Absa Flexi Account Review 2023

Absa Flexi Account

Absa Flexi Account is a transactional account recommended for individuals earning R3,000.00 or more per month. A minimum account opening balance of R50.00 is required. The monthly administration fee for the Absa Flexi account is R40.00.

Seniors receive a rebate on their Absa Flexi Account if they maintain a monthly balance of R5,000.00. The Absa Flexi Account includes an R15,000.00 lump sum death benefit.

Absa Flexi Account includes free services that are available to all account holders. The account includes free services such as a digital fraud warranty and a rewards membership.

There are also transactions that are free of charge. Among these transactions are:

  • Internal debit orders. 
  • Stop orders. 
  • Face to face debit card delivery. 
  • eStatements

Aside from free transactions and services, the Absa Flexi Account comes with a number of other perks. These potential benefits are discussed further below.

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 R40.00 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 2023

Description Fee
Monthly service feeR40.00
Absa ATM withdrawals feeR2.50 per R100.00  
Absa ATM deposits feeR2.50 per R100.00 
Cardless cash deposit: cash acceptorR2.50 per R100.00 
Other banks ATM withdrawals feeR10.00 + R2.50 per R100.00 thereafter
Cash withdrawals overseasR80.00
Balance enquiries Free
External debit order feeR3.50
Internal debit order feeFree
Prepaid electricity, airtime and data purchase fee Free
Notifications through SMS and EmailFree
Absa branch deposit feeR4.00 per R100.00
Absa branch withdrawal feeR80.00 + R2.50 per R100.00
Saswitch PurchasesR12.00
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 statementR10.00
Online stamped statementsR10.00
Branch Mini stamped statementsR10.00
Stop payment at the Absa branchR80.00
Stop payment onlineR5.00
Balance enquiry at point of saleFree
Absa Flexi Account Fees and Rates 2023

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 cheque account with a R40.00 monthly service fee. If a those that are 55 years can get their monthly fee waivered if they maintain 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.

Quick Poll

Related

Rateweb

South Africa’s primary source of financial tools and information

Contact Us

admin@rateweb.co.za

Disclaimer

Rateweb strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions.

Rateweb is not a financial service provider and should in no way be seen as one. In compiling the articles for our website due caution was exercised in an attempt to gather information from reliable and accurate sources. The articles are of a general nature and do not purport to offer specialised and or personalised financial or investment advice. Neither the author, nor the publisher, will accept any responsibility for losses, omissions, errors, fortunes or misfortunes that may be suffered by any person that acts or refrains from acting as a result of these articles.