Categories: Banking News Reviews

Absa MegaU Youth Account Review 2021

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. 

Absa MegaU Youth Account Summary

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’. 

Absa MegaU Youth Account Benefits

  1. There is no monthly maintenance fee, meaning that you get every unlimited service for free.
  2. Clients receive up to 30% discounts off on flights with rewards lite.
  3. Free data bundles every month when you maintain a balance of R300.00 in a calendar month or make four banking transactions per month.
  4. Free first lesson for kids activity when you maintain a minimum balance of R300.00 or make four banking transactions per month.
  5. International transactions come at a reasonable fee.
  6. Free cashback at any point of sale in South Africa.
  7. When you deposit your first R500.00 at an Absa ATM or Cash Acceptor you will not be charged a fee.
  8. Clients get free debit card purchases locally.
  9. There are no charges for balance inquiries at an Absa ATM.
  10. The account comes with free eStatements every month.
  11. Internal debit orders are for free.
  12. The account comes with free stop orders.
  13. Clients get food vouchers when they maintain a minimum balance of R300.00 or perform at least four transactions per month.
  14. Card replacements and debit card face to face deliveries are for free.
  15. Free access to all Absa digital platforms.

Absa MegaU Youth Account Fees 2021

#Fee description Amount
1Monthly service fee R0.00
2Absa ATM mini statement feeR4.00
3Absa Cat terminal full statementR16.00
4Full statement at an Absa branch R32.00
5Mailed statementsR32.00
6Absa eStatements feeFree
7Absa stamped statements onlineR8.00
8Stamped statements at an Absa ATMR16.00
9Transaction history enquiry online, mobile, telephone (IVR) Free
10Transaction history enquiry telephone adviser-assistedR32.00
11Achieved statements onlineR8.00 per statement
12Bank statements copies: less than 4 months oldR32.00
13Bank statements copies: 4 months or older R75.00
14Bank cheque feeR200.00
15Stop payments at an Absa branch R75.00
16Stop payments onlineR32.00
17Special clearance feeR200.00
18Stop Order feeFree
19Debit card replacement fee Free
20Debit card face to face delivery feeFree
21Notification fee Free
22Returned paymentR8.50
23Absa online notification Free
24Declined transaction feeR8.50
25Returned cheque depositR200.00
26Debit order dispute online before 40 days lapsedFree
Absa MegaU Youth Account Fees and Rates

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

  1. Need to have a valid South African ID book or Smart card or a valid passport if you are not a South African citizen.
  2. Proof of residence not older than 3 months at the time of application.

Requirements for minors under the age of 16

  1. Must have the original birth certificate or if not a South African citizen, a valid passport.
  2. Parent or guardian’s proof of residence not older than 3 months at the time of application.
  3. Parental consent to open and operate the Absa MegaU Youth Account.
  4. Parent or guardian’s original South African ID book or Smart card.

Conclusion

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.

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Lethabo Ntsoane

Lethabo Ntsoane 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 reviews and financial tips.

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