The Absa MegaU Youth Account is an account that is designed for young individuals who are under the age of 19. To open the MegaU account, you need to bring along your parent or guardian if you are under the age of 16.
The account offers young individuals a chance to understand the fundamentals of saving and banking. This is to encourage parents or guardians to raise financially savvy kids. By maintaining a minimum balance of R300.00 account holders can earn rewards and discounts from Absa partner stores.
The fact that account holders need to maintain a minimum balance of R300.00 in their MegaU account, helps the young people to understand the importance of savings and the need to have cash flow for rainy days. This money can be used for emergencies at any time.
The MegaU Account offers discounts at selected food outlets and free kids activity lessons. Moreover, the account costs nothing to maintain, and clients get free swipes and Absa ATM cash withdrawals.
The Absa MegaU Youth Account is a cheque account for children under the age of 19. The account charges R0.00 monthly maintenance fees and doesn’t require any minimum income to open. Account-holders get monthly value add-ons when they maintain a minimum balance of R300.00 per Calendar month or perform at least four banking transactions per month.
Free value add-ons include 100MB of free data per month, R20.00 food voucher to be redeemed at Debonairs, Steers, Nando’s, Wimpy or Burger King, and a free first lesson for ‘kids activity’.
|1||Monthly service fee||R0.00|
|2||Absa ATM mini statement fee||R4.00|
|3||Absa Cat terminal full statement||R16.00|
|4||Full statement at an Absa branch||R32.00|
|6||Absa eStatements fee||Free|
|7||Absa stamped statements online||R8.00|
|8||Stamped statements at an Absa ATM||R16.00|
|9||Transaction history enquiry online, mobile, telephone (IVR)||Free|
|10||Transaction history enquiry telephone adviser-assisted||R32.00|
|11||Achieved statements online||R8.00 per statement|
|12||Bank statements copies: less than 4 months old||R32.00|
|13||Bank statements copies: 4 months or older||R75.00|
|14||Bank cheque fee||R200.00|
|15||Stop payments at an Absa branch||R75.00|
|16||Stop payments online||R32.00|
|17||Special clearance fee||R200.00|
|18||Stop Order fee||Free|
|19||Debit card replacement fee||Free|
|20||Debit card face to face delivery fee||Free|
|23||Absa online notification||Free|
|24||Declined transaction fee||R8.50|
|25||Returned cheque deposit||R200.00|
|26||Debit order dispute online before 40 days lapsed||Free|
The Absa MegaU Youth Account gives minors and those that are in their late teens an introduction to the banking system. The account comes with its own mobile app that is tailor-made for kids offering rewards and useful resources for banking.
Since the account doesn’t charge any monthly service fee, it is good for minors to use, although transaction fees can be high. The account is a good way to start banking as one can later upgrade to the Absa Student Silver Account and then the Absa Gold Graduate Account and so forth.