If you’re 55 years or older and need a flexible bank account that offers exclusive rebates, then Prosperity is designed just for you.
What you can expect
- Low monthly fee of R48.00
- Earn interest on your available balance
- Receive rebates on your account fees when you maintain:
- a cheque account balance of R15 000 or
- a savings or investment account balance of R15 000
- 24/7 access to the largest ATM network in South Africa
- Free Absa Online, mobile and telephone banking
- Free NotifyMe SMS or email notifications
- Free eStatements.
- Help pay the banking fees of a family member, an employee or a dependent with Bank on Me.
- Transacting using a chip debit card is smarter, faster and more convenient. Learn more about debit card benefits.
- Professional assistance with drafting your will (this is free if you’re over 60 years)
- Access to a range of finance products, from loans to vehicle finance
- Access to credit card facilities.
Divide your existing credit card balance by your credit limit. Multiply that number by 100. The result is your credit ultilisation ratio, a measure of how much of your total available credit you use. It is commonly recommended to keep your total credit utilization rate below 30%.
Credit Providers consider your credit utilization rate when calculating a credit score for you. This can impact up to 30% of your credit score, depending on the scoring model being used.
A low credit utilization rate shows you're using less of your available credit. Credit scoring models generally interpret this as an indication you're doing a good job managing credit by not overspending, and keeping your spending in check can help you reach higher credit scores. Having a higher credit score makes it easier to secure additional credit for example, to take out vehicle finance or a home loan.
- To be 55 years or older
- Recommended monthly income of R2 000 or more
- A valid bar-coded South African ID
- Proof of residence
- Proof of income if applying for an overdraft