Absa has streamlined savings and transmission accounts which date from the
time before the four individual brands - Volkskas, Trust Bank, United and
Allied - merged into one.
Luigi Magnelli, of Absa, says the old accounts did not differentiate between
people who were genuine savers and those who used the accounts for basic
transactions, such as deposits and withdrawals.
The changeover to the new accounts takes place from today.
* If you have a savings or transmission account with a balance below R500,
your money will be moved to the new FlexiSave product, which offers added
benefits.
These include free funeral cover of R2 000 for the account holder. You will
also be eligible for a monthly lucky draw totalling R50 000.
You have to maintain a minimum balance of R50 in your account and will be
charged an administration fee of R3 a month. Pensioners are exempt from this
fee.
* If you have a savings or transmission account with a balance of R500 or
above, your money will be moved to the new ActiveSave account, as will all
business accounts in this category. Existing fees remain unchanged, but if
you maintain a minimum balance of R2 000 in your account, you will not be
charged transaction fees.
There is also a tiered interest rate structure, so the more money you save,
the more interest you will earn.
You can earn 0,5 percent for balances over R500, up to eight percent for
balances of R100 000 and more. Also, if you maintain a minimum balance of R5
000 a month in your account, you qualify for bonus interest of 0,5 percent.
Any account numbers and debit orders as well as other account instructions
you gave Absa originally remain unchanged.
You don`t have to fill in any forms to move your money to one of the new
accounts. It will take place automatically.
Customers who opened savings accounts after the merger are already using the
new products and will not be affected.
Absa has set up a dedicated phone line to deal with any queries. The number
is 0860 40 50 60.
The accounts which will be affected include the old Allied Bank`s
transmission and special savings accounts; the old United Bank`s
transmission; Help-u-Pay, Special Savings and Help-u-Plus accounts; the old
TrustBank`s transmission, SuperTrust and GoldSave accounts; and the old
Volkskas Bank`s MaxiSave account.