Absa Gold Graduate Account Review 2021

Posted on Dec 30, 2020 by Staff Writer

Rateweb | South Africa

________________________

The Absa Gold Graduate Account is a cheque account for students that are registered in tertiary institutions and are completing their final year of study or have already graduated from their 3 years degree or diploma. The account can only be used up to 36 months or 3 years before upgrading to the Absa Gold Value Bundle Account. 

This account comes with special benefits that are unique and are directed to the needs of a graduate or final year student. The Absa Gold Graduate Account comes with access to overdraft facility and credit facility before you receive your first salary. 

Absa Gold Graduate Account Summary 

The Absa Gold Graduate Account is a 1st tier cheque account designed for final year tertiary students and newly graduates. It comes with a monthly fee of R54.50 and account holders get up to 30% in discounts with rewards lite. You get a discounted monthly fee of 50% if you keep R30,000.00 or more in your account. 

The Gold Graduate Account comes with unlimited card purchases, account payments, electronic enquiries, international debit orders and stop orders. You get free deposits of up to R4,500.00 per month and you will then pay R2.00 per R100.00 on deposits at Absa ATM and R60.00 + R2.00 per R100.00 when you deposit at any Absa branch. 

Absa Gold Graduate Account Benefits 

1. Comes with unlimited SMS notifications, debit card purchases, balance enquiries, and beneficiary payments. 
2. Access to credit before you get your first salary. 
3. Comes with estate planning offer. 
4. You get free will drafting service with Absa Trust. 
5. You get assistance with your insurance car needs, sourcing finance and delivery of your first motor vehicle. 
6. There is no monthly fee on an overdraft for the first 12 months. 
7. You get discounts of up to 30% on a membership at selected gyms in South Africa. 
8. You get R200.00 travel voucher from intercity or TravelStart. 
9. The account comes with a monthly complimentary food voucher of R50.00 that you can use at Debonairs, Steers, Nando’s, Wimpy or Burger King. 
10. Comes with free financial advice to enhance your banking experience. 

Absa Gold Graduate Account Fees 2021

#	Fee description	Amount
1	Monthly service fee	R54.50
2	50% discount on monthly service fee if you maintain a balance of R30,000.00	R27.25
3	Cash deposits: Absa ATM, cash acceptor	Up to R4,500.00
4	Debit card purchases: debit card purchases, point of sale	Up to R4,500.00
5	Out of bundle cash deposit at Absa ATM & cash acceptor	R2.00 per R100.00
6	Out of bundle cash deposit at Absa branch	R60.00 +R2.00 per R100
7	Cash withdrawals at Absa ATM : Out of Bundle	R2.00 per R100.00
8	Cash withdrawals at Absa Branch: Out of Bundle	R75.00 +R2.00 per R100.00
9	Overseas ATM/POS OUT OF BUNDLE fee	R75.00
10	Debit card purchases	Free
11	Point of sale cash withdrawals	Free
12	External debit orders	Free
13	Accounts payments via Absa ATM, online and mobile	Free
14	Inter account transfers	Free
15	Stop orders	Free
16	International debit orders	Free
17	Cheque issued fee	R200.00
18	Cash send	R2.00 per R100.00
19	Special clearance fee	R200.00
20	Debit card replacement fee	R140.00
21	Declined fee	R200.00
22	Notifications	Free

Competitive Advantages of the Absa Gold Graduate Account 

• You can get credit before receiving your first salary. 
• The account comes with an overdraft facility that one can apply for. 
• Comes with extended services such as estate planning, and will writing. 
• You get assistance with motor vehicle finance and motor vehicle insurance. 
• You get discounts and food vouchers that you can use at selected stores. 
• Has free services such as SMS notifications, debit card purchases, and balance enquiries. 
• The account offers 50% off on your monthly service fee if you maintain a balance of R30,000.00 throughout the month. 
• You get specialised help whenever you want guidance with banking for free. 

Competitive Disadvantages of the Absa Gold Graduate Account 

• Access to loans before receiving your first salary may not be desirable since you won’t be having a comprehensive cash budget at this point in time. 
• The account doesn’t offer discounts and rewards for some of the things that newly graduates spend on such as movie discounts, Uber/UberEats discounts and insurance discounts. 
• The account doesn’t come with a rewards program, meaning you need to apply and pay for Absa Rewards Program if you want rewards. 

How to qualify for the account

1. You must be under the age of 30 by the time of application. 
2. Be in your final year of studies or have qualified with a three-year degree or diploma or other post-graduation education. 
3. Must have a South African ID book or Smart card or if you are not a South African resident, you must have a passport. 
4. Proof of residence that is not older than 3 months at the time of application. 
5. Have proof of qualifications or confirmation of final year studies. 
6. Have your latest payslip or latest 3 months bank statement ( for those who want an overdraft facility).

Conclusion

The Absa Gold Graduate Account is a great way to start banking as a young professional as the account comes with many benefits. The account’s lifestyle benefits and the access to professional advisors can help a new account holder bank better and save money.

Absa is considerate since it understands that starting a career can be somewhat stressful and financially straining as you would be paid less at this stage. The unlimited services that are available on this account give one an opportunity to bank without any pressure. The account also has a low monthly service fee that almost any graduate or a graduate to be can afford.