Absa banking fee and account changes for 2023

Banking group Absa has announced a host of changes to its banking accounts and fees for 2023.

Customers who deal in cash transactions will find fees higher next year, but choosing to go digital will see savings. Account fees will mostly be going up too, with only a couple of accounts seeing continued relief.

The group said that monthly account fees for Absa Transact will see no increases in 2023, and it will be cutting fees for digital payments and debit orders on select accounts.

In line with shifts in consumer behaviour, Gold Value Bundle and Premium Banking customers will now also get free CashSend transactions as part of their monthly cash bundles, Absa said.

Monthly fees on credit cards will remain unchanged for 2023, and customers who use the bank’s bundles will have zero credit card monthly fees.

Prices for certain transactions have increased, however. Gold and Premium transactional package monthly fees have been increased, and cash-handling fees will see adjustments reflective of the high cost and risk associated with cash, Absa said.

One of the more significant changes is that Absa will be dropping the monthly fee for its Absa Rewards programme, which will be zero-rated next year. The group is also launching a new VIP Rewards programme, which will have personalised offers, it said.

The bank’s new fees and account structures will come into effect from 1 January 2023.

Specific highlights include:

Absa Rewards

• The Absa Rewards monthly fee of R23.20 has been waived, making it free for all Absa Rewards customers;
• There will be enhancements to the programme in early 2023 for primary banked customers;
• Dedicated Rewards Hub and new VIP programme to be launched in 2023 with a refreshed set of benefits to customers.

Absa Transact

• No increase to monthly fees;
• Absa Transact customers continue to benefit from R5,000 free lump-sum death benefit and with zero monthly fee increases in 2023;
• ATM cash withdrawal fees will increase;
• Customers get unlimited free card swipes, till-point withdrawals and R1.00 per transaction digital payments and debit orders.

Flexi Account price changes

• Till-point withdrawals – Now free (Previously R2.00);
• Debit Card Swipes – R1.00 per transaction (Previously R4.00);
• Digital Payments – R1.00 per transaction (Previously R10.00);
• External Debit Orders – R3.50 per transaction (Previously R10.00);
• Monthly fees will increase to R40.00 per month;
• Customers will get a free R15,000 lump-sum death benefit included as part of their monthly fee.

Gold and Premium Bundles

• CashSend has been included in Gold and Premium monthly free cash limits, which will be R4,000 and R5,000, respectively;
• Unlimited free digital transactions, including card swipes, till-point withdrawals, debit orders, digital payments and transfers, continue;
• Gold and Premium Monthly fees will increase to R115 and R200 per month, respectively;
• Gold and Premium customers will continue to benefit from up to R25,000 free lump-sum death benefit;
• Overdraft applications carry a flat R175 initiation fee.

You can view the full Absa 2023 pricing guide here.

These are the changes to the monthly account fees:

Entry-level account

Absa’s entry-level Transact account has remained fairly stable in 2023. Among the key cash transactions, withdrawals are up by R2.00 per R1.000 withdrawn, while cash deposits are also higher.

Withdrawals from Saswich/other ATMs has come down slightly from 2022. Other key transactions remain static.

Full-service account

Absa’s full-service banking accounts are seeing a price increase in monthly handling fees for the first time in three years.

The flagship Gold account has seen its bundle prices increase to R115, R135 and R190 per month, while the Premium banking bundles have climbed to R200, R229 and R275 per month.

Once bundled fees and transactions have run out, the group’s out-of-bundle or pay-as-you-transact fees have also seen increases, though the monthly fee has remained unchanged.

Read: Battle of the banks 2022: Capitec vs Standard Bank vs FNB vs Absa vs Nedbank

Absa banking fee and account changes for 2023