Absa introduces entry-level bank account

The country's biggest retail bank, Absa took a significant step towards simplified, affordable banking on Tuesday with the launch of Transact.

Aimed at customers who are looking for a basic transactional account which is easy to understand and very cost effective, Transact simplifies mainstream banking by offering a full bouquet of services.

"The key advantage of Transact is in its simplicity and affordability. Transact customers will pay no monthly service fees, no Absa ATM balance enquiry fees, no fees when purchasing at till points, no fees on airtime top-ups and no penalty fees," said Arrie Rautenbach, Head: Retail Markets at Absa.

"Transactions will be charged on a pay as you transact basis and will be extremely easy to understand. Till point withdrawals are R1.00 per transaction, electronic payments and debit orders are R2.85 and an Absa ATM cash withdrawal will cost R3.85. Depending on a person's banking behaviour, charges will be very affordable," explained Rautenbach.

"We've essentially taken banking services that are important to our entry level customers, packaged those services and created the Transact product which, on many accounts, is the most affordable of its kind."

The compelling product was tailored with the country's low income earning citizens in mind. "Government has made no secret of the fact that more needs to be done to bring people into formal banking. Absa is determined to play its part in this national imperative, and Transact will certainly help us bank more South Africans," added Rautenbach.

Backed by Absa's extensive network, the product will be available at 748 Absa branches and customers will have access to more than 8,000 Absa ATMs.

Furthermore, Cellphone banking will be free for Transact customers thereby providing the benefit of electronic banking, increased safety and convenience at no additional charge. Cash and till withdrawals, balance enquiries, statements, debit orders, point-of-sale (POS) purchases, mobile banking and ATM payments and transfers also form part of the offer to customers.

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