Are you interested to know about the Absa new savings account in South Africa? Then check out this guide.
We will first briefly explain what the new savings account is.
Table of Contents
What Is The Absa New Savings Account
This interest-bearing deposit account pays a modest interest rate and is ideal for short-term goals.
The interest earned from the account is considered taxable income.
You do not have to visit the bank’s branch to open a savings account, instead, you can use their banking app.
Now that you understand what a new savings account is, we will show you the requirements to open the account.
What Are The Requirements
Below are some of the requirements to open Absa savings account in South Africa:
- You should have a valid South African ID or smart card
- You need an opening balance of at least R1,000
- You should provide proof of residence not older than three months
- Proof of income or bank statements.
These are the basic requirements to apply for an Absa savings account in South Africa.
We will now show you how the account works.
Absa New Savings Account
The account caters for all your needs, whether it’s a basic saving account to build an emergency fund or an elaborate investment plan to secure your financial future.
You earn a tax-free allowance on your savings account all year.
You can use your tax-free allowance to grow your money.
You have immediate access to your money when you need it.
The different savings account has different interest rates.
You can select the period you want to save, and your money will be available immediately after the time elapses.
This is all you need to know about the savings account in South Africa.
Now that you know how the account works, we will show you how to open an account.
How To Open An Absa Savings Account
Please follow the fundamental steps below to open an account:
- First, download and install the Absa banking app from the play store or apple store.
- Open the app home screen and choose the savings account you want to open.
- Next, fill in the details required
- Next, your cellphone will be verified for safety
- Next, take a selfie for facial matching with the department of home affairs to confirm your identity.
- Next, fill in your occupation and your income
- After that, click apply
This is the new way of opening an Absa new savings account in South Africa.
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