Are you curious to know how the Absa universal account operates in South Africa? Well, this is the right place! Check out this article.
We will start by briefly explaining what a universal account is.
What Is A Universal Account
This all-inclusive financial solution offers a day-to-day banking transaction account, a personalized credit facility, and wealth creation opportunities to grow investment assets and portfolios.
Credit facilities offered include overdraft and structured loans, all provided at one home loan interest rate and over a 20-year term.
Now that you understand what a universal account is, we will show you exactly how the account works in South Africa.
Absa Universal Account
The account gives you the flexibility to manage your daily banking transactions, create wealth and manage your credit.
You will get an all-inclusive transactional private banking account.
You have access to a dedicated private banker, 24-hour service center, and supported private assistance.
You are given a visa signature credit card at no additional service fee.
You are automatically registered for the Absa rewards program when you open an account.
You can earn as much as 20% cashback when you shop at the participating grocers and when you fill up at Sasol and 1.15% cashback when you spend on your card purchases.
You can use collateral types such as residential properties, commercial property, fixed deposits, and share portfolios to secure a loan from this account.
The structured loan can be liquidated immediately to acquire assets of any type.
Funds are available even when the individual loan accounts reduce or amortize.
You will get your monthly statements for each loan account to use for tax purposes.
Payment of each sub loan facility is managed through a separate monthly debit order.
This is how the Absa universal account works in South Africa.
Requirements For Universal Account
Below are some of the main requirements to open the account:
- Proof of income such as payslips or the latest three bank statements.
- Self-employed applicants need to provide their latest financial statement and confirmation from auditors of personal income from the business.
- Proof of residence like a utility bill not older than three months.
These are the basic requirements to open an Absa universal account in South Africa.