Sanlam Tax-Free Savings Account Review 2026
A tax-free savings account (TFSA) lets every South African invest without paying tax on interest, dividends or capital gains earned inside the account — a benefit set by SARS, not by the provider. This review covers Sanlam's TFSA.
SARS contribution limits (2026/27 tax year)
- Annual limit: R46,000 per tax year — increased from R36,000, effective 1 March 2026.
- Lifetime limit: R500,000 per person — unchanged.
- Exceed either limit and SARS charges 40% tax on the excess contribution.
- Investment growth inside the account doesn't count toward these limits — only what you actually contribute does.
These limits apply across all your TFSAs combined, even if you hold accounts with more than one provider — you're responsible for tracking the combined total.
Sanlam TFSA features
- All interest, dividends and capital gains earned inside the account are completely tax-free.
- No lock-in — you can withdraw at any time, though withdrawn contribution room isn't restored (withdrawing R10,000 doesn't give you R10,000 more room to contribute later).
- Apply online via Sanlam's "Invest online" portal, or call Sanlam on 0860 726 526 (Mon–Fri, 08:00–17:00).
Sanlam's public pages don't disclose a specific minimum monthly/lump-sum contribution or a full itemised fee schedule — for those, check the Minimum Disclosure Document (MDD) for the specific unit trust or fund you're investing in via the account, available on Sanlam's site or from a Sanlam adviser, before you commit.
Is a TFSA worth it?
Because the R46,000/year and R500,000 lifetime caps are modest next to a full retirement or discretionary portfolio, a TFSA works best as one part of a broader plan — typically prioritised after you've maximised any employer retirement matching, since retirement contributions get an upfront tax deduction that a TFSA doesn't. Use our tax-free savings calculator to see how the tax saving compounds over time, and compare TFSA providers before choosing one.
