“In line with our strategic ambitions and commitment to remaining relevant to the rapidly changing needs of our customers, Absa is implementing a raft of pricing changes that will provide significant value to our customers, as the country contends with the devastating economic impact of Covid-19,” the bank said.<\/p>\n
From 1 March 2021, a new-look pricing structure will come into effect, which includes:<\/p>\n
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- Student Cheque Accounts will carry no monthly fee;<\/li>\n
- No increases to monthly fees for Absa core accounts (Transact, Gold Value Bundle, Premium, Private);<\/li>\n
- Free point of sale withdrawals;<\/li>\n
- Lower digital payment fees;<\/li>\n
- Free accidental cover for 12 months.<\/li>\n<\/ul>\n
The free accidental cover will be offered to Absa Banking App customers, it said, and will pay a lump sum of R100,000 to a nominated beneficiary, should the policyholder die in an accident over the policy period.<\/p>\n
“The various pricing options we offer are designed to suit specific customer transactional behaviour,” the bank said.<\/p>\n
“Choosing the right pricing option is almost as important as choosing the right product. A customer who performs frequent electronic transactions should consider a value bundle as opposed to pay-as-you-transact, for example,” it said.<\/p>\n
While the bank has waived certain fees, and kept monthly charges unchanged from 2020, there have been price increases, particularly around withdrawal and deposit fees at ATMs.<\/p>\n
The tables below outline the key differences between Absa’s 2020 pricing and 2021 pricing, based on core costs (ie, out of bundle), for a R500 transaction.<\/p>\n
You can view Absa’s full 2021 pricing schedule here. <\/a><\/strong>Absa’s new pricing comes into effect 1 March 2021.<\/p>\n
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