At the moment Elleven allows you to invest in either a long term savings account for yourself and/or your employees.
Elleven is trying to help create and expand a culture of saving so when that day of retirement comes knocking, you and your employees will be covered!
We will invest your monthly contributions into a tax-free investment account with Elleven and we do not include tax-free savings and investment accounts you may have with other product providers.
A tax-free savings account lets you grow your money without paying tax on the growth of your investment. It is up to you whether an employer or employee, on how much you want to save and how often. The longer you leave your investment, the more it grows. When you are ready to access your money there will be no tax deducted.
The maximum you can invest per year is R36 000, with a lifetime maximum of R500 000.
There is a 40% penalty on any amount you invest in excess of the maximum. These investment limits are for all tax-free savings and investment accounts you may have across different product providers.