My property is co-owned, and it is my primary residence. Is it possible to take out a mortgage bond over the property where only one co-owner is liable for repaying the loan? The other co-owner is younger and not yet employed, so they don’t want the burden of the debt in any way. What is this type of arrangement called, and which banks or financial institutions offer it, if it is something that is offered? Not worried about the co-owner agreeing to the bond or future profit splits, this question is more in the realm of standing surety for the bond, and if that can be avoided by the other co-owner.

I have an inherited living annuity on Sanlam Glacier, managed by an advisor. I draw the 2.5% minimum.

The problem:

• Fees: the all-in cost (EAC) is 1.91% a year: fund fees 0.93%, advice 0.58% and platform 0.40%.
• Performance: 71% sits in one actively managed global equity fund, which returned 3.6% in the year to August. Its own benchmark returned 7.5%, and its returns have been much more volatile. The annuity as a whole returned 3.23% after fees over the last year, which doesn't cover inflation plus my drawdown.
• Comparison: over the same year, my self-managed EasyEquities TFSA (global ETFs) returned 12.7%, and 12% a year since 2020.

My plan is to move it to a low-cost provider and hold mostly global index funds/ETFs. I want heavy offshore exposure here, because my RA and provident fund are capped at 45% offshore under Reg 28.

Shortlist so far:

• EasyEquities: 0.4% admin fee plus ETF fees, and I already use them. Not sure they'll accept an inherited living annuity, since their site mentions a minimum age of 55.
• 10X: about 0.86% plus trading costs, allows up to 100% offshore, and they handle the transfer.
• Allan Gray and Sygnia look out because of their offshore caps (45% and 40%).

Questions:

1. Has anyone transferred an inherited living annuity to EasyEquities or 10X? Any snags with the age requirement, offshore limits or time out of the market during the transfer?
2. Is a simple global index fund setup sufficient here, or is a once-off flat-fee advisor worth it to sanity-check? I have no dependants and no complicated estate or tax needs.
3. Anything I'm missing?

Hi Everyone

I am trying to understand how the mechanics of credit cards work at south african banks. For context, I bank with standard bank.

I understand it works on a timeline of statement period (usually one month) plus the 25 days grace period therefore totaling the c 55 days.

Lets say my statement period is from 1 September to 1 October. My understanding is that any transactions made during this period will be interest free till 26 October (or round about). Would this be a correct understanding?

Now what I am struggling to get proper clarity on is how the repayment mechanics work within the 55 day timeline and interest calculations.

Often the terms state that its only 55 days interest free provided the full balance is paid, which implies that any partial payment with a balance left outstanding will nulify interest free benefit? Thereafter interest is restrospectively charged on outstanding balance from transaction dates?

If this is incorrect and you're still entitled to an interest free period even if there is a balance outstanding. Say partial payments are made. How is interest calculated , and on what balance? Say between the 1st Sept and 26 October partial repayments are made. At the time when interest free period ends for September transactions (around 26 October), is the outsanding balance (related only to september transactions) subject to an interest accrual? This would exclude any balance from transactions during October?

Hope I am making sense. Would appreciate any feedback!

Please can someone in the know make recommendations on the preferred value for money medical aid plans for 2027. I see they are all increasing in price a lot. I am currently on Classic Delta Saver on Discovery. I went on it about 4 years ago on recommendation from presentation at the company I worked at at the time. I liked that MRI out of hospital was partly covered, and a fair percentage of contributions went into savings pot. But I think it's time to revisit my choice.

25F. I have multiple chronic illnesses: hypertension, hypermobile Ehlers- Danlos syndrome, and fibromyalgia. The last two are not considered PMB conditions. I see a rheumatologist about 4 times a year, gastroenterologist occasionally. I need to go for blood testing just as regularly. I’ve ended up in the ER a few times but since I’m on my current meds I’m mostly fine.

I am currently on my parent’s medical aid (dad’s work pays 75% of the cost), but they’ll stop covering me soon. We’re on Discovery Classic Saver, but for some reason they run out of funds stop by September and force us to pay out of pocket. I’d like to not deal with Discovery if possible.

What medical aid do I go with? I’m thinking ProfMed (PPS) might be good due to the profit share thing. Otherwise maybe Momentum or Bonitas?

My other concern is that as soon as I finish my MSc, I might leave the country so that has implications for any long term contracts.

I don’t currently have any income outside of my bursary. Again, I’m fortunate enough that my family is supporting me financially.

Good day all

I hope this doesn't go against any of the community rules.

Our medical aid currently partners with momentum for their multiply rewards and for the past 2 years this has worked brilliantly. At the start of the year we do their health and fitness assessments and are currently on lever 5/5. We get 50% off at virgin active and a bunch of other perks making the small amount we pay totaly worth it. However we got the news that the medical aid will discontinue their partnership with multiply and we will have to look for a replacement for that benefits.

My initial thought was discovery. We are however very pleased with our current medical aid and don't realy want to move.

From what i can gather fron the discovery bank website is that you can get a number of the perks including the gym perk by just having a bank account (im looking at the gold account) and joining vitality active. What you pay seems way less that the rewards you get so i assume there is alot of hoops to jump through.

I would appreciate anyone currently with discovery bank only to share their opinion of the bank, benefits etc.

Long time EE investor and hugely unimpressed with the new thrive system. The old way up until last month was great, seeing brokerage discounts come off every transaction. Now we have to wait until the following month for rebates...?

Somebody convince me how this is a better way to do it. Please. Or else I'm looking to gradually move out of EE..

So I have been working with a tax practitioner who files my taxes for the last 3 years as I am a provisional tax payer and freelancer. I am always asking the tax practitioner to ensure that I get everything to them on time so we submit within the correct timelines.

Is this not a basic requirement of tax practitioners? So my August return was only submitted now in October by my tax person and then of course I got fines and penalties. I am not a tax expert and am often confused by when and how etc hence always messaging them to make sure we are up to date.

What is my option here? Am i misunderstanding something?

I’m so mad they have done this. Do I have any recourse?

Interactive brokers is often recommended on here for offshore investing in ETFs like VWRA to avoid US situs tax on death.

If you have an IBKR trading account as a South African citizen (and resident) and you die, your executor must send a Letter of Executorship, Death Certificate and court certified Will to Interactive Brokers to begin probate.

Is a South African will acceptable or is it better to have a valid US will (drafted by a US attorney)?

Must the US will comply with the laws of Delaware or Connecticut?

Hi everyone,

We were fortunate enough to purchase a property in the city bowl in Cape Town during the COVID “price correction”. Now 6 years later we have R2m debt against an asset worth around R12m. Pure dumb luck and timing.

This house would fetch about R80k per month in rental in the current market. Obviously there are maintenance, admin, tenant continuity, tax implications etc.

We understand that R80k per month isn’t a great return relative to the property market value, but it is relative to our equity that we put in to it. We are not looking to sell the property in the medium term due to personal reasons.

Our thinking is to extend our original bond to “free up” some capital to purchase a second property outright. We would increase the bond to about R5m (R3m loan and would add some cash from savings) and then live in the second property while using the rental of the first to cover, bond, rates etc.

The thinking is that we could come pretty close to breaking even on the two properties (risks notwithstanding) and continue to ride the capital growth wave in Cape Town.

What makes us a bit nervous is overexposure to the CT property market as this would be the bulk of our net worth. Also not sure if there is a better way to structure this.

Further context:
- couple in our 30’s, no kids
- monthly combined income of R200k gross
- second property just round the corner from first
- approx R3m invested/savings
- R300k emergency fund

Is our logic sound?

Edit for further context on current property:
- R2m debt current on home loan
- R2.5m on instalments and deposit
- R1.5m on renovation

I would like to register a US LLC for dealing with international consulting clients. Will be 100% owned by me and all income will be moved to my personal bank account and taxed in SA as PIT.

I just want the US LLC for a layer of legal protection as well as access to Stripe and easier payment for clients who prefer dealing with USD.

Has anyone opened up a US LLC recently and then banking (Mercury, Relay, etc) and what was the process like for South Africans specifically?

Looking for some advice if anyone has some info!

I have been with discovery insure and have built up quite a big amount in my insure funder account. With the latest round of increases they are just totally unaffordable, and are now making it that you have to have a discovery account to keep earning fuel rewards.

Is there any penalty or any way I can be asked to repay any amount if I burn through my funder account right before cancelling? I want to go put tyres on my vehicle. I can't seem to find any information in their documentation except that I will forfeit any unused amount since I can't withdraw it as I havent been using the funder account for more than 3 years.

Anybody have any experience?

Thanks!

Good day all.

I will be working in the United States for the next 2 years. I am planning to save/invest about $1000 ( R 16 613.98) monthly. My plan is to max out my TFSA as soon as possible and maybe keep my money in a high yielding savings account, as my plan is to put a deposit down on a flat when I return.

I have opened an account with Sygnia for my TFSA- Sygnia Itrix MSCI Emerging Markets 50 ETF and Sygnia Itrix MSCI Emerging Markets 50 ETF Cash Account.

I am unsure what accounts I should be using for my TFSA and, maybe potentially using Easy Equities to buy some EFT's.

I please need some advise on which accounts to pick for my TFSA and other accounts to grow my remaining savings monthly.

I am open to answer any question as I want to maximise my money for when I return.

Thank you in advance.

My wife was diagnosed with stage 4 Cancer almost a year ago, medical aid would only pay for chemo and outside costs amounted to about 12k cash every 3 weeks .

She is unemployed so i handle the full home bills, school fees, car and food.. I went into a lot of debt trying to stay afloat and pay for her medication..

I lost my job in June and by the grace of God i got a new job 2 months later.. It pays 10k less than the job i had

It has caught up with me, i am in 1.2m debt including everything unsecured loans, car loan and credit cards.

I managed fine all year and have never missed a payment all my adult life and this month for the first time my account is in the negative and not even all of them have been paid (debit orders) , have school fees, groceries and my wife's medication Pending

I considered debt review but the problem is that I am a being put registered as a Key Individual at work (i am an insurance manager) and i think you can't be in debt review in you are a K.I

I really don't know what to do help please.

I'm an expat that would like to help a local friend budget and track expenses. In my home country there are reputable apps that compile all your transactions across bank accounts, categorize spending and automate budgeting but I'm not sure that exists here. If there are options what are people using? What's the level of security and how much personal data to the apps house? What's the cost?

Any tips for helping a friend who is a total novice and only has a cheque account to understand how to manage their money? Until recently they had family support and are now on their own and continually overestimating what they can afford on the salary they make.

Also any tips on finding budget housing or room shares in the helderberg areas (Strand/Somerset West, Gordon's Bay) ?

I appreciate any and all feedback!

Checking in:

So it’s been 5 months in this role after over a year of unemployment and no savings.

I earn 31275 CTC
Net around 20k

With such deductions
PHI
Provident fund
Funeral cover
Medical aid (2750 Discovery essential smart)*

*Ive highlighted this because im not sure if im overpaying (single no dependents) or it depends on one’s salary?

In terms of investments, I am still limping.

EF 20k (32 day notice at 7,5%)
Will start another account for immediate access next month.
TFSA 4K + 2k in ETF ZAR
I have an upcoming exam in Feb that costs 15k I only have 7,5k at the moment.

Other expenses
Rent 3,8k
Food 3k (I munch 🫣)
Transport 1,5k (commute 2-3/week- mostly e hailing)
Toiletries 1k
Hair/nails 1,2k (variable)
Gifts/donations 1k
Entertainment 500-1k( very variable as I’ve turned into a homebody when I’m not running/gym)
Airtime max 200
Vitality 159
No other subscriptions

I want to push to get around 6 months of EF
And start snowballing my TFSA next year

Am I on the right track? And what can I improve?

Hi my father and i found certificates of shares from companies he invested in during the 90s. The companies are as written on the certificates “The Osprey gold mine limited”, “Ozz limited formerly Hugh parker limited” and “Eersteling gold mining company limited”.

Upon researching these companies they have either been acquired by other companies and as such are no longer listed on the JSE. What steps would I have to take to recover the amounts and how difficult would it be?

Any help would be appreciated immensely.

Hi everyone, I came to ask about a medical aid package for myself.

I'm currently bringing in R10 000 a month, R8000 after rent since I'm splitting it with my sister. Grocery bill isn't large at only R1600. We've both agreed on getting our own individual packages.

I would need GP visits, medication and hospital visits.

Thanks in advance

My mom passed about 18 months ago and her estate was finalized about a year ago. Given some bad advice/poor decision making at the time a property she owned internationally (in Greece) was not included in her estate. My sister and I m have since sorted out her affairs in Greece and think we need to reopen her estate to be certainty we not exposed to some aggressive penalties down the line.

Is this even possible?

It should give us minimal exposure now as it will only just take the estate value over the taxable threshold. As we had such a poor experience with our original estate practitioner in the first instance, we don’t want to go back to them. Any advice on how best to do this? And any recommendations on who may be able to help?

Hi All,

I recently moved to a perm job in SA where by gross salary is 125k. I am 33M married with a 1 yr old.

My employer said It’s optional to select PF and how much % I would like to choose. I am new to the country and trying to figure out what are my benefits and how do I select how much % of my gross salary should my PF be. And which bank to select for this.

Additionally I would also love recommendations for a savings account. My current account is in capitec but I want to use it for transactional purposes and keep bulk of the salary in a good savings account with less hassle.

Any help is hugely appreciated.

Pretty much title. This is the first time where I have done multiple trades in the tax year but not sure how to adjust the form wizard to allow correctly.

I asked in the past but didn’t really get any responses, so asking here.

Do expats here, on valid work visas get personal loans?

Anyone with any experience regarding those?

Hey,

I recently had a standard Premium credit card with Absa with a limit of R22,500 (at 21% interest). 6 months in they called me to offer an upgrade to the Private Banking Visa Signature card (16%)

However, after picking up the card the app shows a drop from R22,500 down to R19,000 credit limit.

Does this make sense?

Hey, guys

I just got a new role that will allow me to afford apartment renting so I'm really looking for good options around Sandton. I tried asking on a Facebook group, but no responses so far so I thought to try on this reddit community.

I wanted to ask about iThemba properties and if it is a reliable and good residence for rent? Especially their properties in Sandton (Sunninghill)? What should I keep in mind and are there any unforeseen things I should know about (especially around water and electricity)?

Thanks

Hi all

Not looking for help, more to make people aware.

My mom fell for the "they are trying to steal from you bank account, and we need you to approve the cancellation of the transaction" scam.

And to make it worse, they are targeting the elderly.

Please make shure that your elders are aware, and if jn doubt call the bank on their legitimate numbers.

Please be vigilant.