Absa fee changes for 2022

Banking group Absa has published its fee changes for 2022.

Following a full review of its fees in 2021, Absa has kept monthly fees unchanged for 2022 with the exception of a R1.00 increase in the monthly fee of the Flexi account.

Aside from transaction fee price changes, there are not many major changes from the restructuring that took effect in March 2021.

Absa is continuing its death and retrenchment support for middle-market accounts, adding a lump sum death benefit of up to R25,000, retrenchment cover of R10,000, and disability cover of R10,000 on Premium.

For Gold accounts, these benefits are lower at R20,000, R5,000 and R5,000, respectively.

Despite the general price freeze and continuation of reductions seen in 2021, transaction fees – particularly around withdrawals and deposits – have increased.

These are the changes to the monthly fee accounts:

Account 2021 Monthly fee 2022 Monthly fee Change
Transact R4.90 R4.90
Flexi R29.00 R30.00 +3.4%
Pay as you Transact R50.00 R50.00
Gold Bundle R109.00 R109.00
Premium Bundle R190.00 R190.00
Private Banking R460.00 R460.00

Entry-level account

Absa’s entry-level Transact account is virtually unchanged from 2021. Deposits have increased by 10 cents per R100 deposited, and Saswitch withdrawal fees are back and slightly more expensive.

However, despite these hikes, other key transactions either remain static – such as withdrawal fees at R8.00 per R100, point-of-sale withdrawals being free – or they have been reduced – external debit orders will cost only R1.00, compared to R3.50 in 2021.

Absa Transact Account 2021 Fees R500 transaction 2022 Fees R500 transaction % Change
Withdrawal (Native) R8.00/R1000 R8.00 R8.00/R1000 R8.00
Withdrawal (Saswitch) R12.00 + R2.20/R100 R23.00 R12.00+R2.30/R100 R23.50 +2.2%
Withdrawal (POS) Free Free Free Free
Deposit (ATM) R2.20/R100  R11.00 R2.30/R1.00 R11.50 +4.5%
Debit orders (internal) Free Free
Debit orders (external) R3.50 R1.00 -71.4%
Monthly account fee (PAYT) R4.90 R4.90

Full-service account

As with other Absa accounts, there has been little change in the price structures of the bank’s full-service offerings.

The Gold and Premium bundles are unchanged at R109 and R190 per month, respectively. They include unlimited basic transactions and remove the pay-as-you-transact fees attached to items like point of sale withdrawals and external debit orders.

The Gold bundle carries a withdrawal and deposit limit of R4,500, and the Premium bundle has a limit of R6,500 before out of bundle fees (below) apply. The bank offers an unlimited withdrawal option for an additional R75.00 a month, for customers who frequently exhaust their limits.

The bundles also come with basic death and retrenchment cover.

Absa Pay as you Transact 2021 Fees R500 transaction 2022 Fees R500 transaction % Change
Withdrawal (Native) R2.20/R100 R11.00 R2.30/R100 R11.50 +4.5%
Withdrawal (Saswitch) R12.00 + R2.20/R100 R23.00 R12.00 + R2.30/R100 R23.50 +2.2%
Withdrawal (POS) R2.00 R2.00 R2.00 R2.00
Deposit (ATM) R2.20/R100 R11.00 R2.30/R100 R11.50 +4.5%
Debit order (internal) Free Free
Debit order (external) R19.00 R19.00
Account fee (PAYT) R50.00 R50.00

Read: Standard Bank’s new fees and account changes for 2022

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Absa fee changes for 2022