7 March 2025
According to Solidarity Research Institute’s (SRI) 2025 Bank Charges Report, released on 6 March 2025 – Absa’s commitment to delivering affordable and value-driven banking solutions has led to meaningful improvements for customers.
This affordability shift has Absa being recognised for its competitively priced banking solutions across key customer segments.
“Banking fees have long been a key consideration for South African consumers, shaping how they choose and engage with financial institutions. We welcome the findings of the SRI’s Report, which reflect the progress we have made in providing more accessible and cost-effective banking solutions. Our focus remains on delivering meaningful value to our customers while driving financial inclusion,” said Nick Nkosi, Managing Executive: Transactional Banking, Absa Everyday Banking.
According to the SRI findings Absa Transact is now the cheapest bank account in the entry-level category across South Africa, offering significant cost savings compared to its competitors. In line with its goal to promote financial inclusion, Absa removed fees for scheduled payments and internal debit orders and now offers free cash withdrawals at store counters to its customers, which Solidarity has noted as, “an unusual benefit for this type of account”.
Middle income earners enjoy value with Absa’s Ultimate and Ultimate Plus accounts, which provide better value than its nearest competitors. Ultimate Banking is an integrated banking solution offering a variety of benefits and was introduced in 2024 to meet evolving customer needs. Ultimate and Ultimate Plus, are designed to meet consumers demands for competitively priced and holistic banking solutions. The accounts, offer benefits that include a credit card with zero monthly account and credit facility fees, free life cover to the value of R100 000 for 12 months, a Balance Booster of up to R2000 or Enhanced Credit Facility of up to R100 000, access to Bidvest airport lounges and more.
For an enhanced value-added experience, Ultimate Banking incorporates free family banking
– a 100% discount on your spouse’s bank account fees, free child, and student accounts as well as free will drafting, putting your story at the heart of your financial solutions.
Ultimate Plus, with a monthly fee of R220 per month, shows up as offering great value in comparison to the nearest competitor offering in the high-income segment.
“Ultimate Banking reflects our commitment to making banking more transparent and rewarding for our customers. By combining affordability with meaningful benefits, we have created an all-in-one solution that reduces costs and enhances financial well-being. Our goal is to ensure that customers experience real value in their day-to-day banking while building long-term financial security,” said Nkosi.
Explore your all-in-one banking power with an Ultimate account.
