Video Coming Soon
Video Coming Soon

Read about the MegaU Savings account

Saving money isn’t just for adults. The earlier kids learn how to manage their money, the better prepared they’ll be for the future. That’s why the Absa MegaU Savings Account is such a powerful tool for parents who want to teach their children about good financial habits.

Read More

MegaU Savings

Last updated: May 28, 2025
trending_up

Interest rate

4.45% interest on R50+, 0% under R50.

bolt

Access to funds

Withdraw anytime, save anytime.

calendar_today

Opening Deposit

Start with just R50.

monetization_on

Monthly Fees

No monthly fee, pay per transaction.

Tax Implications

Interest earned in the Absa MegaU Savings Account is subject to tax. However, individual taxpayers (including minors) qualify for an annual tax exemption on interest earned: R23,800 for individuals under the age of 65 (2024/25 tax year). If your child’s total annual interest across all accounts is less than

Read More

Read about the MegaU Savings account

Saving money isn’t just for adults. The earlier kids learn how to manage their money, the better prepared they’ll be for the future. That’s why the Absa MegaU Savings Account is such a powerful tool for parents who want to teach their children about good financial habits.

Read More

What you need to apply

badge

South African Citizens

  1. Opening deposit of R50
  2. Your South African ID
  3. Proof of residence
    (not older than three months)
public

Non-South African Citizens

  1. Opening deposit of R50
  2. Valid Passport
  3. Proof of residence
    (not older than three months)
  4. Work/Resident permit
how_to_reg

Ways to apply

You can apply now on Buti.co.za, or alternatively, visit the bank’s website to apply through their platforms.

Savings Calculator



Interest Earned: R0.00

Total Savings: R0.00

What you need to apply

badge

South African Citizens

  1. Opening deposit of R50
  2. Your South African ID
  3. Proof of residence
    (not older than three months)
public

Non-South African Citizens

  1. Opening deposit of R50
  2. Valid Passport
  3. Proof of residence
    (not older than three months)
  4. Work/Resident permit
how_to_reg

Ways to apply

You can apply now on Buti.co.za, or alternatively, visit the bank’s website to apply through their platforms.