How To Open A Bank Account With ABSA Bank

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

ABSA

History

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.

READ
Top 5 Biggest Banks In South Africa 2020

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.

Absa.co.za - Open a Bank Account With ABSA

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.

Was this article helpful?
READ
ZAR to USD: South African Rand to Dollar Conversion and Exchange Rate
Andile Smith
Andile Smith
Andile provides articles on anything from Politics, Sports, History and entertainment to funny, creepy and weird. His passion for writing allows him to take what is ordinary and transform it into a real masterpiece. He's a true storyteller with a passion for tech and literature
data-matched-content-rows-num="2" data-matched-content-columns-num="4" data-matched-content-ui-type="image_stacked" data-ad-format="autorelaxed">

Recommended

Josef Zinnbauer – Life and Career Achievements of The Orlando Pirates Coach

When Josef Zinnbauer took over as the new coach of Orlando Pirates in 2019, there was no denying that he was getting himself into...

How To Activate and RICA MTN SIM Card

MTN is the largest network provider in Africa and the ninth in the world. Despite having its origin in South Africa, Nigeria is the...

Age Milestones That Define Thando Thabethe And The Boyfriends She Has Had

The -year-old Thando Thabethe is one of the most popular and celebrated TV personalities in South Africa. Her career, which started as early as...

Thembinkosi Lorch’s Troubled Relationship With Girlfriend Nokuphiwa Mathithibala That Got Him Arrested

The arrest of Thembinkosi Lorch, one of South Africa's biggest soccer players, by his girlfriend, Nokuphiwa Mathithibala, came as a surprise to everyone because...

How To Check My MTN Number and the Self Service Numbers For Easy Access

There are many reasons some people find it difficult to memorize their MTN number. When people buy a new sim card, it takes some...

Featured Today

Inside Look at Benni McCarthy’s Life With Wife Stacey Munro and their Children

Sometimes, loss and disappointments only serve to open the doors for us to bigger things. This is always true in the story of those...

Benni McCarthy’s Net Worth, Career Salary and The Cars He Splurges On

Benni McCarthy is a legendary South African sportsman who has a net worth estimated at $16 million. He began his career as a footballer,...

30 Modern Traditional Dresses and Attires in South Africa

Like most African countries, South Africa is home to multiple cultures, traditions, food, and attires. From colorful beaded necklaces and bracelets to sparkling brightly...

20 Fashionable Xhosa Traditional Attires and Dresses for Elegant Ladies

The Xhosa people of South Africa have a rich culture, distinguished by traditional attires for body coverage and adornment. Their dressing is part of...

DJ Oskido Has Has Been Married Twice At His Age – All About His Current Wife Mathapelo

In the South African entertainment scene, DJ Oskido is one of the celebrities that everyone is interested in knowing everything about. The Kwaito pioneer,...
Was this article helpful?

Related Stories