{"id":544586,"date":"2021-12-07T16:07:36","date_gmt":"2021-12-07T14:07:36","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=544586"},"modified":"2021-12-10T08:05:01","modified_gmt":"2021-12-10T06:05:01","slug":"absa-fee-changes-for-2022","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/544586\/absa-fee-changes-for-2022\/","title":{"rendered":"Absa fee changes for 2022"},"content":{"rendered":"

Banking group Absa has published its fee changes for 2022<\/a><\/strong>.<\/p>\n

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.<\/p>\n

Aside from transaction fee price changes, there are not many major changes from the restructuring that took effect in March 2021.<\/p>\n

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.<\/p>\n

For Gold accounts, these benefits are lower at R20,000, R5,000 and R5,000, respectively.<\/p>\n

Despite the general price freeze and continuation of reductions seen in 2021, transaction fees – particularly around withdrawals and deposits – have increased.<\/p>\n

These are the changes to the monthly fee accounts:<\/p>\n

\n
\n\n\n\n\n\n\n\n\n
Account<\/th>\n2021 Monthly fee<\/th>\n2022 Monthly fee<\/th>\nChange<\/th>\n<\/tr>\n
Transact<\/a><\/td>\nR4.90<\/td>\nR4.90<\/td>\n–<\/td>\n<\/tr>\n
Flexi<\/a><\/td>\nR29.00<\/td>\nR30.00<\/td>\n+3.4%<\/span><\/td>\n<\/tr>\n
Pay as you Transact<\/a><\/td>\nR50.00<\/td>\nR50.00<\/td>\n–<\/td>\n<\/tr>\n
Gold Bundle<\/a><\/td>\nR109.00<\/td>\nR109.00<\/td>\n–<\/td>\n<\/tr>\n
Premium Bundle<\/a><\/td>\nR190.00<\/td>\nR190.00<\/td>\n–<\/td>\n<\/tr>\n
Private Banking<\/a><\/td>\nR460.00<\/td>\nR460.00<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n
\n

Entry-level account<\/strong><\/p>\n

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.<\/p>\n

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.<\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n
Absa Transact Account<\/th>\n2021 Fees<\/th>\nR500 transaction<\/th>\n2022 Fees<\/th>\nR500 transaction<\/th>\n% Change<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR8.00\/R1000<\/td>\nR8.00<\/td>\nR8.00\/R1000<\/td>\nR8.00<\/td>\n–<\/td>\n<\/tr>\n
Withdrawal (Saswitch)<\/td>\nR12.00 + R2.20\/R100<\/td>\nR23.00<\/td>\nR12.00+R2.30\/R100<\/td>\nR23.50<\/td>\n+2.2%<\/span><\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\n–<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\nR2.20\/R100<\/td>\n\u00a0R11.00<\/td>\nR2.30\/R1.00<\/td>\nR11.50<\/td>\n+4.5%<\/span><\/td>\n<\/tr>\n
Debit orders (internal)<\/td>\nFree<\/td>\n<\/td>\nFree<\/td>\n<\/td>\n–<\/td>\n<\/tr>\n
Debit orders (external)<\/td>\nR3.50<\/td>\n<\/td>\nR1.00<\/td>\n<\/td>\n-71.4%<\/span><\/td>\n<\/tr>\n
Monthly account fee (PAYT)<\/td>\nR4.90<\/td>\n<\/td>\nR4.90<\/td>\n<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n
\n

Full-service account<\/strong><\/p>\n

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

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.<\/p>\n

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.<\/p>\n

The bundles also come with basic death and retrenchment cover.<\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n
Absa Pay as you Transact<\/th>\n2021 Fees<\/th>\nR500 transaction<\/th>\n2022 Fees<\/th>\nR500 transaction<\/th>\n% Change<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR2.20\/R100<\/td>\nR11.00<\/td>\nR2.30\/R100<\/td>\nR11.50<\/td>\n+4.5%<\/span><\/td>\n<\/tr>\n
Withdrawal (Saswitch)<\/td>\nR12.00 + R2.20\/R100<\/td>\nR23.00<\/td>\nR12.00 + R2.30\/R100<\/td>\nR23.50<\/td>\n+2.2%<\/span><\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR2.00<\/td>\nR2.00<\/td>\nR2.00<\/td>\nR2.00<\/td>\n–<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\nR2.20\/R100<\/td>\nR11.00<\/td>\nR2.30\/R100<\/td>\nR11.50<\/td>\n+4.5%<\/span><\/td>\n<\/tr>\n
Debit order (internal)<\/td>\nFree<\/td>\n<\/td>\nFree<\/td>\n<\/td>\n–<\/td>\n<\/tr>\n
Debit order (external)<\/td>\nR19.00<\/td>\n<\/td>\nR19.00<\/td>\n<\/td>\n–<\/td>\n<\/tr>\n
Account fee (PAYT)<\/td>\nR50.00<\/td>\n<\/td>\nR50.00<\/td>\n<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n
\n

Read: Standard Bank\u2019s new fees and account changes for 2022<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Banking group Absa has published its fee changes for 2022.<\/p>\n","protected":false},"author":10,"featured_media":258063,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[29,26],"class_list":["post-544586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-absa","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/544586","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=544586"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/544586\/revisions"}],"predecessor-version":[{"id":545762,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/544586\/revisions\/545762"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/258063"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=544586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=544586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=544586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}