MyMoney Online

Does your Tax Free Savings Account suck? You’re not stuck! How to transfer…

(This article is paid for by Old Mutual.)

Before 1 March 2018 it was impossible to transfer the funds in your Tax Free Savings Account (TFSA) to another provider for any reason, even if you received poor service, or returns.

That has, thankfully, changed – your provider must offer a transfer-out option, although providers are not obliged to accept transfers in.

Old Mutual allows transfers in and out through a simple, user friendly process.

Plus, there are no penalties when transferring to, or from, another product provider.

Thinking of transferring to Old Mutual?

The process for transferring your TFSA is easy and any customer – whether existing or new, intermediated or non-intermediated – can submit a request.

Existing Old Mutual customers are required to complete two request forms – the “Transfer Request Form” and the “Old Mutual Invest Transfer via LSI Form”.

You can email or fax your Transfer Request Form to Old Mutual to be signed by the designated Old Mutual representative.

Once you’ve received back the signed copy of the Transfer Request Form, you must submit it to your current service provider.

If you’re a new customer with an intermediary, you only need to complete the Transfer Request Form and the normal new business application process with your new adviser or broker.

If you’re a new customer without an intermediary, signing up for an Old Mutual Tax Free Savings Accounts can be done online or via the 22seven app.

Transferring from Old Mutual is as easy as 1, 2, and 3:

Request a Transfer Request Form from the provider to which you intend to transfer your TFSA.

The receiving provider must complete the relevant sections of the form and sign it to indicate acceptance of the transfer request.

Complete the Old Mutual Invest Tax Free Plan Transfer out Form, available online or upon request, and submit both the completed Transfer Request Form and the Old Mutual Invest Tax Free Plan Transfer out Form to Old Mutual.

Where applicable, you will also need to provide FICA documents.

A transfer out should be completed within 10 working days after the receipt of all information and supporting documents.

Click here (then “like” the page) to follow Bruce on Facebook.

Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
3 risks to your retirement savings (and how to mitigate each of them)

3 risks to your retirement savings (and how to mitigate each of them)

Only 5% of South African retirement fund members will retire comfortably. Bruce Whitfield interviews advisor Warren Ingram.

3 best shares to buy this week (by Cannon Asset Managers)

3 best shares to buy this week (by Cannon Asset Managers)

Dr Adrian Saville shares his stock picks of the week.

‘Budgeting’ for people who don’t budget (and probably never will)

‘Budgeting’ for people who don’t budget (and probably never will)

A simple savings plan for people who don’t like to budget. Bruce Whitfield interviews personal finance guru Warren Ingram.

The best Tax Free Savings Accounts in South Africa

The best Tax Free Savings Accounts in South Africa

Galileo Capital Financial Advisor Warren Ingram researches Tax Free Savings Accounts and discusses his favourite ones.

How to maximise the benefits offered by Tax Free Savings Accounts

How to maximise the benefits offered by Tax Free Savings Accounts

Tax Free Savings Accounts can be powerful wealth creators, if you use them right. Here's how...

SAVERS REJOICE!

Non-retirement tax-free savings and investment accounts in 2015.

Popular articles
Cyclists brought the heat as they tackled the 2018 Telkom 947 Cycle Challenge

Cyclists brought the heat as they tackled the 2018 Telkom 947 Cycle Challenge

The annual Telkom 947 Cycle Challenge showcased pure heart as 24 000 riders took to the streets to tackle the 95km route which has been ‘flipped’ for the first time.

I didn't grow up accepting that my race made me inferior  - Akin Omotoso, actor

I didn't grow up accepting that my race made me inferior - Akin Omotoso, actor

In the profile interview, actor and film director Akin Omotoso shares some personal experiences of his upbringing, and chats about moving from Nigeria to South Africa during Apartheid.

[LISTEN] Beware of the 'money bomb' scam this festive season!

[LISTEN] Beware of the 'money bomb' scam this festive season!

CEO of SA Banking Risk Information Center, Kalyani Pillay chats about the new festive season scam that's robbing people blind.

I broke my cell & deactivated my account after I saw Gigaba's vid - Coconut Kelz

I broke my cell & deactivated my account after I saw Gigaba's vid - Coconut Kelz

In the Current Affairs segment, satirical comedian Coconut Kelz chats about the real reason behind Malusi Gigaba's resignation.

[LISTEN] Is Gqom really music? Callers share their views

[LISTEN] Is Gqom really music? Callers share their views

Callers on the open line discuss class appropriation by musicians and music genres.

Gift of the Givers' Dr Imtiaz Sooliman – angel amongst men – talks about money

Gift of the Givers' Dr Imtiaz Sooliman – angel amongst men – talks about money

"I have no desire for clothes. I have no desire for holidays. I have no desire for outings. All I see is the suffering of people…"

Discovery Bank takes on Capitec Bank, TymeDigital (Patrice Motsepe), Bank Zero

Discovery Bank takes on Capitec Bank, TymeDigital (Patrice Motsepe), Bank Zero

South Africa has a brand-new bank! The Money Show’s Bruce Whitfield interviews Adrian Gore, Discovery Group CEO.

[WATCH] Iceland’s Christmas advert banned- for being too political

[WATCH] Iceland’s Christmas advert banned- for being too political

Khabazela shares tweets and Facebook posts that have gone viral.

[WATCH] Sing with us: 'I can feel it coming  in the deer tonight'

[WATCH] Sing with us: 'I can feel it coming in the deer tonight'

Khabazela shares some of the most popular tweets, posts, and videos on 'What's gone viral'.