Do you want to open an Absa child account for your kid in South Africa but do not know how it works? Check out this article.
We will first briefly explain what a child’s account is.
What Is A Child Account
This is an account designed for children under the age of 16.
You have to bring your guardian or parent when opening the account.
The account offers young people a chance to understand the fundamentals of saving and banking.
This project encourages parents or guardians to raise financially intelligent kids who can make wise financial decisions.
Now that you know what a child account is, we will now show you the requirements to open a child account.
Requirements Of The Account
Below are the basic requirements to apply for an Absa child account:
- In addition, you must have your original birth certificate or a valid passport for the foreigners for the minors.
- Your parent’s or guardian’s proof is of residence not older than three months.
- Parental consent to open and operate the account.
- Parent’s or guardian’s original ID or smart card.
This is what is required to open an Absa child account in South Africa.
Absa Child Account
We will now show you how the account works in South Africa.
No minimum income is required to open this account, and no monthly maintenance fee is charged.
You get monthly value add-ons when you maintain a minimum balance of R300 or when you perform at least four banking transactions per month.
Other free value add-ons include 100MB free data per month, a free first lesson for kids activity, and an R20 food voucher redeemed at Burger King, Nando’s, Debonair, Steers, or Wimpy.
You can receive up to a 30% discount on flights with rewards lite.
The transaction fee for international transfers is quite reasonable with this account.
You will not be charged any fee when you deposit your first R50 at an Absa ATM or Cash Acceptor.
You get a free debit card for local purchases.
Debit card face-to-face deliveries and replacing cards are free with this account.
This is how the Absa child account works in South Africa.
