ABSA Club Account

Save With ABSA Bank:

ABSA bank has a variety of saving accounts available to the consumer to start saving for a goal. With the ABSA Club Account, you can start saving for as little as R50 per month.

How The Club Account Work:

  1. An initial deposit of  R50 to open the account
  2. You must have 3 or more members to save as a group and act as signatories
  3. Monthly minimum deposit from R50
  4. Balances below R50 do not draw interest
  5. No monthly bank fees
  6. You need to give 32 days notice to access your funds
  7. Free accident death cover for up to 10 members
  8. You also get a free welcome pack to help you with saving tips and information on investment

Grow Your Money:

  • You get bonus interest of 1% per anum when you keep at least R1000 in your account for a full year.
  • Ask family or friends to join your ABSA Club Account. The more money you have in the account the more interest you make. They can live anywhere within South Africa.

Club Account Interest Rates Table:

Nominal rate
Balance tiers
R0.01 – R499 1.65%
R500 – R999 1.65%
R1 000 – R4 999 3.00%
R5 000 – R9 999 3.00%
R10 000 – R14 999 3.25%
R15 000 – R24 999 3.25%
R25 000 – R39 999 3.30%
R40 000 – R49 999 3.30%
R50 000 – R74 999 4.05%
R75 000 – R99 999 4.05%
R100 000 + 5.05%

How To Apply For A Club Account:

  • Visit your nearest ABSA branch
  • You will need 3 ID’s of members to act as signatories
  • Proof of residence of the 3 signatory members (Not older than 3 months)
  • Your R50 deposit to open the account

Contact ABSA to apply for a Club Account Today:

You can contact ABSA on 0860 111 515 or email: saving@absa.co.za or find your nearest ABSA branch