Today we will discuss the Absa youth account in South Africa.
We will first briefly explain what a youth account is.
What Is A Youth Account
This is an account designed for young South Africans under the age of 20.
You have to bring your guardian or parent when opening the account if you are under 16 years old.
The account offers young people a chance to understand the fundamentals of saving and banking.
This project encourages parents or guardians to raise financially intelligent kids who can make wise financial decisions.
Requirements For The Youth Account
Below are the basic requirements to apply for an Absa youth account:
- Individuals between 16 and 20 years need to have a valid South African ID or smart card or a valid passport if they are a foreigner.
- Provide proof of residence not older than three months
- Get an original birth certificate or a valid passport for the foreigners for the minors.
- Bring your parents or guardians proof of residence not older than three months.
- Parental consent to open and operate the account.
- You need your parent’s or guardian’s original ID or smart card.
These are the basic requirements to open an Absa youth account in South Africa.
Absa Youth Account
There is no minimum income (money) required to open this account, and no monthly maintenance fee is charged.
You get monthly value add-ons when you maintain a minimum balance of R300 or when you perform at least four banking transactions per month.
Other free value add-ons include 100MB of free data per month, a free first lesson for kids activity in Aquatots, MiniChess, and Young Engineers, and an R20 food voucher redeemed at Burger King Nando’s, Debonair, Steers, or Wimpy.
You can receive up to a 30% discount on flights with rewards lite.
The transaction fee for international transfers is quite reasonable with this account.
You will not be charged any fee when you deposit your first R50 at an Absa ATM or Cash Acceptor.
You get a free debit card for local purchases.
Debit card face-to-face deliveries and replacing cards are free with this account.
This is all you need to know about the Absa youth account in South Africa.