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Absa Premium Banking Account Review 2022

  • 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 

  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 2022

#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 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.

Absa Premium Banking Account Review 2022

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 [email protected]

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