If you want to learn about the Absa travel club account in South Africa, then this is the right place for you! Please read through this guide to learn.
You can save up for a local or international holiday jointly with Absa.
All you need to do is open a travel club account and deposit your savings.
We will first show you the requirements to apply for this account.
What Are The Requirements
To open a travel club account, you need two or more members.
Below are the documents required to apply for the account:
- You need the IDs of elected group members who will act as signatories
- Proof of residence for the elected members
- You need an initial investment of R1 000 to open the account
These are the basic requirements to apply for the Absa travel club account in South Africa.
Absa Travel Club Account
The account has to have two or more members.
Up to three signatories get the NotifyME alerts of the account.
There are no monthly management fees for this account.
The benefits from the account are for group use and not individual.
The account has a tiered interest rate whereby the higher the account balances, the higher the interest rate.
You can register for internet banking to reduce some transaction fees.
You can also payout members anywhere anytime using EFT on Absa online.
You can access an electronic statement and trace members’ contributions on online banking.
These are the features of the Travel club account in South Africa.
What Are The Interest Rates
Account balances below R999 do not attract any interest.
For balance tiers, R1 000 to R9 999, R10 000 to R24 999, and above R25 000, the interest rate is 1.25%, according to the latest review in January 2022.
The interest rates are expressed as a percentage per annum and are indicative rates.
The rates are subject to change with each Absa review.
These are the interest rates of the Absa travel club account in South Africa.