Reviews

Absa Flexi Account Review 2022

Published by
Lethabo Ntsoane

The Absa Flexi Account is a basic savings account with a minimal monthly fee. Customers can pay for only the services they use with a Flexi Account, which is a pay-as-you-go bank account. The account is perfect for clients who do not make a lot of transactions because the fewer transactions you do, the lower your transaction costs will be. The account comes with lifestyle benefits like as participation in the Absa Rewards program and exclusive Visa promotions for users. Absa loans are available to account members, as well as a lump sum death benefit.

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Absa Flexi Account Summary

Absa Flexi Account is a pay-as-you-go account with an R29.00 monthly service cost. If a client maintains a balance of R5000.00, the account offers a monthly administration fee reimbursement. A death lump sum benefit of R15,000.00 is included in the account. A minimum amount of R50.00 must be maintained in the Flexi Account at all times.

The Flexi Account requires a monthly income of R3000.00 or more. An Instant loan is an option that requires no documentation and allows clients to get cash at any time. Instant loans require a good credit score, as well as a consistent monthly income of R250.00 or more, as well as a ten percent starting fee.

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Absa Flexi Account Benefits

  1. The account comes with a lump sum death benefit of R15,000.00 that will be redeemed by your selected beneficiaries when you die.
  2. Clients get access to instant loans of up to R8000.00 that are approved within minutes of making an application.
  3. Clients can apply for the Absa Flexi Account online in minutes and start transacting.
  4. Safe online shopping when using the Flexi debit card as each transaction will require an OTP or secure verification code.
  5. 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.
  6. Clients can join the Absa Rewards program where they can earn cashback whenever they swipe their Absa Flexi debit card.
  7. The account comes at an affordable monthly service fee of R29.00 per month.
  8. Free access to the Absa digital platforms that include online, mobile and telephone banking.
  9. Clients get free monthly eStatements.
  10. Clients can switch their debit orders for free.
  11. The account is CashSend enabled, so you can send money to anyone who doesn’t have a bank account.
  12. Access to monthly and interim statements.

Absa Flexi Account Fees 2022

Description Fee
Monthly service feeR29.00
Absa ATM withdrawals feeR2.00 per R100.00
Absa ATM deposits feeR2.00 per R100.00
Cardless cash deposit: cash acceptorR2.00 per R100.00
Other banks ATM withdrawals feeR6.00 + R2.00 per R100.00
Cash withdrawals at tillsR2.00
Balance enquiries Free
External debit order feeR10.00
Internal debit order feeFree
Prepaid electricity, airtime and data purchase fee Free
Notifications through SMS and EmailFree
Absa branch deposit feeR60.00
Absa branch withdrawal feeR75.00 + R2.50 per R100.00
Overseas ATM withdrawals R75.00
Online account verification fee R6.50
Branch account verification feeR25.00
Cash send online, Absa ATM or MobileR2.00 per R100.00
Special clearance feeR200.00
Debit card replacement feeR140.00
Absa ATM mini statementR8.00
Online stamped statementsR8.00
Branch stamped statementsR16.00
Stop payment at the Absa branchR75.00
Stop payment onlineR32.00
Balance enquiry at point of saleFree
Absa Flexi Account Fees and Rates 2022

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

  1. Must earn a minimum monthly income of R3000.00 or more.
  2. Be 18 years or older at the time of application.
  3. Have a valid South African ID book or Smart card.
  4. Have a proof of residence that is not older than 3 months at the time of application.
  5. Proof of income such as a payslip or bank statement. If you bank with Absa, you don’t need to have a bank statement.
  6. 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

Absa Flexi Account is a pay-as-you-go account with an R29.00 monthly service cost. If a client maintains a balance of R5000.00, the account offers a monthly administration fee reimbursement. A death lump sum benefit of R15,000.00 is included in the account. A minimum amount of R50.00 must be maintained in the Flexi Account at all times.

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The Flexi Account requires a monthly income of R3000.00 or more. An Instant loan is an option that requires no documentation and allows clients to get cash at any time. Instant loans require a good credit score, as well as a consistent monthly income of R250.00 or more, as well as a ten percent starting fee.

Absa Flexi Account Review 2022
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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 at lethabo@rateweb.co.za

Published by
Lethabo Ntsoane
Tags: ABSA
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