1 March 2026, and R500,000 in your lifetime. Before that, the annual limit was R36,000.

Which tax-free savings account has the lowest fees?

On published fees for ETF investing, EasyEquities has no monthly platform fee and charges about 0.38% to buy. 10X and SatrixNOW charge ongoing yearly fees instead. Bank TFSAs usually have no fees but pay interest, not market returns.

What happens if I put in more than R46,000?

SARS charges 40% tax on the excess. The limit applies across all your TFSAs combined.

Can I withdraw from my tax-free savings account?

Yes. Withdrawals are tax-free, but you can't replace the money without it counting as a new contribution.

Can I open a tax-free savings account for my child?

Yes. A parent can contribute on the child's behalf, and the child uses their own annual and lifetime limits.

Can I move my TFSA to another provider?

Yes. Transfers between tax-free accounts are allowed and don't count as new contributions. Ask your new provider to handle the transfer, and don't withdraw the money yourself.

Changelog: 15 Oct 2026, first published, with the R46,000 annual limit from 1 March 2026.