Absa Prosperity for Seniors Account Review 2021

Posted on Jan 1, 2021 by Staff Writer

Rateweb | South Africa

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The Absa Prosperity for Seniors Account is an account for senior citizens in South Africa. This account is available to anyone who is older than 55 years. The account is there to help seniors with their banking needs and at the same time help them take advantage of the rewards that Absa has to offer. 

Account-holders get exclusive rebates on their account fees when they maintain a minimum balance in their account. Other benefits include access to loans and vehicle finance, which are the most undermined banking products by banks for senior citizens banking in South Africa. 

The Prosperity for Seniors Account gives its users a plethora of investment opportunities that can be explored. This is because senior citizens have different investment needs and normally invest in health, wealth extension, and more. 

Absa Prosperity for Seniors Account Summary 

The Absa Prosperity for Seniors Account is a cheque account for those over the age of 55. The accounts come with a monthly service fee of R50. To qualify for the Prosperity for Seniors Account, clients need to earn R2000.00 or more per month. Clients receive rebates on monthly service fee if they maintain a cheque account balance of R15,000.00 or a savings or investment account balance of R15,000.00

Account-holders get access to 24/7 Absa ATM networks where they can make deposits, check account balance and make withdrawals. The Prosperity debit card comes with security features that create smarter, faster and convenient shopping in-store and online. 

Absa Prosperity for Seniors Account Benefits 

  1. The account has a low-income requirement set at a minimum of R2000.00 per month. 
  2. Access to different loans such as vehicle finance, revolving loan, and more. 
  3. Comes with membership to the Absa rewards program where members earn cashback whenever they swipe their Prosperity debit card at partner stores. 
  4. Free notifications by SMS or email. 
  5. Those that are over the age of 60 get professional assistance with drafting their will. 
  6. Clients get access to the Absa credit card facilities. 
  7. The account has a low monthly service fee of R50.00.
  8. By maintaining a balance of R15,000.00 on a savings or investment account or cheque account throughout the month, as a Prosperity banking client, you get a rebate on your monthly service fee.
  9. The Prosperity for Seniors Account earns account holder interest on an available balance. 
  10. Free access to Absa Bank digital platforms 24/7 anywhere in the world. 

Absa Prosperity for Seniors Account Fees 2021

#Fee description Amount
1Monthly service feeR50.00
2Monthly Subscription feeFree
3Cheque deposit at a branch counterR60.00
4Cash deposit at an Absa branchR60.00 + R2.00 per R100.00 
5Cash deposit at an Absa ATMFree for the first R500.00 thereafter R2.00 per R100.00
6Absa branch cash withdrawals R75.00 + R2.10 per R100.00
7Cash withdrawals at an Absa ATMFree
8Point of sale cash withdrawalsFree
9Overseas ATM or point of sale withdrawals R75.00
10Prepaid purchases via Absa ATM, POS, online or MobileFree
11Purchases on local and overseas point of saleFree
12Accounts payments at an Absa ATM, online, mobile or telephone R10.00
13Accounts payments at Absa branchR75.00 
14Immediate interbank payments: online, or mobile R10.00
15Immediate interbank payments: telephone adviser assistedR75.00
16Account verification online feeR6.50
17Account verification at an Absa branchR25.00
18Internal debit order feeFree
19External debit order feeR10.00
20Stop Order feeFree
21CashSend at Absa ATMFree
22CashSend online or mobileR2.00 per R100.00
23Funds transfer at an Absa ATM, online, or mobileFree
24Funds transfer at an Absa branchR75.00
Absa Prosperity Account Fees and Rates

Absa Prosperity Bank Account Rebates 2021

#DescriptionAmount
1Minimum monthly account balance in the Prosperity AccountR15,000.00
2Maximum rebate amountR510.00
Minimum balance to be maintained in the current account or in one of the following investments with Absa to qualify for rebates:
3Credit balance in current accountR15,000.00
412 month fixed depositR15,000.00
512 to 18-month bonus deposit R15,000.00
6Linked rate depositR15,000.00
7MoneyBuilderR15,000.00
8Money Market FundR15,000.00
9Investment AdvantageR15,000.00
10Depositor PlusR15,000.00
11TruSaveR15,000.00
12Notice select R15,000.00
13Tax-Free Savings Account R15,000.00
14Dynamic fixed depositR15,000.00
15Islamic tax-free savings R15,000.00
1632-day notice deposit R15,000.00
17Income and growth performerR15,000.00
18Islamic term deposit R15,000.00
Absa Prosperity Account Rebates 2021

Competitive advantages of the Absa Prosperity for Seniors Account 

  • Clients get a rebate for maintaining a positive balance. 
  • Entry to the Absa rewards program
  • Access to vehicle finance, revolving loans and other loans. 
  • Has a low minimum income requirement. 
  • Account earns interest on a positive balance. 
  • Can use the Prosperity debit card anywhere around the world. 
  • There is no subscription fee to the Absa digital platforms. 

Competitive Disadvantages of the Absa Prosperity for Seniors Account 

  • The account has few free cash withdrawals and deposits at an Absa ATM. 
  • Clients pay for account verification even if it is done online. 

Requirements for the Account 

  1. Must be over the age of 55 at the time of application. 
  2. Have a South African ID book or Smart card. 
  3. Earn a minimum income of R2000.00 or more.
  4. Have a proof of residence that is not older than 3 months at the time of application. 
  5. Proof of income if you are applying for an overdraft facility. 

Conclusion 

The Absa Prosperity for Seniors Account offers flexible banking for senior citizens with access to loans, potential to gain interest and exclusive rebates. There are investment opportunities that can also be explored which are tailor-made for senior citizens. 

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