Posted on Jan 1, 2021 by Staff Writer
The Absa Islamic Youth Account is an account for those under the age of 19. The account aims at helping young individuals to start banking at a young age and to understand how money works in the banking system.
Money management is key to start banking at a young age as it gives one a mindset that understands savings, investing and spending. The account comes with the ‘Annual Profit Share’ feature which is aligned to the principles of Shari’ah laws.
As a young youth account, the Islamic Youth Account comes with benefits that are best suited for kids. Account-holders get discounted vouchers on fast food, free data, and free ‘Kidz’ activities lessons to equip young minds with current trends on various subjects.
Absa Islamic Youth Account Summary
The Absa Islamic Youth Account is a Shari’ah compliant cheque account for individuals under the age of 19. To qualify for the account you only need to meet the age requirements and there is no income requirement. The account has R0.00 monthly service fee. The Absa Islamic Youth Account charges R6.50 for account verification online and R25.00 for Absa branch account verification.
Free services on the Islamic Youth Account include a subscription to Absa digital platforms, cash withdrawals at Absa ATMs, point of sale withdrawals, cash send at Absa ATM, funds transfer at Absa ATM, and internal debit orders and stop orders.
Absa Islamic Youth Account Benefits
- You get a discount voucher that can be redeemed at McDonald’s, Wimpy, Burger King, Nando’s or Debonairs.
- Free first lesson per month for a ‘Kidz’ activity. (include mini chess, young Engineers, Aquatots and more).
- Free first R500.00 cash deposit at an Absa ATM or cash Acceptor per month.
- Free tap and go purchases with your debit card.
- Has free electronic funds transfers.
- You get unlimited e-statements every month.
- The account comes with no monthly service fees.
- Free prepaid airtime, data, and electricity using Absa digital platforms.
- Free ATM cheque deposits every month.
- A banking solution for kids under the age of 19.
- 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.
- You can get up to 100MB of data.
Absa Islamic Youth Account Fees 2021
|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|
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
- You must be 19 years old or younger at the time of application.
- Have proof of residence that is not older than 3 months at the time of application.
- 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.
- Parent or guardian’s proof of residence not older than 3 months at the time of application.
- Parent or guardian’s original ID.
- Consent from a parent or guardian is required to open the Islamic Youth Account.
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.
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