Reviews

Absa Islamic Youth Account Review 2021

Published by
Lethabo Ntsoane

  • Absa Islamic Youth Accounts are for individuals under the age of 19.
  • The account intends to encourage young people to begin banking at an early age and to have an understanding of how money works in the banking system.
  • As a young youth account, the Islamic Youth Account provides benefits tailored to children.
  • The Absa Islamic Youth Account is a Shari’ah-compliant check account for anyone under the age of 19.
  • Account verification for the Absa Islamic Youth Account is R6.50 online and R25.00 in branch.

Absa Islamic Youth Accounts are for individuals under the age of 19. The account intends to encourage young people to begin banking at an early age and to have an understanding of how money works in the banking system.

Money management is critical to begin banking at an early age since it instills an attitude of saving, investing, and spending. The account includes a ‘Annual Profit Share’ function that adheres to Shari’ah legal guidelines.

As a young youth account, the Islamic Youth Account provides benefits tailored to children. Account holders receive cheap fast food vouchers, free data, and complimentary ‘Kidz’ activity classes to educate young minds about current trends in a variety of disciplines.

Absa Islamic Youth Account Summary

The Absa Islamic Youth Account is a Shari’ah-compliant check account for anyone under the age of 19. To qualify for the account, you must be at least 18 years old and have no income restrictions. The account is charged a monthly service fee of R0.00. Account verification for the Absa Islamic Youth Account is R6.50 online and R25.00 in branch.

The Islamic Youth Account comes with complimentary services such as access to Absa’s digital platforms, cash withdrawals at Absa ATMs, point of sale withdrawals, cash send at Absa ATMs, funds transfer at Absa ATMs, and internal debit and stop orders.

Absa Islamic Youth Account Benefits

  1. You get a discount voucher that can be redeemed at McDonald’s, Wimpy, Burger King, Nando’s or Debonairs.
  2. Free first lesson per month for a ‘Kidz’ activity. (include mini chess, young Engineers, Aquatots and more).
  3. Free first R500.00 cash deposit at an Absa ATM or cash Acceptor per month.
  4. Free tap and go purchases with your debit card.
  5. Has free electronic funds transfers.
  6. You get unlimited e-statements every month.
  7. The account comes with no monthly service fees.
  8. Free prepaid airtime, data, and electricity using Absa digital platforms.
  9. Free ATM cheque deposits every month.
  10. A banking solution for kids under the age of 19.
  11. Can perform international transactions using your Absa Islamic Youth Account. This has a limit equal to the predetermined value per calendar year for clients under the age of 18, as prescribed by the SARB.
  12. You can get up to 100MB of data.

Absa Islamic Youth Account Fees 2021

#Fee description Amount
1Monthly service feeFree
2Monthly Subscription feeFree
3Cheque deposit at a branch counterR60.00
4Cash deposit at an Absa branchR60.00 + R2.00 per R100.00
5Cash deposit at an Absa ATMFree for the first R500.00 thereafter R2.00 per R100.00
6Absa branch cash withdrawals R75.00 + R2.10 per R100.00
7Cash withdrawals at an Absa ATMFree
8Point of sale cash withdrawalsFree
9Overseas ATM or point of sale withdrawals R75.00
10Prepaid purchases via Absa ATM, POS, online or MobileFree
11Purchases on local and overseas point of saleFree
12Accounts payments at an Absa ATM, online, mobile or telephone R10.00
13Accounts payments at Absa branchR75.00
14Immediate interbank payments: online, or mobile R10.00
15Immediate interbank payments: telephone adviser assistedR75.00
16Account verification online feeR6.50
17Account verification at an Absa branchR25.00
18Internal debit order feeFree
19External debit order feeR10.00
20Stop Order feeFree
21CashSend at Absa ATMFree
22CashSend online or mobileR2.00 per R100.00
23Funds transfer at an Absa ATM, online, or mobileFree
24Funds transfer at an Absa branchR75.00
25Debit card replacement feeFree
Absa Islamic Youth Account Fees or Rates 2021

Competitive Advantages of the Absa Islamic Youth Account

  • Comes with free monthly data bundles that you can use through MTN, Vodacom, Cell C and Telkom.
  • Free vouchers that can be redeemed at selected food outlets.
  • Access to the Absa Rewards program where clients can earn cashback depending on their qualifying tier percentage allowable cashback.
  • The account has no monthly service fee attached to it.
  • Account users get rewarded for maintaining a balance of R500.00 throughout the month.
  • The account comes with free cheque deposits every month.
  • There are no charges for purchasing prepaid online.

Competitive Disadvantages of the Absa Islamic Youth Account

  • The account has a low monthly free cash deposit and withdrawals of R500.00.
  • High fees when you transact at an Absa branch.
  • You need to pay for your account to be verified whether you do it at an Absa branch or online.
  • Overseas withdrawal fees are high.

How to qualify for the Account

  1. You must be 19 years old or younger at the time of application.
  2. Have proof of residence that is not older than 3 months at the time of application.
  3. Original birth certificate for those under 16, a South African ID card or smartbook if you or a valid passport if you are not a South African citizen.
  4. Parent or guardian’s proof of residence not older than 3 months at the time of application.
  5. Parent or guardian’s original ID.
  6. Consent from a parent or guardian is required to open the Islamic Youth Account.

Conclusion

The Absa Islamic Youth Account offers young individuals a chance to understand how the banking system works and the importance of saving and investing. Account-holders are rewarded for maintaining a certain amount of money in their bank account supporting the importance of having savings that will cover your expenses or emergencies when you need money the most. 

The account doesn’t have many benefits as one would expect but this is probably because the account comes free of charge. The account doesn’t have any monthly service fee attached to it and this could be the main reason for limited benefits. 

If you want to open the Absa Islamic Youth Account, you need to make sure that you get consent from your guardian or parent if you are under the age of 18. Also, a birth certificate is required for those that don’t have an ID document.

Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted at lethabo@rateweb.co.za

Published by
Lethabo Ntsoane
Tags: ABSA