In our guide today, we will briefly discuss the Absa investment club account in South Africa.
You can build wealth together with your friends, family, or business associates through an Absa investment club account.
This account enables you to save to invest for wealth creation.
We will show you the requirements to apply for this account.
What Are The Requirements
Below are the requirements to open an Absa investment club account:
- You should have two or more members to open the account
- IDs or smart cards of the elected group members to act as signatories
- Proof of residence not older than 90 days for the elected signatories
- You need an initial investment of R100
These are the basic requirements to open an Investment club account in South Africa.
Absa Investment Club Account
NotifyME alerts will be sent to Up to three signatories to get the of the account.
No monthly management fees are charged for this account.
The benefits from the account are for group investment and not individual.
The account has a tiered interest rate where the higher the account balances attract, the higher the interest rate.
You are advised to register for internet banking to reduce some transaction fees.
You can payout members anywhere anytime using EFT on Absa online.
You have access to an electronic statement and can trace every member’s contribution on online banking.
These are the features of the investment club account in South Africa.
What Is The Interest Rate
Now that you know the features of this account, we will show you the interest rates.
Account balances below R4 999 do not attract any interest.
For the balance tier of R5 000 to R9 999 and R10 000 to R24 999, the interest rate is 0.55%.
Balance tiers of R25 000 to R49 999 have an interest rate of 0.60%
Account balances of R50 000 to R99 999 have an interest rate of 1.35%, and any balance above R100 000 has an interest rate of 2.15%.
The interest rates are subject to change, and the rates above were reviewed in January 2022.
This is all you need to know about the Absa investment club account in South Africa.