Islamic Banking Youth Accounts

Youth accounts are created for children so that they are can learn how to save and the value of money from a young age. There is also Islamic Banking for students and there are two accounts on offer that are fully Shari’ah compliant. These accounts are great for youth banking because there isn’t a need to carry actual money around as items can be paid for by swiping the card or withdrawing money when it is needed.

Compare Islamic youth accounts and see which one suits your requirements.

The two banks that offer Islamic banking for students are ABSA and FNB.

ABSA – Islamic Youth Account

In order to qualify for the Islamic youth account from ABSA you will need to be a South African citizen that is under the age of 18.

To open the Islamic Youth Account from ABSA an opening deposit of R10 needs to be made. The ABSA Islamic Youth Account does not have a monthly fee.

The ABSA Islamic Youth Account will give you free subscription to online, cell phone and telephone banking as well as the banking app. You will get free swipes when you pay for purchases and free bank balance enquiries when you use an ABSA ATM.

If you need to withdraw money from your bank account ABSA ATMs will charge R3.95 and other banks ATMs charge R9.95.

FNB offers Islamic banking for students by offering their Islamic Youth Account. As with the ABSA account you will need to be under 18 and be a South African citizen.

There is a monthly fee of R5.80 but this is not charged if the balance in the account stays above R500. If you choose the unlimited pricing option then a monthly fee of R23.50 will be charged. A minimum deposit of R30 needs to be placed in the account in order to open it.

The FNB youth account will give you free swiping and balance enquiries from their ATMS but you will have to pay for 65 cents for an SMS notification of payment. You receive 6 free withdrawals from an FNB ATM if you choose the unlimited pricing plan but if you are on the standard pricing option then you will pay R6.30 for each R500 drawn.

When you withdraw money from a different banks ATM then for every R500 drawn you will need to pay R12.80.

Youth Banking is a great way for students and children to understand how banking works and it is also safer then carrying cash around when they are out and about.

Islamic banking for students ensures that you will still receive the benefits that you would expect from the bank and these accounts do not have any interest rates on them.

Youth accounts also allows parents to send money to their children easily and when they need it so that as a parent you will not need to worry about if they have enough money or to remember to withdraw money to give to them as you can you can just transfer it across.

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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