The Absa Business Evolve Core Account is a pay-as-you-transact account for sole proprietorships that costs R0.00 per month. This account is available to sole proprietorships with annual revenues ranging from R0.00 to R5,000,000.00. The account is ideal for sole proprietorships as it helps them transition from informal to formal businesses and allows them to separate their personal and business transactions.
Account holders can save for business emergencies and other reasons with a liquidity plus investment account that earns interest on savings. The account comes with several free benefits, which are discussed below.
Absa Business Evolve Core Account Benefits
Absa Business Evolve Core accounts offer free 24/7 access to Absa’s digital platforms, including the mobile app, internet banking, and mobile banking. Account holders also have access to a liquidity investment account, allowing them to save money for uncertainties and earn interest on their savings.
Those who require a Shari’ah-compliant cheque account can open a Business Evolve Core account that is compliant with Shari’ah law. However, account holders with a Shari’ah-compliant Business Evolve Core account cannot access the Absa liquidity plus investment account.
The Business Evolve Core Account has no fees for inter-account transfers, debit orders from one account to another, or the Notify me service. Additionally, account holders receive free monthly statements via email.
Account holders can add additional Core transactional accounts for other business partners or employees, which can be personalized according to their preferences. Alternatively, additional cards can be added to the same account, allowing multiple people to use the account.
When upgrading or downgrading their account, account holders can keep their account number with the Absa Business Evolve Core Account. This means that transferring to another Absa Business account will use the same account number, and the account holder will not need to update account information with creditors, debtors, or suppliers.
While the Absa Business Evolve Core account comes with many benefits, it also has fees that are not included in the account. The following section examines the account’s bundle and out-of-bundle fees.
Absa Business Evolve Core Account Fees 2023
|Monthly Account Fee||R0.00|
|External Debit order fee||R3.50|
|Point of Sale purchase fee||Free|
|Mobile Pay fee||2.75% Merchant service fee per transaction|
|ATM withdrawal Fee||R0.90 per R100.00 or part thereafter|
|Withdrawal fee at a branch||R69.00 + R2.20 per R100.00 or part thereafter|
|Withdrawal through cash centre||R69.00 + R2.20 per R100.00 or part thereafter|
|Absa ATM withdrawal fee||R2.20 per R100.00|
|SASWITCH ATM withdrawal fee||R12.00 + R2.30 per R100.00|
|Overseas ATM withdrawal fee||R85.00|
|ATM deposit fee||R4.65 + R1.25 per R100.00 or part thereof.|
|Absa ATM or POS prepaid top up fee||R1.60|
|SASWITCH ATM prepaid top up fee||R12.00|
|Balance enquiry at branch counter||R10.00|
|Absa ATM balance enquiry||Free|
|Stop payment instruction fee||R90.00|
|Debit card replacement fee||R140.00|
|Cash deposit fee between R0 to R5,000||3.3% of deposit|
|Cash deposit fee between R5,000.00 to R30,000.00||1.80% of deposit|
|Deposit fee for transactions over R30,000.00||1.30% of deposit|
Advantages of the Absa Business Evolve Core Account
- The account offers a high volume of transactions to account holders.
- Account holders have free access to Absa’s digital platforms.
- Monthly statements are emailed to the account holder at no charge.
- Inter account debit orders, inter account transfers, and Notify me service are free of charge.
- Additional personalized cards can be ordered for the same account, allowing it to be used by multiple users.
- Sole traders are eligible to apply for the account.
- Mobile Pay is available without a monthly fee.
- A Shari’ah compliant variant business ignite account is also available.
- Multiple accounts can be opened to accommodate businesses with multiple divisions.
Disadvantages of the Absa Business Evolve Core Account
The account does not cater to companies that require industry-specific accounts, such as those that transact multiple times a day and require an account that offers low transaction fees for out-of-bundle charges.
Bank charges can become expensive for businesses with a high number of deposits and withdrawals per month.
Requirements of the Absa Business Evolve Core Account
- Must be a sole proprietorship.
- A valid South African ID book or Smart card is required.
- Provide proof of the physical address of the business or an affidavit.
- Submit three months’ bank statements on a personal account.
- Proof of address for the applicant is required.
The Absa Business Evolve Core Account is specifically designed to meet the needs of sole traders. It allows sole proprietorships to bank professionally and keep track of their transactions. The account includes a team of bankers who assist account holders with their daily banking needs through a dedicated service desk. Moreover, the account is an excellent tool for establishing credit and beginning lending through Absa lending solutions. The account charges a monthly account fee of R0.00, which is highly beneficial for sole proprietorships, as they rely on every rand earned.