No. The TFIA is not a savings or bank account, it is in fact an investment in unit trusts through a tax free investment structure.

Simply contact DuePoint’s client service team on 010 020 4500 or info@duepoint.wireddigital.site

Yes. As this is an investment in unit trusts, the shares within those unit trusts must be sold first before the cash value of them can be redeemed to you. As such, normal withdrawals take between 5 and 7 working days for the cash value of your investment to transfer to your bank account.

However, fraud is a common feature of those who cancel their TFIA’s and request 100% withdrawal of the cash value of their investments. To prevent the unlawful reversal of their investment allocations (Via debit order) while the cash value of their investment is being realised through the stock exchanges, on cancellation of your TFIA, the cash value of your investment will only be transferred to your bank account after 45 days. In addition, only 90% of your investment balance will be transferred to you, the remaining 10% will only be transferred after the 45 day waiting period with a further 5 to 7 days before the remaining 10% reflects in your bank account.

There is no waiting period at all, after your first payment you are under cover.

The AccessWealth Plan’s TFIA invests in shares via a unit trust mechanism and your investment balance is updated at mid-night every night within the DuePoint phone app. Simply elect the “Menu” button in the app, select My Products, select the “AccessWealth” button and your current investment value will be displayed for you.

While you have two products within the AccessWealth Plan (Your Personal Accident cover and your Tax Free Investment Account) you will only be debited once each month for both. This is to ensure that you do not incur any unnecessary debit order fees from your bank. However, be aware that your very first debit order will only be for your personal accident cover product. During the first month after you purchase of the AccessWealth Plan, your tax free investment account needs to be first opened with the investment house. As a result, only from your second payment onwards will your investment allocation be included in your monthly debit order.