Saving & Investing

 

Club Account

A group savings and transactional account designed to simplify savings amongst two or more people.

Risk Amount Term
None R 50 Instant
 

Whether you manage a hobby club, run a stokvel or merely share a common financial goal with a group of like-minded people, Absa appreciates the complexities of handling money collectively. The Club Account from Absa has been designed to simplify the day-to-day affairs of group savings schemes.

Designed for groups of two or more people, the Club Account offers tiered interest rates on positive balances. There are no monthly management fees, and Absa will reward dedicated savers who have maintained at least R1000 in the account each year with an annual bonus interest of 1%.


What are the advantages?

  • No monthly management fees
  • The funds are available from any branch, simplifying group savings between people in different parts of the country
  • Tiered interest rates are paid on positive balances, calculated daily and capitalised monthly
  • Money is available on a 32 day notice period
  • Free accidental death cover for up to ten nominated members of the account
  • Free NotifyMe alerts for up to 3 signatories
  • A free Welcome Pack, which includes tips, investment options, guidelines for setting up a constitution, amongst other information.

How to qualify:

  • At least two people to sign on the account
  • A minimum initial deposit of R50 to open the account
  • A minimum monthly deposit of R50 is required

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