Do your children really need another toy for Christmas?
Mine don’t. In fact this year we are focusing on useful gifts for Christmas over items that will offer instant gratification.
Opening up a bank account is the best gift you can give your child. We opened up a Absa MegaU account for both Jack and Emma recently. They have both been giving us money they have been given, asking us to save it, now we have a proper place to put it AND they receive a whole lot of cool benefits.
Why did we decide to go with the Absa MegU account?
These are a few of the benefits of this account.
- No monthly fee
- Free cash withdrawals at Absa ATMs
- First R500 cash deposited at an Absa ATM or Cash Acceptor is free
- Free debit card purchases
- Free prepaid top-ups at Absa channels
- Free Absa ATM balance enquiries
- Free internal debit orders and stop orders
- Free account activity notification via SMS or email
- Free eStatements
- Access and manage your money whenever you want to
- 24/7 access to the largest ATM network in South Africa
- International transactions can be performed (at a cost) and Absa will impose an offshore transactional limit equal to the pre-determined value per calendar year for clients under the age of 18, as prescribed by the SARB.
But these value-adds where the real deciders
- 100MB of data
- Food voucher to be redeemed at McDonald’s, Debonairs, Steers (online) or Nando’s
- First lesson per month free for a Kidz activity, those things kids love to do (Aquatots, MiniChess, Young Engineers and more)
How to qualify for monthly value-adds
- Maintain a minimum balance of R300 per calendar month
- Or perform at least four banking transactions per month of which two must be prepaid transactions
I love that one of the requirements is that they maintain a R300 balance because it encourages them to keep money in their bank account because the incentives are appealing for all ages.
In order to open the account the kids need to have the same surname as the parents, as soon as Cameron and Kiara’s names have been changed we will be moving them to Absa as well – they were both sold on the free data each month and Kiara would eat Steers ribs daily.
There is a really cool app that the kids can have on their phones which allows them control over their money. They can buy their prepaid data, make payments and more. I love this idea because they have complete control over their money and can decide how and when they want to spend it.
You can open a MegaU account directly through the app if your child us under 16 and you are an existing Absa account holder.
If you are not an existing account holder, you can still open the account with the following documentation in the branch:
- Original birth certificate or valid passport (only if original birth certificate is not available)
- Parent or guardian’s proof of residence not older than three months (e.g. utility bill or cell phone statement)
- Parental consent is required to open and operate the account
- Parent or guardian’s original bar-coded ID
If they are older than 16 you will need to go into the branch with
- Your valid, bar-coded South African identity document or valid passport
- Proof of residence not older than three months (e.g. utility bill or cell phone statement)
Instead of spending too much money on gifts your kids will probably just get bored with, open up a bank account for them, allowing them to buy the things they want.
For more information on this account, read more on the Absa website.
Disclaimer: This is a sponsored post