Ultimate Banking includes free family banking with 100% discount on the spouse’s bank account fees.
Absa customers looking to save on banking fees should consider switching from their Gold transactional account to Absa’s recently launched Ultimate bank account. Based on the new value proposition, Absa Ultimate is one of the best value bank accounts for the middle-class segment across all banks.
The Ultimate account starts at a price of R98 a month compared to R125 a month for the equivalent Gold Value account, and it includes an optional credit card with no monthly fees.
More transactions are included in the bundle, and it pays an interest rate of 7.15% (linked to the repo rate) on the linked Savings Booster, which is above the interest rate offered on most transactional and savings accounts. A customer who maintains a balance of R25 000 will not pay the monthly R98 fee.
Absa has launched its Ultimate Banking proposition as a one-stop banking solution for Absa customers. Ultimate Banking is available as two options – Ultimate for R98 per month and Ultimate Plus for R220 per month which is equivalent to Absa Premium banking. Special Shari’ah compliant versions of Ultimate Banking will be available to Islamic customers.
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The monthly fee includes a transactional account, an optional credit card and several other benefits including R100 000 free life insurance for the first 12 months, and free Absa Rewards. Unlike most bank reward programmes, customers will earn the same Absa Rewards whether they are using their debit or credit card. This means customers do not have to spend on their credit cards to earn rewards and get cash back.
Quick and easy access to credit is a key benefit of Ultimate Banking.
The new Balance Booster, a small facility with a limit of up to R2 000, is included by default for all qualifying customers and helps you cover unforeseen or surprise transactions that might not necessarily be covered by your available balance. This “safety net” is also included at no additional fees and attracts zero interest on debit balances.
Ultimate Banking includes free family banking with 100% discount on the spouse’s bank account fees. It includes child and student accounts with no monthly fees.
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Currently customers must go into a branch to switch bank accounts. This is an unusual move as banks are mostly trying to get customers to adopt digital channels.
However, Nick Nkosi, the managing executive for transactional banking at Absa Everyday Banking, says that over the next few months, customers will be able to switch accounts through the various digital and telephonic channels.
“Absa has various strategically located points of service and engagement to create ease and deepen our customer relationships. Whether it’s our branches, mobile branches, or self-service kiosks, we are committed to meeting customers where they are and addressing their needs through a seamless and human centered customer experience. Our colleagues continue to integrate our digital offering into providing both sales and service solutions to ensure customers stay and grow with us,” says Nkosi.
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