The Absa Prosperity for Seniors account is a transactional account for seniors who are 55 years or older. The account is subject to a monthly account fee of R50.00. Furthermore, with a positive balance, the account earns interest. Account holders are automatically enrolled in the Absa rewards program for free.
The Absa Prosperity for Seniors account also includes monthly account fee rebates. To qualify for the rebate, the account must have a balance of R15,000.00 throughout the month. Alternatively, the account holder must have a qualifying Absa investment account with a balance of at least R15,000.00.
The account includes free access to the Absa digital platforms, which are available 24/7. A debit card is also included with the account, which can be used to make purchases, check balances, and do other things.
The Absa Prosperity for Seniors account comes with a number of benefits. These benefits are detailed below.
Absa Prosperity for Seniors Account Benefits
- The account has a low-income requirement set at a minimum of R2,000.00 per month.
- Access to different loans such as vehicle finance, revolving loan, and more.
- Comes with membership to the Absa rewards program where members earn cashback whenever they swipe their Prosperity debit card at partner stores.
- Free notifications by SMS or email.
- Those that are over the age of 60 get professional assistance with drafting their will.
- Clients get access to the Absa credit card facilities.
- The account has a low monthly service fee of R50.00.
- 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.
- The Prosperity for Seniors Account earns account holder interest on an available balance.
- Free access to Absa Bank digital platforms 24/7 anywhere in the world.
Absa Prosperity for Seniors Account Fees 2023
| Fee description | Fee |
|---|---|
| Monthly service fee | R50.00 |
| Monthly Subscription fee | Free |
| Cash deposit at an Absa branch | R4.00 per R100.00 |
| Cash deposit at an Absa ATM | R2.50 per R100.00 |
| Absa branch cash withdrawals | R80.00 + R2.50 per R100.00 |
| Cash withdrawals at an Absa ATM | R2.50 per R100.00 |
| Point of sale cash withdrawals | Free |
| Overseas ATM or point of sale withdrawals | R80.00 |
| Prepaid purchases via Absa ATM, POS, online or Mobile | Free |
| Purchases on local and overseas point of sale | Free |
| Accounts payments at an Absa ATM, online, mobile or telephone | R10.00 |
| Accounts payments at Absa branch | R80.00 |
| Immediate interbank payments: less than R1,000 | R10.00 |
| Immediate interbank payments: over R1,000.00 | R49.00 |
| Account verification online fee | R6.50 |
| Account verification at an Absa branch | R25.00 |
| Internal debit order fee | Free |
| External debit order fee | R19.00 |
| Stop Order fee | Free |
| NotifyMe | R0.60 |
| Overdraft Initiation Fee | R175.00 Max |
| Funds transfer at an Absa ATM, online, or mobile | Free |
| Funds transfer at an Absa branch | R80.00 |
Absa Prosperity Bank Account Rebates 2023
| Description | Fee |
|---|---|
| Minimum monthly account balance in the Prosperity Account | R15,000.00 |
| Maximum rebate amount | R510.00 |
| Credit balance in current account | R15,000.00 |
| 12 month fixed deposit | R15,000.00 |
| 12 to 18-month bonus deposit | R15,000.00 |
| Linked rate deposit | R15,000.00 |
| MoneyBuilder | R15,000.00 |
| Money Market Fund | R15,000.00 |
| Investment Advantage | R15,000.00 |
| Depositor Plus | R15,000.00 |
| TruSave | R15,000.00 |
| Notice select | R15,000.00 |
| Tax-Free Savings Account | R15,000.00 |
| Dynamic fixed deposit | R15,000.00 |
| Islamic tax-free savings | R15,000.00 |
| 32-day notice deposit | R15,000.00 |
| Income and growth performer | R15,000.00 |
| Islamic term deposit | R15,000.00 |
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
- Must be over the age of 55 at the time of application.
- Have a South African ID book or Smart card.
- Earn a minimum income of R2000.00 or more (Recommended).
- Have a proof of residence that is not older than 3 months at the time of application.
- Proof of income if you are applying for an overdraft facility.
Conclusion
The Absa Prosperity for Seniors Account provides older citizens with flexible banking, including access to loans, the opportunity to earn interest, and unique rebates. There are other investing possibilities available that are specifically tailored for senior persons.
