Absa Savings Account, How Open An Account & Requirements

Our guide today will focus o Absa savings account in South Africa

We will first show you the requirements to open a savings account

What Are The Requirements

Below are some of the requirements to open Absa savings account in South Africa:

  • You should have a valid South African ID or smart card
  • You need an opening balance of at least R1,000
  • You should provide proof of residence not older than three months
  • Proof of income or bank statements.

These are the basic requirements to apply for an Absa savings account in South Africa.

We will now show you the features of the account.

Absa Savings Account

The account caters to all your needs, whether it’s a basic savings account to build an emergency fund or an elaborate investment plan to secure your financial future.

You earn a tax-free allowance on your savings account all year.

You can use your tax-free allowance to grow your money.

You have immediate access to your money when you need it.

The different savings account has different interest rates.

Examples of Absa savings accounts include:

  • Fixed deposit savings account
  • Tax-free savings account
  • Flexi account
  • Islamic account
  • Absa child account

You can select the period you want to save, and your money will be available immediately after the time elapses.

This is all you need to know about the Absa savings account in South Africa.

Now that you know how the account works, we will show you how to open an account.

How To Open Absa Savings Account

Absa has introduced a simple, quick, and convenient end-to-end account opening for new customers.

You do not have to visit the bank’s branch to open a savings account; but instead, you can use the Absa banking app.

We will show you precisely how to open an account using the mobile banking app.

With this account, you can build your own personalized investment that caters to your needs.

Please follow the basic steps below to open an account:

  1. First, download and install the Absa banking app from the play store or apple store.
  2. Open the app home screen and choose the savings account you want to open.
  3. Next, fill in the details required
  4. Next, your cellphone will be verified for safety
  5. Next, take a selfie for facial matching with the department of home affairs to confirm your identity.
  6. Next, fill in your occupation and your income
  7. After that, click apply

This is the new way of opening an Absa savings account in South Africa.

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