Absa MegaU Youth is a transactional account for young people under the age of 20. The account has a R0.00 monthly service fee. Account holders receive an R20.00 discount when they shop at Debonairs, Steers, Nando’s, Wimpy, or Burger King.
Absa MegaU Youth accounts include free access to Absa’s digital platforms. Account holders save from R50.00 when they shop with TruSave and receive an additional 1.90% interest rate when they bank digitally.
Those over the age of 18 can sign up for the Absa rewards program to earn cash back on card swipes. Students who have an Absa MegaU account can apply for student loans and have no monthly account fees with the Student credit card.
Account holders can open a FuneralPlan, in which Absa will contribute extra interest to the account. Absa will also provide an annual bonus to the funeral plan on the account’s anniversary.
The Absa MegaU Youth account comes with a number of benefits that account holders can take advantage of when banking with the account. The account’s benefits are listed below.
Absa MegaU Youth Account Benefits
- There is no monthly account fee.
- Withdrawals at Absa ATMs and point of sale are for free.
- Zero penalty fees for declined POS or ATM transactions.
- Free eStatements.
- Come with free 100MB data every month.
- Discounts of R20.00 when buying at Debonairs, Steers, Nando’s, Wimpy or Burger King.
- Free kids activity lessons with YoungEngineers, Aquatots and more.
- Free prepaid top ups at POS, Absa ATMs, online, and through cellphone banking.
- Comes with free digital fraud warranty.
- Free cashsend at Absa ATMs.
- Free deposits of up to R500.00 at Absa ATMs and branches.
- Internal and external debit orders are for free.
- Free debit card and tap to go purchases.
- Free debit card replacements and debit card face to face delivery.
- ATM enquiries are for free.
Absa MegaU Youth Account Fees 2023
| Fee description | Amount |
|---|---|
| Monthly service fee | R0.00 |
| Absa ATM mini statement fee | R5.00 |
| Absa Cat terminal full statement | R20.00 |
| Full statement at an Absa branch | R50.00 |
| ATM stamped statements | R20.00 |
| Absa eStatements fee | Free |
| Stamped statements at an Absa Branch | R50.00 |
| Transaction history enquiry online, mobile, telephone (IVR) | Free |
| Transaction history enquiry telephone adviser-assisted | R50.00 |
| Achieved statements online | R10.00 per statement |
| Bank statements copies: less than 4 months old | R50.00 |
| Bank statements copies: 4 months or older | R80.00 |
| Cardless cash deposit | R2.50 per R100 |
| Cash deposit at Absa ATM | First R500 at No Charge, thereafter R2.50 per R100 |
| Branch cash withdrawal | R80.00 plus R2.50 per R100 |
| ATM cash withdrawal | Free |
| Stop Order fee | Free |
| Debit card replacement fee | Free |
| Debit card face to face delivery fee | Free |
| Notification fee | Free |
| Posted Statement Fee | R50.00 |
| Absa online notification | Free |
Competitive Advantages of the Absa MegaU Youth Account
- You get free data bundles.Â
- Comes with a food voucher every month.Â
- International transactions can be performed. However, there are restrictions as per South African Reserve Bank prescription.
- Free access to all Absa digital platforms.
- There is no monthly service fee for the MegaU Youth Account.
- Card purchases are for free.
- Absa ATM withdrawals are for free.
- The Absa has its own Absa MegaU App that comes with monthly rewards and ability to transact 24/7.
- There is no minimum income requirement
Competitive Disadvantages of the Absa MegaU Youth Account
- Most of the transactions are not for free which can create a high transaction fee.Â
- Branch fees are high for minors to cope with.Â
Requirements of the Absa MegaU Youth AccountÂ
For those between the ages of 16 – 19
- Need to have a valid South African ID book or Smart card or a valid passport if you are not a South African citizen.
- Proof of residence not older than 3 months at the time of application.
For minors under the age of 16
- Must have the original birth certificate or if not a South African citizen, a valid passport.
- Parent or guardian’s proof of residence not older than 3 months at the time of application.
- Parental consent to open and operate the Absa MegaU Youth Account.
- Parent or guardian’s original South African ID book or Smart card.
Conclusion
The Absa MegaU Youth Account is designed to introduce minors and those in their late teens to the banking system. The account comes with its own mobile app designed specifically for youngsters, which includes prizes and banking information. Although transaction fees can be expensive, the account is suitable for kids because it does not impose a monthly service fee. The account is a good place to start banking because it can be upgraded to the Absa Student Silver Account, Absa Gold Graduate Account, and so on.
