Absa Premium Banking Account Review 2021

Posted on Jan 5, 2021 by Staff Writer

Rateweb | South Africa

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The Absa Premium Banking Account offers the best way to start banking private. The account is a gateway to simplified banking, with access to a private banker over the phone or online. A private banker is there to help clients with their banking needs, making loan applications or financial planning much easier. 

The account gives clients a whole new overview to banking, providing services in stockbroking, investing and savings. These wealth enhancement services are only for private banking clients, making private bankers the most important clients to Absa banking. 

With the Premium Banking Account, you get access to Absa rewards program and you get rewarded through the Visa platform. The account comes with lifestyle and travel benefits. 

Absa Premium Banking Account Summary 

The Absa Premium Banking Account is a cheque account for private banking clients. The premium banking account charges a monthly service fee of R190.00 and offers discounts of up to 50% on the monthly service fee. To qualify for the premium banking account, one must earn R25,000.00 or more per month and be over the age of 18.

The account comes with a death lump sum benefit of R25,000.00. There is also a retrenchment cover of R10.000.00 which is payable over two months in two equal instalments. Clients also get a disability cover of R10,000.00 which is payable over two months in two equal instalments. 

The account has an overdraft facility that clients can utilize whenever they run out of cash in their account. Furthermore, premium banking clients can get access to further loans such as revolving loans and instant loans. 

Benefits of the Absa Premium Banking Account 

  1. Comes with a lump sum death cover benefit of R25,000.00. 
  2. Clients get a disability benefit of R10,000.00 paid in instalments of R5000.00 over two months. 
  3. Clients get a retrenchment benefit of R10,000.00 paid in instalments of R5000.00 over two months. 
  4. Access to a private banker every time you need assistance with banking and other financial services. 
  5. Can earn cashback when you join the Absa rewards program
  6. Clients get free cash withdrawals of up to R6,500.00 per month at any Absa ATM. 
  7. Clients get free cash deposits of up to R6,500.00 per month at any Absa ATM. 
  8. Your spouse gets 50% off monthly service fees on a premium banking cheque account. 
  9. Absa can create a will for you for free as a premium banking client. 
  10. You get travel insurance when you purchase your flight tickets with your premium banking account. 
  11. Can open a currency investment account in one of 17 currencies to protect your money against Rand fluctuations. 
  12. Can keep all card and payment details in your MasterPass digital wallet. 

Absa Premium Banking Account Fees 2021

#Fee descriptionAmount
1Monthly service feeR190.00
2Cash withdrawal at an Absa ATM Up to R6,500.00 included per month, thereafter R2.00 per R100.00
3Cash deposit at an Absa ATM Up to R6,500.00 included per month, thereafter R2.00 per R100.00 
4Branch cash depositR60.00
5Branch cash withdrawalsR75.00 + R2.10 per R100.00
6Debit card purchase feeUnlimited 
7Point of sale cash withdrawal feeUnlimited 
8Accounts payments via Absa ATM, online, telephone, or mobile Unlimited 
9Internal debit order feeUnlimited 
10Stop Order feeUnlimited 
11Balance enquiry at an Absa ATM, point of sale, online, mobile and telephone Unlimited 
12Statement enquiry at Absa ATM, online, and telephone Unlimited 
13Notifications (via SMS or Email) feeFree
14eStatementsFree
15Monthly subscription feesFree
16DragonPass monthly feeFees apply
17Immediate interbank payments online, mobile or telephoneR65.00
18Immediate interbank payment via telephone advisor R72.00
19Funds transfer at an Absa branchR75.00
20Funds transfer over the telephoneR7.00
21CashSend at an Absa ATM, online, or mobileR2.00 per R100.00
22Transaction history enquiry online, mobile, telephoneFree
23Copies of statements less than 4 months oldR32.00
24Copies of statements 4 months or olderR75.00 
25Stop payments onlineR32.00
Absa Premium Banking Account Fees and Rates

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 

  1. You need to earn a minimum monthly income of R25,000.00 or more. 
  2. Have a valid South African ID book or Smart card. 
  3. Proof of residence that is not older than 3 months at the time of application. 
  4. The latest proof of income. 

Conclusion 

The Absa Premium Banking Account offers a great way to private banking. The account offers many free transactions and travel benefits that someone who transacts many times or travels a lot can enjoy.

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