Reviews

Absa Prosperity for Seniors Account Review 2022

Published by
Lethabo Ntsoane

The Absa Prosperity for Seniors Account is a South African account for senior citizens. Anyone above the age of 55 is eligible for this account. The account was created to assist seniors with their banking needs while also allowing them to take advantage of Absa’s rewards program. When account holders maintain a minimum amount in their account, they receive unique rebates on their account fees. Other advantages include loans and auto financing, which are two of the most underserved financial products for older persons in South Africa.

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The Prosperity for Seniors Account provides its members with a variety of investing options to consider. This is due to the fact that senior citizens have varied investing requirements and typically invest in health, wealth preservation, and other areas.

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Absa Prosperity for Seniors Account Summary

The Absa Prosperity for Seniors Cheque Account is for those over 55. The accounts have an R50 monthly service cost. The Prosperity for Seniors Account requires a monthly income of R2000.00 or higher. Clients receive monthly service fee reimbursements if they maintain a balance of R15,000.00 in their cheque or savings account. Account customers have 24/7 access to Absa ATM networks to make deposits, check balances, and withdraw funds. The Prosperity debit card has security features that make buying smarter, faster, and more convenient.

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 2022

Fee description Fee
Monthly service feeR50.00
Monthly Subscription feeFree
Cheque deposit at a branch counterR60.00
Cash deposit at an Absa branchR60.00 + R2.00 per R100.00
Cash deposit at an Absa ATMFree for the first R500.00 thereafter R2.00 per R100.00
Absa branch cash withdrawals R75.00 + R2.10 per R100.00
Cash withdrawals at an Absa ATMFree
Point of sale cash withdrawalsFree
Overseas ATM or point of sale withdrawals R75.00
Prepaid purchases via Absa ATM, POS, online or MobileFree
Purchases on local and overseas point of saleFree
Accounts payments at an Absa ATM, online, mobile or telephone R10.00
Accounts payments at Absa branchR75.00
Immediate interbank payments: online, or mobile R10.00
Immediate interbank payments: telephone adviser assistedR75.00
Account verification online feeR6.50
Account verification at an Absa branchR25.00
Internal debit order feeFree
External debit order feeR10.00
Stop Order feeFree
CashSend at Absa ATMFree
CashSend online or mobileR2.00 per R100.00
Funds transfer at an Absa ATM, online, or mobileFree
Funds transfer at an Absa branchR75.00
Absa Prosperity Account Fees and Rates

Absa Prosperity Bank Account Rebates 2022

DescriptionFee
Minimum monthly account balance in the Prosperity AccountR15,000.00
Maximum rebate amountR510.00
Credit balance in current accountR15,000.00
12 month fixed depositR15,000.00
12 to 18-month bonus deposit R15,000.00
Linked rate depositR15,000.00
MoneyBuilderR15,000.00
Money Market FundR15,000.00
Investment AdvantageR15,000.00
Depositor PlusR15,000.00
TruSaveR15,000.00
Notice select R15,000.00
Tax-Free Savings Account R15,000.00
Dynamic fixed depositR15,000.00
Islamic tax-free savings R15,000.00
32-day notice deposit R15,000.00
Income and growth performerR15,000.00
Islamic term deposit R15,000.00
Absa Prosperity Account Rebates 2022

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 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.

Absa Prosperity for Seniors Account Review 2022
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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He 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 financial news, reviews and financial tips. He can be contacted at lethabo@rateweb.co.za

Published by
Lethabo Ntsoane
Tags: ABSA
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