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TFSA - Alternate to Standard Bank

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teddybear
Occasional Contributor
In attempt to open up TFSA for myself, my wife and two children I visited a standard bank branch this morning in order to open up the required accounts in order open up the TFSA's [TFSA account through SBSA IBP]. For completeness, my SB online trading account is held by a trust, so i can't open up a TFSA through that route. Unfortunately, the service I received from the branch was shocking, and I left without even been served or even been acknowledged. Can anyone recommend a alternate TFSA provider, at a low cost and which provides a full range of ETF's to invest in? Regards B
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11 REPLIES 11
samoa
Super Contributor
I have always received excellent service by using the "contact us" right here on this site.Try them.
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Som2
Contributor
Also try calling the OST call centre, they are very helpful.
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Blik
Super Contributor
I did something similar, although with seemingly better result. I popped into my local SB branch, and with both my little girls birth certificates, and a proof of address, I was able to open a standard bank online account each one. I linked these to my current account to allow me to transfer money into their accounts online quickly. Then with their login and passwords I opened up a TFSA account for them each online.

Most painful part of the process was waiting in the queue to see the branch consultant. After that the process was quick and easy and all online.

My girls will take legal control of their accounts when they reach 16....in 16 years time.
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samoa
Super Contributor
I do believe the "trust" issue is complicating the application.
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teddybear
Occasional Contributor
Update - I've always found OST service levels excellent over a long period of time. Hence the decision to pursue a TFSA's through Standard Bank. I was however extremely disappointed with the service provided by the branch. Having said that the local branch manager has since called me to smooth things over and facilitated me opening the required banking account. I was impressed with her approach and she was a credit to the branch - to be honest, I was not expecting any response from my complaint. So compliments are due. Banking accounts are now open, and next step is to link the TSFA's to them. So we are back on track.
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teddybear
Occasional Contributor
yep. Which is why i was opening up new banking accounts. but all sorted now.
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AP
Regular Contributor
Interesting to note from discussions here that one can open accounts for ones kids from age 1. I was told (by Standard bank) that i can open accounts for my kids only when they are 7 and older. So what is the correct age, any age or 7?
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teddybear
Occasional Contributor
Have no idea, but my two kids are 2 and 5.....
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SimonPB
Valued Contributor
brokers can only open accounts from age 7, banks etc. any age .. that's my understanding
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Blik
Super Contributor
My kids were 9 months and 2 years 6 months old when I opened the savings accounts for them, and hence the TFA through a normal online savings account. The accounts were opened in the first week of march. No issues over their age at all. I was told you need to be 7 to open an online trading account though.
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AP
Regular Contributor
OK - thanks. I'll check with bank again.
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