3 July 2024

Best value for money transactional banking offer in the market, offering 111% more value than comparative offers and 34 free benefits for customers

Absa has launched Ultimate Banking, offering South Africans the best integrated banking solution and experience at the lowest fee in its category, giving customers value where it matters with 34 free benefits.

Nick Nkosi, Managing Executive for Transactional Banking at Absa Everyday Banking said, “Ultimate Banking is designed with insights from research that showed us what customers want from a bank account to service their day-to-day banking needs and priorities. Ultimate Banking is the only solution necessary for managing day-to-day finances and delivering more value for your money by combining a transactional account with a range of financial products and services into a single integrated solution that evolves with you.”

Built into this competitive single fee are 34 benefits that add more value to a customer’s story. The standout benefits include: a credit card with zero monthly fees, up to R100 000 free life insurance, a free Balance Booster of up to R2 000 and a free Savings Booster, zero monthly account fees if you maintain a positive balance, and unlimited free digital transactions.

Nkosi said, “We have also incorporated free Absa Rewards – one of the best rewards programmes on the market offering up to 30% real cash back (not points) for everyday purchases using your Absa card when you spend on groceries, fuel, health and beauty and travel at any of our partners as well digital vouchers,” Nkosi said.

For an enhanced value-added experience, the Ultimate Banking proposition also incorporates free family banking – a 100% discount on your spouse’s bank account fees, free child, and student accounts as well as free wills drafting, further integrating your story into your financial solutions.

“With Ultimate Banking our intent is also to build access to premium experiences and services with benefits such as free airport lounge visits and up to R3 million free travel insurance,” he added.

Ultimate Banking is available as two options: Ultimate for just R98 per month and Ultimate Plus for R220 per month.

Special Shari’ah compliant versions of Ultimate Banking will be available to Islamic customers. Senior customers (over 55s) will benefit from a full discount in their monthly fee for their qualifying investments on Ultimate Prosperity, the latest evolution of Absa’s senior propositions. Customers can visit absa.co.za for more information and Absa branches nationwide where multi-skilled consultants who are dedicated to understanding customer needs and crafting personalised solutions that resonate with their aspirations will assist with account opening.

Nkosi concluded, “Through Ultimate Banking, Absa aims to continue to provide great value offerings to our customers and introduce market leading propositions that not only resonate with our customers, but also support every customer’s story and journey. Look out for further announcements in this regard.”  

Main features Ultimate R98pm Ultimate Plus R220pm
Monthly Fee Free for maintaining R25 000 Free for maintaining R50 000
Spousal Monthly Fee Free Free
Credit Card Monthly Fee Free Free
Absa ATM Cash Withdrawals R3000 free per month R9 000 free per month 
Transaction fees Unlimited free* Unlimited free*
Life Cover R100 000 R100 000
Credit Card Up to 57 days interest free Up to 57 days interest free
Airport Lounge Complimentary access to Bidvest Premier (local and international departure lounges) on Ultimate Card and Credit Card Complimentary access to Bidvest Premier (local and international departure lounges) on Ultimate Card and Credit Card
Travel Insurance Up to R1.5 million Up to R3 million
Absa Rewards Up to R1 650 with free Absa Rewards Up to R2 850 cashback with free Absa Rewards
Additional benefit  

Experiences and everyday benefits from Visa Global offices, exclusive deals, and personal insurance

*Unlimited free debit card purchases and withdrawals, digital account and beneficiary payments, internal and external debit and stop orders, digital linked-account fund transfers, digital balance and statement enquiries, SMS, email, and in-app notifications, emailed statements.