Youth Accounts

You can never be too young to learn about how banking works as it is a part of all our lives in one way or another. Youth accounts are designed for children and can teach them to save from an early age. These accounts are useful as children no longer need to carry cash around with them as they can now swipe for purchases at the shops or withdraw cash if they need to by using their bank card at the ATM. Interest is paid on positive balances for some of the accounts below. The following banks offer youth accounts:

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Account Information

Name Of the Account Mega U Fluid Nedbank4ME (sum)¹ account
To qualify for this account you need to be a South African citizen and be under the age of 18 18 15 16
Monthly Fee None R6 (Standard pricing option)
R24,50 (Unlimited pricing option)
None None if you do 4 or less electronic transactions per month but if you do 5 or more there is a monthly fee of R20
Minimum Opening deposit R10 R500 (Standard pricing option)
No minimum (Unlimited pricing option)
Any amount Any amount

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Our recommendation

We feel that ABSA's Mega U and Nedbank's 4ME accounts are the marginal winners in this field. Although fees and costs are very similar across the board, the monthly fee is what tipped the scales for us. ABSA and Nedbank charge no monthly fee compared to FNB (R6 OR R24.50) and Standard bank (R20 after more than 5 transactions). We are simply of the opinion that for a youth account, there should be no monthly fee and withdrawl fees should be as low as possible. If we had to pick a clear leader, it would be the Nedbank4ME account as the withdrawl fees are slightly lower (2 free p/m).

Reviews

ABSA -

03-06-2019

FNB -

30-05-2019

FNB -

Forex

Lianagainsford 21-10-2017

FNB -

Lianagainsford 21-10-2017

ABSA -

11-10-2017

NEDBANK -

2017 30-08-2017

ABSA - online banking

can some one tell me if you can open an account online if you not SA citizen and you live offshore?

ronaldndenda 30-08-2017

ABSA -

ronaldndenda 30-08-2017

ABSA - Student loan

Can i be please granted with a student loan i need to further my studies next year.

Moshiliabne 21-08-2017

FNB - Credit Card Fraud on a card i hadn't received yet

I upgraded my credit card and fraud happened on the card that was still with the couriers and they had linked my cheque card to that card as well and transactions were done also from the cheque account. My question was who linked my cheque card to a credit card that i hadn't received yet and i was given lousy excuses, no apology from the bank what so ever. I then decided to closed both my cheque account and credit card and I want nothing to do with the bank anymore. They might have the best self service channels but their contact centre sucks. bad service, consultant drop calls and are very rude. I wonder if tehy listen to their calls or if they have Quality Assurance. But hey i'm happy with the bank i choose after them. They treat me like i'm their only customer.

18-08-2017

CAPITEC BANK -

Kati 02-08-2017

ABSA -

27-07-2017

ABSA -

27-07-2017

Standard Bank -

27-07-2017

Standard Bank -

27-07-2017

ABSA -

27-07-2017

ABSA -

27-07-2017

ABSA -

27-07-2017

ABSA -

27-07-2017

ABSA -

27-07-2017

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