You can use the following account types for your different goals:

Retirement goals:

• Retirement Annuity
• Tax Free Savings
• Normal Savings

Just save and custom goals:

• Tax Free Savings
• Normal Savings

The below accounts have certain restrictions:

Retirement Annuity: The retirement annuity account complies with Regulation 28 of the Pension Fund act. Your funds can only be accessed from the age of 55 years old and cannot be withdrawn from a Retirement Annuity until then. Only under special circumstances may you withdraw funds before then.

Tax Free Savings: Individuals may save up to R33 000.00 per year and R500 000.00 over a lifetime into a tax-free savings account. You can have multiple tax-free savings accounts with different providers but will be liable to a 40% penalty of the excess amount issued by SARS if you contribute more than the allowable amount. Unutilised annual contributions may not be rolled over to the following year.