What are the Absa joint account requirements? Absa is one of the best banks in South Africa for those looking to create joint accounts. Perhaps you are a married couple looking to pool your resources. Or maybe you are a group that wishes to create a single account. The Absa joint account is the best option in this regard. But what do you need to have to qualify for this bank account.
What do I need to open an Absa joint account
The following are the Absa joint account requirements;
- You need to have ID cards for all the people who will be signatories to the account.
- Proof of residence for the signatories.
- An opening deposit that varies depending on the type of group savings account that you are opening. For the Investment Club Account, you need R100. For the Travel Club Account, you need R1000. For the Grocery Stokvel Account, you need R50.
What types of joint accounts are offered by Absa?
The above requirements are for those looking to open group savings accounts. With Absa, you have a couple of options regarding joint accounts. The one given above is probably the easiest to manage.
A lot of married couples want to open joint accounts. That’s possible in South Africa. However, one thing that you need to note is that such an account can be troublesome in the event that the main signatory dies.
Joint accounts do not really exist in South Africa. What exists is an account that has one main owner and the spouse (or another person) as a signatory. So, when the main account holder dies, the account is automatically locked and the spouse cannot access it.
That can become a major challenge where you need money to deal with funeral expenses.
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Those are the Absa joint account requirements. In this article, we noted that there are 2 options for those looking to create joint accounts. You can have an account that has a main signatory and another person who has signing rights.
It’s also possible to create a group savings account. Such an account can have up to many signatories. You can create an investment club account, a Stokvel account and a travel club account this way.
To learn more, get in touch with Absa on their call centre number