Absa Business Evolve Grow Account Review 2024

The Absa Business Evolve Grow Account is a business cheque account designed for companies and businesses with annual revenues ranging […]

Absa Business Evolve Grow Account

The Absa Business Evolve Grow Account is a business cheque account designed for companies and businesses with annual revenues ranging from R0.00 to R500,000,000. This account comes with a monthly fee of R420.00, and it offers various benefits to account holders. Below is an overview of the account’s features, benefits, and costs:

Features of the Absa Business Evolve Grow Account

The account has a monthly fee of R420.00, which comes with 100 free monthly transactions. Account holders also get 15 free ATM cash deposits and/or withdrawals limited to R100,000.00 per month.

Out-of-bundle services and transactions attract fees, such as R64.00 per transaction for cash deposits at an Absa branch and R42.00 per transaction for cash deposits at the cash center. However, online cash deposits are free of charge. Withdrawals made outside the bundle incur a fee per transaction, with branch withdrawals costing R75.00 per transaction, plus R2.60 for every R100.00 withdrawn. Absa ATM withdrawals are less expensive and incur a fee of R2.40 per R100.00 withdrawn.

In addition to the above features, Absa provides other services, such as card replacement, which is charged at R150.00 per card replaced.

Benefits of the Absa Business Evolve Grow Account

The Absa Business Evolve Grow Account has several benefits that come free of charge, including the ability to submit applications online, eliminating the need to visit an Absa branch. Businesses with an annual turnover of up to R500 million can apply for the account.

In addition to the cheque account, account holders can open a liquidity plus investment account to invest some of their monthly earnings. The funds invested in a liquidity plus account are available whenever they are needed, with no waiting period.

The account includes a cashflow manager that allows businesses to track their cashflow in real-time at no extra cost. Furthermore, account holders can open multiple business accounts, but each additional account will incur a monthly fee. Secondary cards per account can also be issued and personalized to the account holder’s specifications.

Absa Business Evolve Grow Account Fees 2024

Fee Description Amount 
Monthly Account FeeR420.00
Payments 100 transactions per month
ATM cash withdrawals and cash deposits15 transactions or R1000,000.00 per month whichever occurs first
Immediate interbank payments 2 per month
Out of bundle charges
Cash deposit at a branch feeR64.00
Cash deposit through cash center feeR42.00
Cardless cash deposit feeFree
Cash deposit online Free
Withdrawals at a branch feeR75.00 + R2.60 per R100.00 
Cash withdrawal through cash center R75.00 + R2.60 per R100.00 
Absa ATM cash withdrawal feeR2.40 per R100.00 
Point of sale cash withdrawal feeR4.85
Saswitch ATM withdrawal feeR12.00 + R2.40 per R100.00 
Overseas ATM withdrawal feeR85.00
Absa ATM prepaid top up feeR1.60
SASWITCH ATM prepaid top up feeR12.00 
Point of sale transaction fee – local R4.35
Overseas POS transaction feeR4.35
Account verification fee onlineR8.00
Account verification at an Absa branch R28.00
Funds transfer at an Absa ATM Free
Branch counter funds transferR125.00
Funds transfer Cash Send at Absa ATM R2.40 per R100.00 
Balance enquiry at a branchR10.00

Advantages of Absa Business Evolve Grow Account

The Absa Business Evolve Grow Account offers several advantages to account holders, including:

  • 2 free immediate interbank payments per month.
  • 100 free transactions per month.
  • The option to open a liquidity plus account and earn interest on savings. Money saved in the liquidity plus account is available 24/7.
  • Unlimited Absa inter-account transfers.
  • Unlimited Absa to Absa debit orders.
  • A Shari’ah-compliant Evolve Grow Account for businesses that want Islamic banking.
  • Access to Absa digital platforms.
  • The ability to apply for secondary debit cards with personalized naming.
  • The convenience of applying for the account online.
  • The option to switch from the Evolve Grow Account to another Absa Business account while keeping the same account number.

Disadvantages of Absa Business Evolve Grow Account

While the account offers many benefits, there are also some disadvantages to consider, including:

  • The account can be expensive for businesses that do not transact frequently.
  • Opening multiple accounts can increase the monthly account fees.
  • The absence of instant accounting software for businesses.

Absa Business Evolve Grow Account Application

To apply for the Absa Business Evolve Grow Account, applicants must:

  • Have a registered business or be a sole proprietorship with an annual revenue of no more than R500 million.
  • Provide valid South African ID books or Smart cards for all directors of a company.
  • Provide proof of business address. If the applicant is a sole trader, an affidavit can be used as proof of business address.
  • Provide company registration documents.
  • Provide a company mandate if the company has more than one director, stating support for opening the bank account.
  • Submit 3 months’ bank statements for the company, or 3 months’ personal bank statements for sole traders with existing businesses.

Conclusion

The Absa Business Evolve Grow Account is an excellent option for businesses that require a high volume of monthly transactions, with up to 100 free transactions per month. However, businesses with fewer transactions may find the account to be expensive. Those looking for an alternative business account may consider the Absa Business Evolve Ignite Account, which is ideal for companies with a low monthly transaction rate.