Do you want to learn about the Absa money market account in South Africa? Then check out this guide.
We will first show you what an Absa Money Market account is.
What Is A Money Market Account
This is an interest-bearing account, also referred to as money market deposit accounts.
This account actually pays a higher interest rate than a regular savings account and includes cheques and debit card privileges.
The account also has more restrictions, making it less flexible than a regular cheque account.
We will now show you exactly how the Absa money market works in South Africa.
Absa Money Market Account
The program was closed as of 6 July 2021 by Absa due to the many complaints about the lack of guaranteed returns.
To get into the investment scheme, you have to buy shares with a certain amount of funds.
Capital and returns from the investments are not guaranteed.
After the closure of the funding, payouts were made to respective clients.
Clients had up to 90 days after the closing date to switch to other savings and investment account.
You can withdraw funds directly into one of your bank accounts.
You can also speak to a financial advisor if you wish to switch your funds to any other Absa financial product.
After 90 days, money was automatically transferred into the cash investment tracker (CIT) and the Absa investment tracker (AIT).
Customers who had invested in the Absa money market have been sent a welcome letter to the investment tracker where a personal client agreement and the new product term sheet have been attached.
We will now look at the properties of the CIT and AIT accounts.
What Are The Properties Of AIT and CIT
Below are the key properties:
- Money market account number still remains the same
- Returns are intact and have not been interrupted
- The interest rate is at 4.2% for corporate investment Banking and Business banking customers and 4.5% for retail, private banking, and wealth customers.
- Accounts are guaranteed by Absa.
- Your Absa card works as before
- You can still transact through Absa branches, online banking, and ATMs.
These are the key properties of the CIT and AIT.
We will now show you how you can transfer the money market funds to other accounts.
How To Transfer Absa Money Market Funds
To transfer the funds, you can visit the Absa website https://www.absa.co.za/mmfclosure.
You can also log in to online banking or the Absa mobile app to make your choices.
Visit the nearest Absa branch to discuss your options with a banker or your financial advisor.
Alternatively, you can reach out to Absa at 0860 111 515
This is all you need to know about the Absa money market in southern Africa.
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