Are you under 20 years and want to invest with the Absa MegaU account in South Africa but do not know-how. Then this article is for you.
We will first help you really understand what a MegaU account is.
What Is A MegaU Account
This is an account designed for young people under the age of Twenty (20) years.
You have to bring your guardian or parent when opening the account if you are under 16 years old.
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.
We will now show you how the Absa MegaU account works in South Africa with this basic information.
Absa MegaU Account In South Africa
There is no minimum income 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 never 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 is free with this account.
This is how the Absa MegaU account works in South Africa.
We will now show you the requirements to apply for an account in South Africa.
Requirements Of The Account
Below are the requirements to apply for an Absa MegaU account:
- In addition, for individuals between 16 and 20 years, you need to have a valid South African ID or smart card or a valid passport if you are a foreigner.
- You must provide proof of residence not older than three months.
- You must have your original or valid birth certificate or a valid passport for the foreigners for the minors.
- Bring your parents or guardians proof of residence not older than three months.
- You need parental consent to open and operate the account.
- You need your parent’s or guardian’s original ID or smart card.
This is what is required to open an Absa MegaU account in South Africa.