The Absa MegaU Youth Account is a savings account established specifically for young people under the age of 19. If you are under the age of 16, you must bring your parent or guardian to open a MegaU account. The account gives young people the opportunity to learn the foundations of saving and banking. This is to encourage parents and guardians to raise money-savvy children.
Account holders can receive rewards and discounts from Absa partner stores by maintaining a minimum balance of R300.00. The requirement that account users maintain a minimum balance of R300.00 in their MegaU account teaches young people the value of saving and the need of having cash flow for rainy days. This money is available for use at any time in the event of an emergency. The MegaU Account provides discounts at certain restaurants as well as free children’s activity lessons. Furthermore, the account is free to maintain, and customers receive free swipes and cash withdrawals from Absa ATMs.
Absa MegaU Youth Account Summary
The Absa MegaU Youth Account is a cheque account available to youth under the age of 19. The account has no monthly maintenance fees and no minimum income requirement to open. Account holders receive monthly value add-ons if they keep a minimum balance of R300.00 each calendar month or conduct at least four banking transactions per month. 100MB of free data each month, an R20.00 meal voucher redeemable at Debonairs, Steers, Nando’s, Wimpy, or Burger King, and a free first lesson for ‘kids activity’ are among the free value add-ons.
Absa MegaU Youth Account Benefits
- There is no monthly maintenance fee, meaning that you get every unlimited service for free.
- Clients receive up to 30% discounts off on flights with rewards lite.
- Free data bundles every month when you maintain a balance of R300.00 in a calendar month or make four banking transactions per month.
- Free first lesson for kids activity when you maintain a minimum balance of R300.00 or make four banking transactions per month.
- International transactions come at a reasonable fee.
- Free cashback at any point of sale in South Africa.
- When you deposit your first R500.00 at an Absa ATM or Cash Acceptor you will not be charged a fee.
- Clients get free debit card purchases locally.
- There are no charges for balance inquiries at an Absa ATM.
- The account comes with free eStatements every month.
- Internal debit orders are for free.
- The account comes with free stop orders.
- Clients get food vouchers when they maintain a minimum balance of R300.00 or perform at least four transactions per month.
- Card replacements and debit card face to face deliveries are for free.
- Free access to all Absa digital platforms.
Absa MegaU Youth Account Fees 2021
| Fee description | Amount |
|---|---|
| Monthly service fee | R0.00 |
| Absa ATM mini statement fee | R4.00 |
| Absa Cat terminal full statement | R16.00 |
| Full statement at an Absa branch | R32.00 |
| Mailed statements | R32.00 |
| Absa eStatements fee | Free |
| Absa stamped statements online | R8.00 |
| Stamped statements at an Absa ATM | R16.00 |
| Transaction history enquiry online, mobile, telephone (IVR) | Free |
| Transaction history enquiry telephone adviser-assisted | R32.00 |
| Achieved statements online | R8.00 per statement |
| Bank statements copies: less than 4 months old | R32.00 |
| Bank statements copies: 4 months or older | R75.00 |
| Bank cheque fee | R200.00 |
| Stop payments at an Absa branch | R75.00 |
| Stop payments online | R32.00 |
| Special clearance fee | R200.00 |
| Stop Order fee | Free |
| Debit card replacement fee | Free |
| Debit card face to face delivery fee | Free |
| Notification fee | Free |
| Returned payment | R8.50 |
| Absa online notification | Free |
| Declined transaction fee | R8.50 |
| Returned cheque deposit | R200.00 |
| Debit order dispute online before 40 days lapsed | Free |
Competitive Advantages of the Absa MegaU Youth Account
- You get free data bundles if you maintain a minimum balance throughout the month.
- Comes with a food voucher every month if you maintain a minimum balance throughout the month.
- The first lesson per month is free for a Kidz activity if you maintain a minimum balance throughout the month.
- 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
- No access to the Absa rewards program.
- Branch fees are high for minors to cope with.
- Most of the transactions are not for free which can create a high transaction fee.
Requirements of the Account
Requirements 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.
Requirements 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.
