SPONSORED: Changing the face of family banking

 

SPONSORED: “For a very long time banks and financial institutions have had a very archaic definition of what families look like – we’ve listened to our customers and changed our product offering to suit any kind of family unit,” says Omar Baig, Head of Transactional Banking at Absa Retail and Business Bank.

According to Baig, traditionally, many banks and financial institutions have had a very narrow definition of what is considered a family – usually a married couple, a married couple with kids or family members that are biologically related.

However, families differ from one family unit to the other – and so, financial products need to cater for and keep up with this ever-changing family units.

“We really looked at our product offering and decided to let our customers define their family structure, rather than us dictating to them” says Omar Baig, Head of Transactional Banking at Absa Retail and Business Bank.

As South Africa and the rest of the world faced the realities and repercussions that came as byproducts of the COVID-19 pandemic, it has become even more apparent that financial protection and planning can be the best way to ensure your family’s wellbeing – should you be retrenched, injured or unable to work and even after you are gone.

Absa is now offering products to suit any type of family – from single parent households to blended families etc

“I believe everyone has rediscovered the value of family during these tough times. At Absa we see our customers as family and want to help them prioritize and protect the financial stability of South African families,” says Baig.

Absa now offers various products under the ‘Family Banking’ banner:

Primary Spouse:

  • Our Premium Banking and Gold value bundle accounts now include retrenchment cover, disability cover and a lump sum benefit paid out upon the death of the account holder.
  • Collectively, these policies provide cover of up to R45 000 depending on the product selected.
  • There are no additional fees applicable beyond the regular monthly Cheque account service fee.
  • We offer an additional R5 000 funeral cover benefit at no additional charge with a standalone funeral cover product in excess of R15 000.

 

Secondary Spouse

  • A secondary spouse refers to any two people in a relationship, whether married, in a civil union or unmarried.
  • This option provides the secondary spouse a 50% discount on the standard Premium Banking or Gold value bundle monthly Cheque account service fee. The benefits remain the same for the secondary spouse as with those received by the primary spouse accountholder.

 

Children

  • For kids under the age of 19 years, we offer a free MegaU account.
  • This means the customer pays no monthly service fee, while able to perform a number of transactions - on us.
  • This account comes with a number of value-added services such as free vouchers to use at some of the most popular takeaway restaurants; data bundles and access to a range of free kid’s activities.

 

Seniors

  • Anyone who is 55 years and older qualifies for the seniors status and the benefits associated with that status.
  • Seniors can take up a Prosperity Cheque account which is priced to suit their needs.
  • For instance, we pay back up to R500 in fee rebates, if the account holder maintains a qualifying balance in one of the qualifying interest-bearing accounts. This rebate is over and above the interest they will earn on those accounts.

We also offer Bank-on-Me for free to anyone of the family members.

Bank on Me allows one person to sponsor banking fees and charges for other members of the family.

For more information on Absa’s Family Banking products – visit https://www.absa.co.za/personal/bank/an-account/family-banking/