JP
Juan P

1 reviews | Active since Dec 2009

13 Mar 2020, 22:45

Tax Free Saving Fixed Deposit

I have had an incredibly frustrating experience trying to open a tax free saving fixed deposit with Nedbank. This is my story. After having a tax free saving fixed deposit with Investec for a year, I decided to move to Nedbank since they are offering better rates. Investec offered me 7.02% and at the time Nedbank offered 7.72%. I decided to: 1) Transfer my current maturing tax free fixed deposit from Investec to Nedbank as 0.7% compounded interest over 20 years is very significant! And 2) to contribute my annual allowance of R36,000 to Nedbank. I visited the Nedbank branch on 3 March and was provided the banking details to make the deposit into, which I did there and then. The money had since been sitting in a suspense account and hadn’t been allocated to my account, until today after I had to make various calls to follow up. Yesterday, I received a call from Nedbank telling me that they found the money and asking if they can transfer it into the tax free saving account. I said yes, as long as it is the one year tax free savings fixed deposit account. Turns out, it is now sitting in a normal tax free savings account, earning 5.25% interest. The second problem is that now, the rate on the fixed deposit has since come down to 7.2% from 7.7%, which it was at the time I paid my money. I expect you to please right this wrong and put my money into a 7.72% one year tax free savings fixed deposit account. I can’t be penalised for your delays, surely. The second part to this is that Investec transferred their maturing amount to you on 5 March. This money is still missing and I would like you to find this and also offer it at 7.72% fixed deposit tax free saving. Please call me if you need any documentation to prove the above.

0
Replies (0)