All You Need To Know About Absa's Student Bank Account

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Being a student is very much the beginning of you being independent financially, and getting a bank account is the first step. Absa's student bank account has many benefits that are perfect for a student.

Absa gives students various options for banking. They offer two types of accounts which are suitable for students and also a student credit card option.

Let's get into these three different bank cards, the bank charges, their benefits and everything you would need to know about banking with Absa as a student.

Absa Student Account

Monthly Fee - R0

Age range - 18 – 27 years old

Monthly Income - Not required. You must be a full-time student studying towards an undergraduate or postgraduate degree, or qualification of one year or more.

Perks

  • Free data (100mb per month)
  • R25 food voucher to be redeemed at Debonairs, Steers, Nando's, Wimpy or Burger King
  • R150 travel voucher from Intercity or TravelStart
  • Up to 30% membership discount at selected gyms
  • Access to a study loan
  • Unlimited Absa Online, Banking App and telephone banking transactions
  • Unlimited NotifyMe SMS and email notifications
  • Mailed or eStatements
  • Unlimited electronic payments including debit and stop orders
  • Unlimited card swipes and cash withdrawals
  • Unlimited Absa ATM balance enquires and mini-statements
  • Unlimited Absa ATM cash deposits (excluding cardless cash deposits) and withdrawals
  • Unlimited internal electronic fund transfers
  • Unlimited CashSend withdrawals at Absa ATMs

How to open your Absa student account

In order to open your account, you can head to the Absa website or go to an Absa branch.

You will also need to submit the following documents:

  • A valid South African ID or passport
  • Proof of residence not more than three months old (e.g. proof of registration at a tertiary institution on their letterhead indicating your name and surname, an address and signature of a mandated official or a utility bill or cell phone statement)

Absa MegaU Account

Monthly Fee - R0

Age range - 16 – 20 years old

Monthly Income - Not required. 

Perks

  • 100MB data
  • R20 food voucher to be redeemed at Debonairs, Steers, Nando's, Wimpy or Burger King
  • Cash withdrawals at Absa ATMs and points of sale.
  • Cash send at Absa ATMs.
  • Cash deposits of up to R500.00 at Absa ATMs, branches and cash acceptors.
  • Airtime / data pre-paid top-ups at points of sale, Absa ATMs, online, Telephone and Cellphone banking.
  • Debit card purchases and tap-and-go purchases with your debit card.
  • Debit card replacements and debit card face-to-face delivery.
  • SMS and email notifications. This provides you with immediate notifications of activities performed on your account.
  • Absa ATM balance enquires.
  • Internal debit orders and stop orders.
  • eStatements.
  • Transactional history enquiry - internet, cellphone, telephone (IVR)

How to open your Absa MegaU account

In order to open your account, you can head to the Absa website or go to an Absa branch.

You will also need to submit the following documents:

Youths between the ages 16 to 20 years

  • Original birth certificate, a valid bar-coded South African ID, Temporary ID or a valid passport with a valid visa for foreign nationals  
  • Proof of residence not older than three months (e.g. utility bill or cellphone statement)

Minors under the age of 16

  • Original unabridged birth certificate (for abridged certificates – also include one of the listed documents*) or valid passport with a valid visa for foreign nationals  
  • Parent or guardian's proof of residence not older than three months (e.g. utility bill or cellphone statement)
  • Parental consent to open and manage the account
  • Parent or guardian's original bar-coded ID or Temporary ID or a valid passport with visa for foreign nationals

Children raised by a grandparent/guardian/relative and abridged birth certificate holders

  • Proof of Legal Guardianship
  • A dated letter from the chief/tribal authority or municipal official of the area confirming guardianship of the child; or
  • A dated letter from the school the minor attends confirming the unofficial guardian or single parent; or
  • A dated baptism letter from a church; or
  • A dated letter from the hospital confirming they have record of single mother giving birth to said minor child

Absa Student Credit Card

This is not a bank account but rather a credit card. It is recommended that you have a bank account in addition to this.

Monthly Fee - R0

Age range - 18 - 30 years old

Monthly Income - Minimum monthly income or allowance of R800. You must be a registered full-time student at an FET college, SAQA-approved institution, university, university of technology or private institution.

Interest rate - Get up to 57 days interest-free on qualifying transactions

Transaction fee - No transaction fees on purchase

Fixed monthly payments - You can pay extra on your monthly instalments if you need to

Perks

  • Bidvest Airport Lounge: 3 complimentary visits per year. Access at preferential rates thereafter 
  • Travel insurance: R1 million automatic basic cover* for a range of travel emergencies
  • Free lost card protection: You are covered if your card is lost or stolen, subject to letting the bank know (please call us on 0800 111 155)
  • Absa Rewards: Get cash back when you pay with your card locally and internationally
  • Absa Advantage: Complete simple challenges on the Absa Banking App and get rewarded instantly for banking smarter
  • Exclusive Visa benefits such as Visa Global Merchant offers
  • Contactless payments: Tap to pay with your card, smartphone or wearable device at any point-of-sale 
  • machine worldwide
  • NotifyMe: For added security, activate SMS notifications to get alerts of any activity in your account

How to open your Absa Credit card

In order to open your account, you can head to an Absa branch or an Absa Student bureau. You can also submit a telephonic application by calling 0861 114 411.

You will also need to submit the following documents:

  • Valid South African ID book or smart card
  • Proof of residence
  • Latest proof of income for three consecutive months

Banking and finances are tricky, confusing and complicated but once you go through all the work, it's worth it.

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