- The Absa Premium Banking Account is the optimal option to begin private banking.
- The account serves as a portal to simplified banking, with telephone or online access to a private banker.
- The account has benefits for your lifestyle and travel.
- The Absa Premium Banking Account is a cheque account designed specifically for private banking clients.
- To qualify for the premium banking account, applicants must earn at least R25,000.00 per month and be at least 18 years old.
The Absa Premium Banking Account is the best place to start when it comes to personal banking. With telephone or online access to a private banker, the account provides as a link to simplified banking. Clients can get help from a private banker with their banking needs, which makes loan applications and financial planning easier. By giving stockbroking, investment, and savings alternatives, the account gives customers a new perspective on banking.
Private banking clients have unique access to these wealth enhancement services, making private bankers Absa banking’s most valuable clientele. When you open a Premium Banking Account, you gain access to Absa’s rewards program and are rewarded through the Visa platform. Benefits for your lifestyle and travel are included in the account.
Absa Premium Banking Account Summary
The Absa Premium Banking Account is a check account tailored to Absa’s private banking customers. The monthly service price for the premium banking account is R190.00, with monthly service fee reductions of up to 50% available. Applicants must earn at least R25,000.00 per month and be at least 18 years old to be eligible for the premium banking account. A death benefit of R25,000.00 is included in the account. A R10,000.00 layoff benefit is also available, payable in two equal instalments over two months.
Clients also receive a disability compensation of R10,000.00, which is paid over two months in two equal installments. If a client’s account is overdrawn, they can use the account’s overdraft option. Other loan kinds, such as revolving loans and rapid loans, are available to premium banking customers.
Benefits of the Absa Premium Banking Account
- Comes with a lump sum death cover benefit of R25,000.00.
- Clients get a disability benefit of R10,000.00 paid in instalments of R5000.00 over two months.
- Clients get a retrenchment benefit of R10,000.00 paid in instalments of R5000.00 over two months.
- Access to a private banker every time you need assistance with banking and other financial services.
- Can earn cashback when you join the Absa rewards program.
- Clients get free cash withdrawals of up to R6,500.00 per month at any Absa ATM.
- Clients get free cash deposits of up to R6,500.00 per month at any Absa ATM.
- Your spouse gets 50% off monthly service fees on a premium banking cheque account.
- Absa can create a will for you for free as a premium banking client.
- You get travel insurance when you purchase your flight tickets with your premium banking account.
- Can open a currency investment account in one of 17 currencies to protect your money against Rand fluctuations.
- Can keep all card and payment details in your MasterPass digital wallet.
Absa Premium Banking Account Fees 2022
|1||Monthly service fee||R190.00|
|2||Cash withdrawal at an Absa ATM||Up to R6,500.00 included per month, thereafter R2.00 per R100.00|
|3||Cash deposit at an Absa ATM||Up to R6,500.00 included per month, thereafter R2.00 per R100.00|
|4||Branch cash deposit||R60.00|
|5||Branch cash withdrawals||R75.00 + R2.10 per R100.00|
|6||Debit card purchase fee||Unlimited|
|7||Point of sale cash withdrawal fee||Unlimited|
|8||Accounts payments via Absa ATM, online, telephone, or mobile||Unlimited|
|9||Internal debit order fee||Unlimited|
|10||Stop Order fee||Unlimited|
|11||Balance enquiry at an Absa ATM, point of sale, online, mobile and telephone||Unlimited|
|12||Statement enquiry at Absa ATM, online, and telephone||Unlimited|
|13||Notifications (via SMS or Email) fee||Free|
|15||Monthly subscription fees||Free|
|16||DragonPass monthly fee||Fees apply|
|17||Immediate interbank payments online, mobile or telephone||R65.00|
|18||Immediate interbank payment via telephone advisor||R72.00|
|19||Funds transfer at an Absa branch||R75.00|
|20||Funds transfer over the telephone||R7.00|
|21||CashSend at an Absa ATM, online, or mobile||R2.00 per R100.00|
|22||Transaction history enquiry online, mobile, telephone||Free|
|23||Copies of statements less than 4 months old||R32.00|
|24||Copies of statements 4 months or older||R75.00|
|25||Stop payments online||R32.00|
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
- You need to earn a minimum monthly income of R25,000.00 or more.
- Have a valid South African ID book or Smart card.
- Proof of residence that is not older than 3 months at the time of application.
- The latest proof of income.
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.