Posted on Jan 1, 2021 by Staff Writer
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The Absa Flexi Account is an account for everyday use and comes at an affordable monthly service fee. Flexi Account is a pay as you use bank account which allows clients to pay only for the services that they use.
The account is most suitable for clients that do not transact much as the fewer transactions you make the lower the transaction fees.
The account comes with lifestyle benefits that include Absa Rewards program membership and offers from Visa which is available to members only. Account-holders get a lump sum death benefit and access to the Absa instant loans.
Absa Flexi Account Summary
Absa Flexi Account is a pay as you use account that charges a monthly service fee of R29.00. The account offers a rebate on monthly administration fees if a client maintains a balance of R5000.00. The account comes with a death lump sum benefit of R15,000.00.
Flexi Account requires a minimum balance of R50.00 to be maintained in the account at all time. The qualifying income for the Flexi Account is R3000.00 per month or more.
There is an option of an Instant loan which doesn’t require any paperwork and clients can access cash at any time. Instant loans require a good credit score with a regular monthly income of R250.00 or more and also has an initiation fee of 10% of the loan value.
Absa Flexi Account Benefits
- The account comes with a lump sum death benefit of R15,000.00 that will be redeemed by your selected beneficiaries when you die.
- Clients get access to instant loans of up to R8000.00 that are approved within minutes of making an application.
- Clients can apply for the Absa Flexi Account online in minutes and start transacting.
- Safe online shopping when using the Flexi debit card as each transaction will require an OTP or secure verification code.
- Clients are offered an opportunity to join the Visa program whereby clients get to enjoy exclusive offers, rewards and benefits whenever they swipe their Absa Flexi debit card.
- Clients can join the Absa Rewards program where they can earn cashback whenever they swipe their Absa Flexi debit card.
- The account comes at an affordable monthly service fee of R29.00 per month.
- Free access to the Absa digital platforms that include online, mobile and telephone banking.
- Clients get free monthly eStatements.
- Clients can switch their debit orders for free.
- The account is CashSend enabled, so you can send money to anyone who doesn’t have a bank account.
- Access to monthly and interim statements.
Absa Flexi Account Fees 2021
| # | Fee description | Amount |
|---|---|---|
| 1 | Monthly service fee | R29.00 |
| 2 | Absa ATM withdrawals fee | R2.00 per R100.00 |
| 3 | Absa ATM deposits fee | R2.00 per R100.00 |
| 4 | Cardless cash deposit: cash acceptor | R2.00 per R100.00 |
| 5 | Other banks ATM withdrawals fee | R6.00 + R2.00 per R100.00 |
| 6 | Cash withdrawals at tills | R2.00 |
| 7 | Balance enquiries | Free |
| 8 | External debit order fee | R10.00 |
| 9 | Internal debit order fee | Free |
| 10 | Prepaid electricity, airtime and data purchase fee | Free |
| 11 | Notifications through SMS and Email | Free |
| 12 | Absa branch deposit fee | R60.00 |
| 13 | Absa branch withdrawal fee | R75.00 + R2.50 per R100.00 |
| 14 | Overseas ATM withdrawals | R75.00 |
| 15 | Online account verification fee | R6.50 |
| 16 | Branch account verification fee | R25.00 |
| 17 | Cash send online, Absa ATM or Mobile | R2.00 per R100.00 |
| 18 | Special clearance fee | R200.00 |
| 19 | Debit card replacement fee | R140.00 |
| 20 | Absa ATM mini statement | R8.00 |
| 21 | Online stamped statements | R8.00 |
| 22 | Branch stamped statements | R16.00 |
| 23 | Stop payment at the Absa branch | R75.00 |
| 24 | Stop payment online | R32.00 |
| 25 | Balance enquiry at point of sale | Free |
Competitive Advantages of the Absa Flexi Account
- Comes at a relatively low monthly maintenance fee.
- Users have access to instant loans whenever they need instant cash for emergencies.
- Comes with access to Absa digital platforms.
- By registering your card on the Visa platform, you receive discounts, offers and many more benefits at no extra cost.
- The account comes with an option to join the Absa rewards program where you can earn cashback whenever you swipe your Flexi debit card.
- The account comes with a death benefit of R15,000.00.
- You only pay for the services that you use.
Competitive Disadvantages of the Absa Flexi Account
- Comes with limited credit and doesn’t offer an overdraft facility.
- For those that make many transactions every month will pay more transaction fees than those who don’t.
- Monthly maintenance fee doesn’t cover any other fees like free withdrawals or deposits, instead, the fee is only for the debit card facility.
How to qualify for the Account
- Must earn a minimum monthly income of R3000.00 or more.
- Be 18 years or older at the time of application.
- Have a valid South African ID book or Smart card.
- Have a proof of residence that is not older than 3 months at the time of application.
- Proof of income such as a payslip or bank statement. If you bank with Absa, you don’t need to have a bank statement.
- Have R50.00 or more to open the account. The R50.00 is the required balance that must be maintained for the Absa Flexi Account.
Conclusion
The Absa Flexi Account is an account that one can use for their everyday banking. However, transaction fees can be a problem if you transact many times using the account. The account is suitable for someone that doesn’t transact much as every transaction comes with a price including swipes at tills.
Avoid making numerous transactions such as deposits, withdraws, and payments. Other things that you must avoid to pay low transaction fees is performing any transaction at any Absa branch. Rather transact online as branch transactions cost way more since banks want to digitalise their operations.