What is the Absa Transact Account?

A budget-friendly cheque account for South Africans, offering low fees, R5,000 free life cover, and Absa Rewards cashback.

Who qualifies for the Absa Transact Account?

Anyone with a valid South African ID or passport, proof of residence, and not under debt counselling. No minimum income required.

Is there a fixed monthly fee for the Absa Transact Account?

Yes, a low R6.50 monthly fee applies, with transparent pricing and no hidden costs.

How do I apply for the Absa Transact Account?

Apply online with your ID/passport, proof of residence, and proof of income if seeking an overdraft. It’s quick and easy.

Can I access investment options with this account?

Yes, Savings Boosters with competitive interest rates are available to grow your savings.

How do I maintain the account benefits?

Maintain an active account with regular transactions to enjoy perks like Absa Rewards cashback.

What makes this account cost-effective?

The Absa Transact Account is South Africa’s most affordable entry-level account, with low fees and no minimum income requirement.

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Absa Transact Account Transmission Account

Absa Transact Account: Essential Banking for All

Get all your basic banking needs from the cheapest bank account in the entry-level category across South Africa.

Monthly fee

R6.50

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Key benefits of your Transact Account

Low monthly fee

Pay just R6.50 monthly, making this account ideal for tight budgets or first-time bankers. Keep more moolah in your pocket.

Unlimited free transactions

Enjoy unlimited card swipes and till point withdrawals. Shop in store or online without worrying about transaction fees.

Absa Rewards

Join FREE Absa Rewards and earn real cash back. Track and redeem rewards via your Absa Banking App.

Free Life Cover

Get R5 000 lump sum life cover included at no extra cost, offering peace of mind for you and your family for the 1^st 12 months.

What’s included in your Transact Account

Transact Account benefits
Digital Banking Convenience

Manage your finances 24/7 with your Absa Banking App or Absa Online. Use contactless payments via your debit card or digital wallet for fast, secure transactions.

CashSend Transfers

Send money instantly to anyone with a South African cellphone number, even if they don’t have a bank account, using CashSend.

Open your Transact Account now
Rates and fees
Perfect for low-income earners, freelancers, or anyone looking to bank smarter. Open your Transact Account and enjoy Absa Rewards, CashSend, and more.

Monthly fee: R6.50
What you need to apply
Open an Absa Transact Account with ease. Here’s what you need:

Valid South African ID or passport for foreign nationals

Proof of residence (e.g., utility bill) not older than three months

No payslip or minimum income required, making it accessible for students, freelancers, or unemployed individuals.

Apply online in minutes or visit an Absa branch to start your banking journey.

Start your application today
Smarter banking features
Bank confidently with features tailored for South Africans:

Digital Access: Free Absa Banking App and no subscription fees to online banking

Contactless Debit Card: Unlimited swipes, tap-and-pay, and digital wallet integration

CashSend: Instant money transfers to any South African cellphone number

Life Cover: R5 000 lump sum included for free
Lifestyle & travel perks
Elevate your banking experience with these benefits:

Absa Rewards: Earn cashback on card purchases with free membership

Digital Fraud Warranty: Added protection for Absa App transactions

Budget Calculator: Use our free online tool to manage your monthly budget

Prepaid Top-Ups: Buy airtime, data, or electricity with no transaction fees.

Frequently Asked Questions

What is the Absa Transact Account?

A low-cost banking account with a R6.50 monthly fee, offering unlimited card swipes, R5 000 life cover, and Absa Rewards.
Who qualifies for the Absa Transact Account?

Anyone with a valid South African ID or passport and proof of residence. No payslip or minimum income required.
What are the benefits of the Absa Transact Account?

Enjoy a low R6.50 monthly fee, unlimited card swipes, R5 000 life cover, and Absa Rewards cashback.
Is there a monthly fee for the Absa Transact Account?

Yes, a minimal R6.50 monthly fee applies.
How do I apply for the Absa Transact Account?

Apply online with your ID/passport and proof of residence, or visit an Absa branch.
How do I maintain the account benefits?

Simply use your account for regular transactions, such as card swipes or prepaid top-ups, to enjoy all benefits.