Absa Savings Call Account, How To Open The Account & Benefits

In our guide today, we will briefly discuss the Absa savings call account in South Africa.

This is an immediate access account where you can withdraw your saved money with no penalties.

The account is a pure savings account used for basic day-to-day banking.

We will first elaborate on what a savings call account is.

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What Is A Savings Call Account

This account is for investment funds and offers the advantages of a savings account.

The account offers higher interest rates than some money market accounts, and you are guaranteed liquidity.

The account allows investors to deposit and withdraw funds in several accepted currencies.

Now that you understand what a savings call account is, we will show you how this account works in South Africa.

The minimum opening deposit for this account is R1 000.

You will earn interest depending on your account balance, so the more the deposits, the higher the interest earned.

You get a debit card to use when making your day-to-day purchases.

You have access to your funds anytime you need them.

You are guaranteed the full capital amount you invested in this account.

You can use the funds in the account as collateral for a loan.

Interest on the account is calculated daily, and you are paid the accumulated interest every month.

This is how the savings call account works in South Africa.

Now that you know how this account works, we will show you how to apply for one.

First, you have to specify the kind of business you have.

Below are the four options to choose from:

This is how you apply for an savings call account in South Africa.

We will now show you the requirements to apply for this account.

Below are the basic requirements to apply for the savings call account:

You should be 18 years old and above
Have a valid South African ID document
Proof of residences such as a lease agreement or a municipal bill not older than three months
Pproof of business address
You need to have your company’s registration number for corporations

This is all the information you need about the Absa savings call account in South Africa.