ABSA acronym as it’s known in informal quarters stands for Amalgamated Banks of South Africa, and is a wholly owned subsidiary of ABSA Group Limited. The bank boasts of a rich history in the banking sector. But most of all with the ownership and backing of a tried and tested owner in the name of Barclays Africa, the bank enjoys an undisputed pedigree of banking ethos and integrity. It has however slowly climbed the financial ladder of the world’s most promising continent to deliver both individualized and institutionalized services. Today, ABSA is one of the biggest banks with a large number of customers in South Africa. This is for those who want to join the moving train of ABSA to a better banking experience.
How to Open a Bank Account With ABSA
Formed in 1991 from the merger of Volkskas and Sage group of banks, the subsequent year saw the inclusion and acquisition of Bankorp, Trust bank, Bank fin and Sen bank. However in 2013, the name of the bank was changed to Barclays Africa Group limited. To increase continental visibility and to reflect the 62% stake the giant invested in the ABSA bank, a name change was effected in August 2013. The bank enjoys a continental presence in Kenya, Mozambique, South Africa, Namibia, Botswana, Tanzania, Uganda, Seychelles, Ghana, Nigeria among other key economic player countries in the continent. The 33,389 staff in all its satellite banks are dedicated to delivering above par services to the banks clientele. Head quartered at Africa’s economic scion in the name of South Africa, the bank cuts an almost elitist image, and the bank is an all-inclusive bank. This is manifest in its myriad products that caters for all and sundry.
Packages Offered by ABSA
The 2009 African banker of the year boasts its focus of empowering the African people. This is manifest in its various packages it offers aside from the traditional banking accounts. How to open a bank account with ABSA has even been further simplified with the fact that there is readily available information on various accounts and savings plans in the bank. These are readily available in the bank’s online presence and various branches in many capitals dotting the continent. The traditional savings account is the flagship account for individuals seeking to earn interest on the savings made. Normally a darling to the individual regular clientele, however, this package has been further simplified to the constantly changing saving climate. Specially tailored, savings accounts catering for teenagers, children and low-income individuals come in handy for specialized groups. The distinction from major banks is the hidden charges that notoriously have the infamous reputation of truncating individual’s savings. The customary high minimum balance is slightly attractive in comparison with other competing banks.
ATM services and low servicing charges are some of the banks attractive features. Readily available information on savings accounts through mailed bank statements can be equally complimented with the less invasive online platforms offered by the bank. For the deep-pocketed clientele, a high return savings plan is equally offered at the request of the customer. This, however, has the distinction of high minimum balances and controlled access to withdrawal services. This is often a preserve of the well moneyed individuals, who want high interest rates earned from their investments. Fix deposit accounts have always been a preserve of the far-seeing saver, and the high return focused client. This is in part, due to its high interest rates that the saving plan offers. It is a preferred choice especially, to the financially indiscipline who have the tendency to withdraw cash from the bank uncontrollably. This places checks and balances in the access to the account. For those seeking money in the long run for investment or fulfilling particular needs, this is the perfect solution.
More Info on How Anyone Can Open a Bank Account with ABSA
It is however notable, that Amalgamated Banks of South Africa (ABSA) has both hybrid and crossover product packages that stem from these two fundamental banking savings plan. Current account elements have since made equal impact in the new products. This is manifest in the unlimited withdrawals and at times low-interest fees that are signature for specialized groups like teenagers, children and the unemployed savings plan.
How to Open a Bank Account with ABSA
Unlike the traditional approach of running to the mother banks to open an account, painstakingly waiting in the line for long banking jargon from sales persons, the mobile phone has since replaced this approach. From the comfort of one’s house, one can easily procure an account and start having savings as early as the moment of registration. The digital age has even simplified registration and account opening at ABSA. This is evident in the online option of account opening in ABSA official website complete with packages for both individuals and institutions.