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Simple investing: The new ASI and TFIA platform on Online Banking
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The Auto Share Invest (ASI) and Tax Free Invest functionality has moved to the new Online Banking Site. Below is everything ASI and Tax Free Investment account holders need to know about the new platform.

 

What is AutoShare Invest?

 

Auto Share Invest (ASI) is a low–cost online investing platform that gives you the opportunity to buy and/or sell around 200 JSE listed Shares and ETFs on an ad-hoc and/or recurring basis.

 

The new ASI platform allows you to:

  • Schedule recurring purchases on any trading day of the month allowing you to align your investing with your budget cycle
  • Place Purchase or Sell orders into the market at any time during a JSE trading day
  • Elect whether or not to reinvest residual cash in your investment account along with your next purchase
  • Elect to have the proceeds of Sales paid directly to your bank account or to remain in your trading account to be used to top up your next purchase  

 

How recurring orders work:

  1. Select the securities you would like to invest in (R500 for ASI and R250 for TFIA) minimum per selected Security per month, stipulating a Rand amount per instruction
  2. Decide whether to automatically add any unused funds in your trading account to top up your order
  3. Scheduled orders need to be placed prior to midnight on the day prior to execution
  4. Early in the morning of the purchase day, we will collect the required amount from your Standard Bank bank account.
  5. Later that day, after the market has opened, we will buy as many units as the amount available allows at the prevailing market price.
  6. Your portfolio will automatically update as orders match. You can monitor your portfolio and scheduled/pending/complete/failed orders via the Online Banking platform and the Standard Bank mobile app.

 

Recurring Scheduled Purchase using any available funds

 

ASI1.png

 

How buy/sell today orders work

 

 

Purchases

  1. You may at any point place a purchase order to utilise available funds in your trading account, subject to the minimum trade sizes (ASI – R500; TFIA R250)
  2. If there are insufficient funds in your account, you can use the “top up my account” feature to transfer money from your bank account to your trading account
  3. If the market is closed at the time that your order is received it will be automatically sent to the market when it next opens

Sales

  1. You may at any point place a sale order stipulating the number of units held you wish to sell
  2. Choose whether to have the proceeds of the sale remain in your investment account (so they me be used for a later purchase) or to have them automatically paid out to your bank account (this will happen 3 business days after the sale). Any unused funds in the account do earn interest.
  3. If the market is closed at the time that your order is received it will be automatically sent to the market when it next opens

 

 

Once off purchases: 

ASI2.png

Get the most out of your tax-free investing:

 

A tax-free investment account** is an invaluable addition to any investor's portfolio. Through it, you're able to take advantage of great tax breaks and use it for your own benefit and to give your loved one a gift that keeps on giving. 

 

The benefits of a Tax Free Investment Account are:

  • No Securities Transfer Tax (STT).
  • No Capital Gains Tax (CGT) when you sell these products.
  • No Dividend Withholding Tax (DWT) on dividends earned.
  • No tax on interest earned.

 

Key features of the Tax Free Investment Account are:

  • There is a R33 000 annual contribution limit and a R500 000 lifetime contribution limit.
  • Selected Exchange Traded Funds (ETFs) are available.
  • Profits made in the Tax Free Investment Account do not consume existing tax annual limits (interest and capital gains), and may be re-invested in the TFIA without utilising the contribution limit, provided they are not withdrawn.
  • There are penalties for exceeding the annual and/or lifetime contribution limits. It is your responsibility to ensure that your contributions do not exceed the limit imposed by regulations. Exceeding these limits will result in punitive taxation by SARS.

 

Selling securities in you TFIA

(please note that should you elect funds to go into your bank account 'Withdraw money into my nominated account', this will be treated as a withdrawal from your TFIA)

 

 ASI3.png

 

Reinvestment and dividends

 

All cash (accumulated from distributions, interest, left over from purchases or added to the account by UCount) held in your investment account is placed with the JSE Trustees (Pty) Ltd. and earns interest at the JSET rate, less fees. In order to enable you to harness the power of compound growth we have built a feature to allow your scheduled purchase orders to be automatically topped up with any available cash. If you have multiple orders for the same day the available cash is split in proportion with the value of the orders. This is the easiest way to automatically reinvest your investment income. 

 

As an example, if you own 100 shares of a company and it pays a dividend of R2.50 per share, after the deduction of 20% Dividend Withholding Tax (DWT not applicable in tax free accounts), you will receive a net dividend of 100 * R2 = R200. Additionally, let’s say that you have R38 left over in your account from a past purchase, where you fell short of the required amount needed to buy one more additional share. Thirdly you have redeemed R250 in loyalty points from UCount into your account.

 

These amounts all attract interest for the period that they are in the account, in this case let’s say that is R5.50

 

These amounts are all added together:

 

               R200 (nett dividend)

+              R38 (remaining from previous month)

+              R250 (UCount points redeemed)

+              R5.50 (Interest)

            
=              R493.50 (total)

 

If you have elected to top up your next scheduled purchase order of R750 with available funds, the actual order will be for R750 + R493.50 = R1243.50.

For more information on how to use UCount points for Tax-free investing, please check out the following post: Earn UCount Points with Standard Bank

 

The Fee Structure

 

Transaction Fees

 

When you invest through ASI you will benefit from our reduced brokerage rate of just 0.25% (excluding statutory charges).

 

There are three different cost scenarios, namely purchasing shares (ASI), purchasing ETFs (ASI) and purchasing ETFs (Tax Free). Brokerage is charged at 0.25% of the value invested, with no minimums. The tables below gives you an indication of the costs associated purchasing securities. 

 

Statutory fees comprise:

  • Securities Transfer Tax (STT) – 0.25% of trade value, only applicable to the purchase of shares (ETFs exempt)
  • STRATE fees are 0.005787% on the value of the share transaction:

The minimum is R10.19 for trades with a value up to R176,000

The maximum is R73.49 for trades with a value over R1,270,000

  • Investor Protection Levy (IPL) 0.0002% of trade value
  • VAT on Brokerage, STRATE and IPL

 

 

 

Example costs for Share Purchases in ASI

 

ASI4.png

Example costs for ETF Purchases in ASI

 

ASI5.png

Example costs for sales of both Shares and ETFs in ASI

 

ASI6.png

Example costs for ETF Purchases in TFIA

 

ASI7.png

Example costs for ETF Sales in TFIA

 

ASI8.png

Monthly Fees

 

ASI Accounts have no monthly fees, but do attract a R25 (VAT inclusive) fee for inactivity. If there are no investments in your account for 60 days then the inactivity fee will apply.

Tax Free Investment Accounts attract a monthly fee of R10 (VAT inclusive)

Cash Withdrawal fees

 

Withdrawals are charged at R4.56 per single withdrawal to your nominated bank account.

If Early Settlement requested, it is charged additionally at 0.25% with a minimum of R39.90 (including VAT)

 

How to register for a Tax-free or Auto Share Invest Account

 

1. Log on to Internet Banking and select the “Apply” section

 

ASI9.png

 

2. Click on “Browse” under “Savings and Investments”

 

ASI10.png

 

3. The AutoShare Invest and Tax-Free Investment Tiles will be listed in the available options.

4. The “TELL ME MORE” option will provide additional information about the products.

5. Select the “GET ACCOUNT” option to apply for the product under the logged in user.

 

ASI11.png

 

6. Confirm the details and accept the terms and conditions.

7. The Account opening process will take up to 48 business hours before your account will become accessible in the online banking platform

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7 Comments
Regular Visitor

How does one apply for a these products?

 

If the functionality has indeed moved across to the new Online Banking site why is it not available for new applications?

Mauirts
Not applicable

I've received a mail stating that the ASI has moved across to the new Online Banking site however its not there, was the mail meant to state SOON?

Occasional Visitor

My portfolio reflects on the app but when I log onto the website via computer or laptop it does not??  Why is this? Also, via the app, buys for future purchases does not allow from the cheque account??

When logging onto the website, there is no option under invest for ASI or tax free invest?? 

Is this still being rectified?

Thank you.

Senior Member

I have an ASI account and had a TFIA account on my online banking. At the end of February I tried to get a TFIA set up for my husband on his banking account.

 

  1. There was no option available to him on his autobank account to open a TFIA.
  2. No-one at the branch (a fairly big branch) had a clue what I was talking about and wanted to give us a Tax Free Savings Account (banking interest bearing product)
  3. We then found someone who told us they don't do that anymore and suggested I speak to the Online Share Trading people. They were prepared to open an account for him at the reduced R10 per month rate if only for TFIA.
  4. We ran out of time before 28 Feb and have not set this up yet.

I have an Online Share Trading account and moved my TFIA from my autobank account into there to avoid the additional R10 per month. It is also simple to trade from there. It shows as a separate account number on my OST logon. Allows trading in a good selection of ETFs.

 

So is TFIA on autobank linked to Auto Share Invest, so available only if you have the ASI activated?

Tudor
Not applicable

My profile on the old system is not working anymore, when I try to log on I am being redirected to the system.  I am therefore not able to move the online shares profile to the new system.  I have however noted that one of my online share profiles has been transferred already but the other one is not there.

 

Please check and assist.

MaztikparY
Not applicable
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