How much does it cost to open an Absa account? It’s something that you will be wondering about if you wish to join the millions of South African who bank with Absa. Absa currently has over 9.6 million customers. That makes this bank one of the biggest in the country. But if you wish to open an ABSA account, what is the minimum required initial deposit?
What is the deposit fee when opening an Absa account?
The initial deposit when opening an Absa account varies depending on the type of account that you are opening. Absa offers a wide range of accounts that are tailored for different sections of the South African community. The table below shows how much it costs to open different types of Absa accounts;
|Account type||Initial deposit/ |
|Islamic banking Savings Account||R50|
Those are the initial deposit accounts for various Absa accounts. We have already noted that they vary from one account to the other.
Note that there is a monthly fee on most Absa accounts. For the Transact account, that stands at R4,90. The figure rises depending on the nature of the account that you are opening.
If you open a Premium banking account, as an example, you will be charged R229 per month. So, that’s something to always keep in mind. Other than the initial deposit when opening an account, you also need to account for the fee that is charged every month on that account.
Another thing that you will need to account for is the minimum deposit. Most accounts have this. You can only withdraw your money to a certain amount. As an example, the Transact account has a minimum banking balance of R20.
It means you always need to maintain that amount in your account. It’s still your money because you can get it should you decide to close the account. However, you won’t be able to withdraw it for as long as the account is active.
In this article, we answered the question how much does it cost to open an Absa account. It was noted that Absa offers a number of bank accounts, all of which have different requirements. So, the amount that you need when opening your account will vary depending on the type of account that you have chosen.