Are you interested to learn about the Absa junior account in South Africa? Then read this short guide.
What Is A Junior Account
This is a savings account designed for minors that encourages young people to learn the art of saving and financial discipline.
Parents are encouraged to open this account for their kids to secure their current and future financial needs.
Children get a chance to understand the fundamentals of saving and banking.
We will now show you how the account works in South Africa.
Absa Junior Account
There is no maintenance fee (charges) for this account and no minimum income to open the account.
There are high returns on your junior account savings, and interest is calculated daily then paid on a monthly basis.
You also get paid a monthly bonus rate.
You are assured of the security of your funds.
The account holder will 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 fees 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 is free with this account.
This is how the Absa junior account works in South Africa.
Now that you know how the account works, we will show you the requirements to open the account.
Requirements For Junior Account
Below are the primary requirements to open an account:
- You must have your original birth certificate or a valid passport for the foreigners.
- You should provide your parents or guardians with proof of residence not older than three months.
- You need parental consent to open and operate the account.
- You need your parents’ or guardians’ original ID or smart card.
These are the requirements to open an Absa junior account in South Africa.