Absa Bank ha initiated family banking solutions, bundled banking benefits “designed for the whole family and tailored for each member.”
Johannesburg-based Absa Bank Limited (ABL), formerly known as Amalgamated Banks of South Africa, provides family banking solutions in two account types: Gold and Premium.
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The Gold Value Bundle Account has bundled the most preferred banking products and benefits at a discounted rate to suit every family member’s banking needs.
The Premium Banking Account offers the account holder and their family access to a full suite of banking products and lifestyle benefits. This includes access to priority banking services, discounted spouse account, expense protector and funeral cover for the main member and their spouse.
The following is the list of benefits Family Banking members can expect. The offering may differ based on the exact make-up of the family.
Primary and secondary spouse
With Absa’s Family Banking suite, the primary spouse will receive a Premium bank account or Gold value bundle that comes with up to R10,000 (£450) retrenchment and disability cover, and a lumpsum death benefit up to R25,000.
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By GlobalDataAdditionally, the minimum sum assured on standalone funeral cover is R15,000.
All this value is included in the account’s monthly service fee.
The secondary spouse then receives everything that the primary spouse gets for half the monthly service fee.
Where a Gold value bundle customer has also taken up a standalone funeral cover of R10,000 or more for themselves and their children, Absa includes an additional R5,000 funeral cover for free.
Children
For children below the age of 19 years, Absa offers a free MegaU account which provides a selected set of transactions.
The Absa customer pays no additional monthly fees for this account.
Additionally, the account comes with a number of value-added services such as free vouchers to use at popular restaurants, data bundles, and to access a range of kid’s activities.
Seniors
Family members who are 55 years and older then qualify for Seniors status and can take up a Prosperity cheque account which is priced to suit their needs.
Absa will also pay back up to R500 in fee rebates if the account holder maintains a qualifying balance in one of the nominated interest-bearing accounts.
This is over and above the interest they will earn on those accounts.
Bank on Me
To tie it all together, Absa offers Bank on Me for free to any one of the family members.
This allows one person to sponsor banking fees and charges for other members of the family.
