Tax Free Savings for minor

Can I open a tax free savings account for myself and a separate one for my child, a minor?

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  • Hi Janet,

    Thanks for your question!

    Currently, you're only able to open an investment through 22seven if it's for you, not someone else; if you're a South African citizen older than 18, with a South African ID number and bank account; and if you're not a tax resident of the USA.

    However, we're currently working on new functionality that will allow you to invest on behalf of your children. We expect to launch this in the near future. Please keep an eye on your email and our Announcements page for news!

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  • Hi 

    Any changes to this?

    regards,

    Paul

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  • Hi Paul,

    So sorry for the inconvenience, but I'm afraid we haven't launched this feature yet. While we were looking into investing for minors at the time, this was pushed back indefinitely as we opted to streamline our existing offering and prioritise other investment-related features. Our most recent development was the addition of a Global Fund.

    As far as I'm aware, investing for minors isn't something we're looking at implementing right now, but I'll be sure to pass your comments on to our Investing team to let them know there's certainly still demand for it!

    Please let me know if you have any other questions in the mean time :)

     

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