Categories: BankingNews

4 best bank accounts for teens in South Africa 2022

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Teenagers and those under the age of 18 can open a bank account in South Africa. Teen accounts in South Africa do not have high fees, and some can be combined with adult accounts without incurring monthly account fees.

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Having a bank account as a teenager can help you gain a better understanding of banking. There are many banking solutions that a teen account does not have, but the small services that are available are designed to teach teens how to bank and become better money managers later in life.

Teen accounts aren’t just for banking; they also come with perks like access to rewards. Unlike adult bank account rewards, teen bank account rewards do not require a large number of transactions. Points can be earned without spending money in some cases.

To assist teenagers in navigating the banking world, we have compiled a list of 4 Bank Accounts For Teens. The accounts chosen are the best available in South Africa for teen banking products. Let’s take a look at the top 4 teen bank accounts to consider when opening a bank account.

1. FNBy Account for children under 18

Anyone between the ages of 0 and 18 can open an FNBy bank account. To open an account, one must go to the bank with their parents or guardians. This account is only available to children in South Africa.

The account includes specially designed rewards for children. When purchasing data, voice minutes, or SMS bundles from the FNBy account, account holders receive up to 600MB back in FNB connect data. Clients also have access to discounted rates of up to 40% offon Netflix and Spotify.

Designed for children, This account has a R0.00 monthly service fee, so the account holder does not have to worry about paying a monthly fee. The account’s cash deposit fee is also zero rands for deposits of up to R500.00 per month. Account-holders can also open a savings account at no additional charge.

To apply for an FNBy cheque account for a child under the age of 18, you must have the following documents on hand:

  • A copy of the parent’s or guardian’s current South African ID book or Smart card.
  • A birth certificate, unabridged or abridged, or a valid South African ID book or Smart card.
  • Proof of residence that is less than three months old at the time of application.

2. (sum) 1 Banking Account by Standard Bank

(sum) 1 Banking Account is available to those aged 16 and under. This account is provided by Standard Bank to encourage children to begin banking and manage their own financial affairs. There is no monthly account fee associated with this account.

The (sum) 1 banking account comes with benefits to users. Benefits include:

  • Free ATM cash deposits of up to R1,500.00 per month.
  • Free ATM withdrawals of up to R1,000.00 per month.
  • 10 free electronic debit transactions per month.
  • Unlimited swipes at till points.
  • Free notifications on transactions.
  • Free bank card.

If a child or adolescent’s guardian or parent does not have a Standard bank account, they are not eligible for this account since the (sum) 1 bank account must be linked to the bank account of your parent or guardian.

The following are the qualification requirements for the (sum) 1 bank account:

  • The applicant must be a South African citizen under the age of 16.
  • Proof of residence of a parent or guardian that is less than three months old at the time of application.
  • ID from a parent or guardian.
  • Birth certificate or ID of the applicant.

3. Absa MegaU Youth Account

The Absa MegaU Youth Account is available to those aged 20 and under. The account charges a monthly account fee of R0.00 and offers discounts to account holders.

Every month, a MegaU bank account provides 100MB of data and an R20.00 food voucher that can be redeemed at Debonairs, Steers, Nando’s, Wimpy, or Burger King. To be eligible for these freebies, the account must have a monthly balance of R300.pm. Alternatively, you can qualify by performing at least four banking transactions per month, two of which must be prepaid transactions.

Absa has added the following banking benefits to the account to make banking easier for teenagers:

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  • There is no monthly fee.
  • Absa ATM and point-of-sale cash withdrawals
  • Cash can be withdrawn from Absa ATMs.
  • Absa ATMs, branches, and cash acceptors accept cash deposits of up to R500.00.
  • Prepaid airtime and data top-ups are available at points of sale, Absa ATMs, online, telephone, and cell phone banking.

Requirements to open the Absa MegaU Account

Ages 16 to 20: Requirements

  • A valid bar-coded South African ID or a valid passport is required for foreign nationals.
  • Proof of residence must be no more than three months old

Ages 16 or younger: Requirements

  • Original birth certificate or a passport of the applicant.
  • Proof of residence from a parent or guardian that is no more than three months old.
  • To open and operate the account, parental consent is required.
  • Original bar-coded ID from a parent or guardian

4. Nedbank4Me Account

The Nedbank4Me bank account is specifically designed for children aged 0 to 15 years. The account has a monthly service fee of zero rands.

Customers get to spend for free when they use the Nedbank4Me debit card. Unlimited swipes, 4 ATM cash withdrawals, cash deposits of up to R1000.00 per month, inter-account and stop orders, and access to digital banking platforms are all included in free banking transactions.

The following documents must be present in order to apply for a Nedbank4Me bank account:

Residents of South Africa:

A valid South African identity card or document of a parent or guardian.

Unabridged birth certificate for the child.

Non-South African nationals:

Passport of a parent or guardian

A valid permit

Unabridged birth certificate for the child.

A monthly fee of R48 will be charged in addition.

Conclusion

Teen accounts are an excellent way for teenagers and children to begin banking. A teen account teaches children how to be financially responsible at a young age, as well as the dynamics of banking.

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Staff Writer

Published by
Staff Writer