As one of the biggest banks in South Africa, Absa offers a lot of investment accounts. One of these is the Absa Depositor Plus account. This is an overview of how the Absa Depositor Plus account works.
Overview
The Absa Depositor Plus account is an account that resembles a traditional savings account. The main difference is that you need a lot of money to be able to start earning interest. The initial amount is R15k and if you withdraw some money and it becomes less then you won’t earn any interest.
The higher your balance, the more money you earn in interest, you can earn up to 3.20%. For the initial deposit of R15k; you will earn around 2.20% in interest. The main advantage with this account is that you can withdraw all your money without having to close your account.
This account comes with no monthly fees, which can eat up your interest, another advantage is that you don’t need to give a notice period to withdraw your money. To open this account, you will only need an ID and a proof of residence that is not older than 3 months.
Conclusion
This was an overview of how the Absa Depositor Plus account works. Do you have any thoughts or questions? Comment below.
Peter nell
Hi
When opening deposited plus account can it be a joint account
Husband and wife.
Is it safe to open such and account on your absa app
Please drop me a mail asap on my mail address peternell791@gmail.com