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 instils an attitude of saving, investing, and spending. The account includes an ‘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.
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 a 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.
|1||Monthly service fee||Free|
|2||Monthly Subscription fee||Free|
|3||Cheque deposit at a branch counter||R60.00|
|4||Cash deposit at an Absa branch||R60.00 + R2.00 per R100.00|
|5||Cash deposit at an Absa ATM||Free for the first R500.00 thereafter R2.00 per R100.00|
|6||Absa branch cash withdrawals||R75.00 + R2.10 per R100.00|
|7||Cash withdrawals at an Absa ATM||Free|
|8||Point of sale cash withdrawals||Free|
|9||Overseas ATM or point of sale withdrawals||R75.00|
|10||Prepaid purchases via Absa ATM, POS, online or Mobile||Free|
|11||Purchases on local and overseas point of sale||Free|
|12||Accounts payments at an Absa ATM, online, mobile or telephone||R10.00|
|13||Accounts payments at Absa branch||R75.00|
|14||Immediate interbank payments: online, or mobile||R10.00|
|15||Immediate interbank payments: telephone adviser assisted||R75.00|
|16||Account verification online fee||R6.50|
|17||Account verification at an Absa branch||R25.00|
|18||Internal debit order fee||Free|
|19||External debit order fee||R10.00|
|20||Stop Order fee||Free|
|21||CashSend at Absa ATM||Free|
|22||CashSend online or mobile||R2.00 per R100.00|
|23||Funds transfer at an Absa ATM, online, or mobile||Free|
|24||Funds transfer at an Absa branch||R75.00|
|25||Debit card replacement fee||Free|
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.