A well-run household has a single, combined budget that should include banking fees as an expense. The new Family Banking offer from Absa allows you to do this by linking at least four separate accounts and paying one monthly fee.
Company:
Absa.
Name of product:
Family Banking.
What it is:
A banking initiative that allows you to operate four separate bank accounts, where monthly fees are levied to a single, main account.
How it works:
On the Family Banking offer, you are allowed a maximum of two current accounts, for yourself and your spouse, as well as either two youth accounts or one youth account and one employee account for your domestic worker.
The accounts will be operated separately and are only "linked" with regards to monthly fees.
The basic pricing structure for a Family Banking offer is decided by the main account, which is always the more expensive of the two current accounts allowed. For example, if a Silver account and a FlexiSelect account are chosen as the main account and partner/spouse account, then the Silver Family Banking (at a monthly fee of R280) applies.
The monthly fee on each package allows each account holder limitless transactions, as well as access to internet and cellphone banking.
The offer is available to household members with the same residential address, regardless of sex or marital status, with the main and spouse account holders each having a regular gross monthly income of greater than or equal to R2 000 or more.
Who should use it:
Families of four members or more with separate bank accounts.
Monthly fees for the various options are:
- Flexi Select family offer: R220;
- Silver family offer: R280 ;
- Gold family offer: R340; and
- Platinum family offer: R380.
You can add more youth or employee accounts at the following costs:
- Additional MegaU: R10;
- Additional Mzansi: R10; and
- Additional Student Silver: R13 a month.