32016 TESA Infographic_printable
Transcription
32016 TESA Infographic_printable
Mercantile Bank’s Tax Exempt Savings Account, TESA, is an excellent tool for contributing to financial freedom. It lets you save up to R30 000 every year tax-free with a lifetime total maximum contribution of R500 000. Because the interest earned is tax-free and interest is compounded (there’s interest on your interest), you can amass abundant wealth over a lifetime. Alternatively, you can use TESA to save for large expenses at different points in your lifetime such as tertiary education, buying a house or starting a business. TO SEE HOW IT WORKS, LET’S LOOK AT THE GROWTH IN SAVINGS OVER TESA’S LIFE. O YRS NEWBORN R30 000 MEET TESA, A BEAUTIFUL NEWBORN BABY. TESA’S PARENTS INVEST A SUM OF R30 000 EVERY YEAR ON HER BIRTHDAY. 17 YRS GOING FROM STRENGTH TO STRENGTH R946 026 BY 17, SHE’S ALREADY REACHED THE NATIONAL TREASURY CAP OF R500 000. HER PARENTS CAN JUST LEAVE THE MONEY IN THE ACCOUNT AND WATCH IT GROW OR TESA COULD USE IT TO COVER HER TERTIARY EDUCATION. 4 YRS GROWING SO FAST R173 312 BY THE TIME SHE’S FOUR YEARS OLD, HER SAVINGS ACCOUNT HAS ALREADY GROWN SUBSTANTIALLY THANKS TO TAX-FREE INTEREST. 21 YRS COMING OF AGE R1 250 935 AT 21, TESA IS A MILLIONAIRE! SHE COULD BUY HER FIRST CAR. 30 YRS SETTLING DOWN 40 YRS LIFE BEGINS R2 345 365 BY 30, TESA COULD HAVE ENOUGH FUNDS TO BUY A HOUSE FOR HER FAMILY. R4 715 180 FOR SALE WITH HER HEALTHY BANK BALANCE, TESA WON’T SUFFER A MID-LIFE FINANCIAL CRISIS WHEN SHE HITS 40. 60 YRS GETTING ON BUT GETTING RICH 65 YRS GOLDEN YEARS R19 061 491 BY 60, TESA MAY HAVE SOME WRINKLES BUT SHE’S SITTING PRETTY ON A SIZEABLE NEST EGG. SHE IS SPOILING THE GRANDCHILDREN ROTTEN. R27 032 339 TESA’S GOLDEN YEARS ARE LOOKING GREAT. NOW SHE’S TRULY REAPING THE REWARDS OF COMPOUND INTEREST: IN JUST FIVE YEARS HER SAVINGS HAVE GROWN BY 7 MILLION RAND MORE THAN 40%. SHE COULD GO ON A CRUISE SHIP HOLIDAY. Mercantile Bank Limited. Reg. No: 1965/006706/06 An Authorised Financial Services and Credit Provider. NCRCP19 Terms and Conditions • Maximum annual investment restricted to R30 000. • Lifetime investment restricted to R500 000. • Interest earned is tax free on contributions of accumulated growth. • Interest is calculated on the daily balance, capitalised monthly and may be paid out to the investor. • The returns illustrated are only achievable if no withdrawals are made throughout his or her lifetime. • Funds are available after a 7-day notice period and deposits may be made at any time. • Withdrawal penalty of R300 is applicable if notice given is shorter than the required 7 days notice period. *Rates are subject to change • Any withdrawals of accumulated savings from your Tax Exempt Savings Account cannot be replaced and all contributions are subject to the annual and lifetime limits. • These calculations are based on an indicative interest rate of 7% and are for illustrative purposes only. Variable interest rate will be confirmed at time of investing. • This graphic is for illustrative purposes only. • Accounts may be opened in a minor’s name, accompanied by a guardian/parent. • The deposits may be made in a lump sum of R30 000 or several smaller deposits – not exceeding the regulated limit of R30 000 per annum. • Current interest rates: R0 - R9 999 - 5.5%*, R10 000 - R19 999 - 6%*, R20 000 - R30 000 7%* www.mercantile.co.za +27 86 030 9250