Today our article will focus on how the Absa money market work in South Africa.
We will first show you what an Absa Money Market Fund is.
Table of Contents
What is AMMF
This is a savings and investment product similar to a unit trust.
Absa closed the program as of 6 July 2021 due to the many complaints about the lack of guaranteed returns.
AMMF is not a bank account, and therefore the bank cannot guarantee the capital and associated returns.
How Does Absa Money Market Work
We will now show you exactly how the Absa money market works in South Africa.
To get into the investment scheme, you have to buy shares with a certain amount of funds.
Capital and returns from the investments are not guaranteed.
After the closure of the funding, payouts were made to respective clients.
Clients had up to 90 days after the closing date to switch to other savings and investment accounts.
You can withdraw funds directly into one of your bank accounts.
You can also speak to a financial advisor if you wish to switch your funds to any other Absa financial product.
After 90 days, money was automatically transferred into the cash investment tracker (CIT) and the Absa investment tracker (AIT).
Customers who had invested in the Absa money market have been sent a welcome letter to the investment tracker where a personal client agreement and the new product term sheet have been attached.
We will now look at the properties of the CIT and AIT accounts.
What Are The Properties Of AIT and CIT
Below are the fundamental properties:
- Your money market account number remains the same.
- Your returns are intact and have not been interrupted.
- The interest rate is 4.2% for corporate investment Banking and Business banking customers and 4.5% for retail, private banking, and wealth customers.
- Absa guarantees accounts
- Your Absa card works as before
- You can still transact through Absa branches, online banking, and ATMs.
These are the critical properties of the CIT and AIT.
Now that you understand how the Absa money market works, we will show you how to transfer the money market funds to other accounts.
How To Transfer Absa Money Market Funds
To transfer the funds, you can visit the Absa website https://www.absa.co.za/mmfclosure.
You can also log in to the Absa online banking or the mobile app to make your choices.
Visit the nearest Absa branch to discuss your options with a banker or financial advisor.
Alternatively, you can reach out to Absa at 0860 111 515
This is all you need to know about how the Absa money market works in South Africa.
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