Posted on January 1, 2021 by Staff Writer
The Absa Private Banking Account is the best bank account that Absa offers to individuals. The account has many benefits that include travel benefits, lifestyle benefits, and banking benefits. Clients get access to a dedicated private banker who is available to them 24/7. Should the dedicated private banker be unavailable for any reason, he or she will assign a client to another private banker for the time being.
With the Absa Private Banking Account, you will also be able to bank both locally and internationally. Clients are able to bank offshore, open multi-currency accounts and invest offshore. These activities only prove that the Absa Private Banking Account is not just for anyone that wants to bank but those that have a global outlook when it comes to banking and investing.
Online platforms that are used by the Absa Private Banking Account holders are customized. Private clients get unique functionality for seamless banking experience. Furthermore, the account offers an overdraft facility and with the help of a private banker, clients can apply for a host of loans from Absa.
Absa Private Banking Account Summary
Absa Private Banking Account is a cheque account that offers private banking experience. The account comes with a dedicated private banker who is available 24/7. The monthly service fee is R460.00 which is the highest for any account at Absa. To qualify for the Absa Private Banking Account, you need to be over the age of 18 and earn R62,500.00 or more per month. Clients get an automatic Absa Rewards program membership and earn up to 1.5% cashback.
The account gives clients access to stockbroking services with online share trading ability. Clients get preferential Brokerage fee when they opt to make use of the Absa broker services. Private Banking Account holders get a waiver on their annual administration fee.
The account gives clients access to loans such as home loans, vehicle finance and personal loans of up to R350,000.00. The account also comes with an overdraft facility for access to cash when an account is at R0.00.
Absa Private Banking Account Benefits
- Access to online trading service which is quick and efficient in executing trades. Offers a discount on fees to reduce share trading costs.
- Access to more than 800 Airport lounges in South Africa and across the world.
- Comes with automatic entry to the Absa Rewards Program offering discounts of up to 30%.
- Can load up to 7 currencies onto easy to use the card and you can use it to pay for goods and services while abroad.
- Clients get an exclusive lifestyle and travel benefits.
- Comes with an optional overdraft facility that clients can apply for at any time.
- Access to a dedicated private banker to assist you with all your banking requirements.
- Take me home service with 10 free take me home trips per annum.
Absa Private Banking Account Fees 2021
|1||Monthly service feeSpouse discount on monthly service fee*||R460.0050% of monthly fee*|
|2||Monthly fee is linked to private bank one or structured loan||R540.00|
|3||Monthly fee for Absa rewards||Included in the monthly fee|
|4||Monthly service fees for Visa signature credit card||Included in the monthly fee|
|5||Cheque deposit at Absa branch||R60.00|
|6||Absa ATM cash deposit||Included in the monthly fee|
|7||Absa branch cash deposit||R60.00 + R2.00 per R100.00|
|8||Cardless cash deposit: cash acceptor||R2.00 per R100.00|
|9||Cash withdrawals at an Absa branch||R75.00 + R2.00 per R100.00|
|10||Local point of sale cash withdrawal fee||R2.00|
|11||Cash withdrawals at an Absa ATM||Included in the monthly fee|
|12||Cash withdrawals at an Absa supported ATM||Included in the monthly fee|
|13||Overseas ATM or point of sale cash withdrawals||R75.00|
|14||Lotto purchased via an Absa channel||R2.50|
|15||Absa ATM, point of sale, mobile or telephone prepaid top-up||R1.50|
|16||Absa supported ATM prepaid top-up||R6.00|
|17||Saswitch ATM prepaid top-up||R11.50|
|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 Private Banking Account
- Access to a dedicated private banker who is available to you 24/7.
- Ability to start making offshore investments and banking.
- Access to Forex whenever you need it.
- Cashback of up to 1.15% whenever you swipe your private banking debit card.
- Rewards of up to 30% with the Absa Rewards Program.
- Visa rewards when you use your debit card.
- Access to up to 800 airport lounges.
- Stockbroking services that include access to a number of international investment options through Barclays wealth.
- Has a concierge service.
Competitive Disadvantages of the Absa Private Banking Account
- Has one of the most expensive service fees for a private banking account in South Africa.
- Income requirement is high.
- The account doesn’t come with many free services.
- Must have a monthly income of R62,500.00 or more.
- Be over the age of 18 at the time of application.
- Have a valid South African ID book or Smart card.
- Proof of residence not older than 3 months at the time of application.
- Recent payslip or bank statements as proof of income.
The Absa Private Banking Account offers plenty of benefits that are much suitable for a constant traveller. The Absa wealth management services can be used by an Absa Private Banking Account holder which opens new frontiers in banking and investing for account holders.