Absa Premium Banking Account Review 2023

Published by
Lethabo Ntsoane

Absa Premium Banking is a private transactional account for people earning R25,000.00 or more per month. The account has a R200.00 monthly account fee. Account holders are automatically enrolled in the Absa Rewards program, where they can earn up to 50% discounts and up to 30% in real cash back.

Spouses receive a 50% discount on their Absa Premium Banking account, with a monthly account fee of only R100.00. Furthermore, if the main account holder keeps at least R50,000.00 in the account for the entire month, they will receive a 50% discount on the monthly account fee.

Premium Banking account holders receive R25,000.00 in free life insurance. To qualify for the life cover benefit, the account holder must transact at least 3 times per month and keep the account open at all times. Life cover benefits are only available to account holders aged 18 to 70.

The Absa Premium Banking account comes with extra benefits. The account comes with the following benefits.

Absa Premium Banking Account Benefits

  1. Comes with a lump sum death cover benefit of R25,000.00.
  2. Clients get a disability benefit of R10,000.00 paid in instalments of R5000.00 over two months.
  3. Clients get a retrenchment benefit of R10,000.00 paid in instalments of R5000.00 over two months.
  4. Access to a private banker every time you need assistance with banking and other financial services.
  5. Can earn cashback through the Absa rewards program.
  6. Clients get free cash withdrawals of up to R5,000.00 per month at any Absa ATM.
  7. Clients get free cash deposits of up to R5,000.00 per month at any Absa ATM.
  8. Your spouse gets 50% off monthly service fees on a premium banking cheque account.
  9. Absa can create a will for you for free as a premium banking client.
  10. You get travel insurance when you purchase your flight tickets with your premium banking account.
  11. Can open a currency investment account in one of 17 currencies to protect your money against Rand fluctuations.
  12. Can keep all card and payment details in your MasterPass digital wallet.

Absa Premium Banking Account Fees 2023

Fee DescriptionAmount
Monthly Account FeeR200.00
Account Fee Discount50% of monthly account fee
Spouse account fee discount50% of monthly account fee
Rewards membership FeeFree
Overdraft initiation fee Up to R175.00
Overdraft limit increaseFree
Absa ATM withdrawals Free up to R5,000.00 thereafter Standard rates apply
Absa ATM deposits Free up to R5,000.00 thereafter Standard rates apply
Point of Sale withdrawalFree
Out of bundle Absa ATM withdrawal feeR2.50 per R100.00
Out of bundle branch withdrawal feeR80.00 + R2.50 per R100.00
SASWITCH withdrawal feeR10.00 + R2.50 per R100.00
Out of bundle cash deposit at Absa ATMR2.50 per R100.00
Out of bundle cash deposit at Absa branchR4.00 per R100.00
Debit card purchase fee Free
Debit card purchases and withdrawals Free
Internal debit order feeFree
External debit order feeFree
Digital beneficiary paymentsFree
Stop Order FeeFree

Competitive Advantages of the Absa Premium Banking Account

  • The account comes with a private banker that you can contact for assistance 24/7.
  • Clients get help with the drafting of wills and estate planning through the Absa private banking platform.
  • Comes with an overdraft facility and access to different loans such as revolving loans.
  • The account has a retirement and disability benefit which is paid to you should you suffer a disability or be retrenched.
  • Has a lump sum death cover of R25,000.00. Money is paid to your beneficiaries should you die.
  • Clients get rewards through the Absa rewards program and get rewarded when they spend.
  • The account requires one to earn at least R25,000.00 per month which is very low for a private banking account in South Africa.
  • The monthly service fee is reasonable when compared to that charged by competitors.
  • Comes with travel benefits where clients get access to foreign banking notes, travel insurance, preferential rates at Bidvest airport lounges, and discounts when booking flights.
  • Clients get Visa benefits where they enjoy exclusive offers, rewards and benefits.

Competitive Disadvantages of the Absa Premium Banking Account

  • Clients don’t get a dedicated private banker but rather they get access to private banking services.
  • There are no complimentary Bidvest airport lounge visits

How to qualify for the Account

  1. You need to earn a minimum monthly income of R25,000.00 or more.
  2. Have a valid South African ID book or Smart card.
  3. Proof of residence that is not older than 3 months at the time of application.
  4. The latest proof of income.

Conclusion

The Absa Premium Banking Account is a fantastic method to keep your finances secret. The account comes with a number of free transactions and travel privileges that anyone who transacts frequently or travels frequently can take advantage of.

Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo