When choosing a mid-tier banking account, two notable options are the Sasfin Personal Platinum Bundle and the Absa Premium Banking Account. This review provides a detailed comparison of the fees, benefits, pros, and cons of each account to help you decide which one best suits your financial needs.
Overview
The Sasfin Personal Platinum Bundle and Absa Premium Banking offer different sets of features designed to cater to individuals seeking comprehensive banking solutions with added lifestyle benefits. Both accounts provide a range of free transactions, digital banking services, and exclusive perks, but they also come with distinct differences in their fee structures and service offerings.
Fee Comparison Table
| Fee Type | Sasfin Personal Platinum Bundle | Absa Premium Banking |
|---|---|---|
| Monthly Fee | R199.00 | R230.00 |
| Debit Transactions (30 Free) | R6.90 (EFT) | Unlimited Free |
| Debit Order | R10.20 | Unlimited Free |
| Local POS Purchase | R3.90 | Unlimited Free |
| International POS Purchase | R3.90 + 2.85% conversion fee | Unlimited Free |
| Immediate Funds Transfer | R15.00 – R35.00 (2 Free) | Unlimited Free |
| Cash Deposit | 2 Free (up to R20 000), then R12.00 + R1.50/R100 | R4,000 Free, then R2.50/R100 |
| ATM Withdrawal | R9.00 + R1.30/R100 (Local) | R4,000 Free, then R2.50/R100 |
| International ATM Withdrawal | R35.90 + 2.85% conversion fee | R100.00 + R4.00/R100 |
| ATM Balance Enquiry | R5.00 | Unlimited Free |
| Card Replacement | R120.00 | Free |
| Lounge Access | 1 Free Visit/Month | Complimentary Access |
Benefits
Sasfin Personal Platinum Bundle
- Comprehensive Transaction Bundle: 30 free debit transactions including EFTs, debit orders, and POS purchases.
- Free Secondary Card: No additional charge for a secondary card.
- Digital Banking Tools: Access to the BYOND® digital banking platform.
- Lounge Access: One free visit per month to domestic and international lounges.
- Free Notifications: SMS and email notifications for transactions and account activities.
Absa Premium Banking
- Unlimited Free Transactions: Includes debit card purchases, withdrawals, digital payments, and more.
- Exclusive Lifestyle Benefits: Access to foreign currency investments, international money transfers, and travel perks.
- Lump Sum Life Cover: R25,000 life cover included in the monthly fee.
- Overdraft Facility: Instant access to an overdraft for unexpected expenses.
- Rewards Program: Cash back on purchases through the Absa Rewards program.
- Premium Banking Services: Priority banking services and dedicated premium banking agents.
Pros and Cons
Sasfin Personal Platinum Bundle
Pros:
- Lower monthly fee compared to Absa Premium Banking.
- Comprehensive free transaction bundle.
- Free secondary card and digital banking tools.
- Lounge access perks.
Cons:
- Limited free cash deposits and ATM withdrawals.
- Higher fees for international transactions.
- Requires a business account to qualify for the personal account.
Absa Premium Banking
Pros:
- Unlimited free transactions across various categories.
- Comprehensive lifestyle and travel benefits.
- Included life cover and overdraft facility.
- Extensive rewards program with significant cash back potential.
- Premium banking services with dedicated support.
Cons:
- Higher monthly fee compared to Sasfin.
- Limited free cash deposits and withdrawals beyond certain thresholds.
- Potentially higher fees for specific out-of-bundle transactions.
Who is Each Account Suitable For?
Sasfin Personal Platinum Bundle
The Sasfin Personal Platinum Bundle is ideal for individuals who prefer a lower monthly fee while still accessing a range of banking services. It suits those who do not frequently exceed the provided free transaction limits and value digital banking tools and lounge access. This account is particularly beneficial for those who already hold a business account with Sasfin, as it is a requirement to qualify.
Absa Premium Banking
Absa Premium Banking is well-suited for individuals with higher monthly incomes who seek comprehensive banking services, lifestyle benefits, and extensive transaction flexibility. It caters to those who value unlimited free transactions, a robust rewards program, and priority banking services. This account is ideal for heavy transactors, frequent travelers, and individuals who benefit from having a lump sum life cover and an overdraft facility included.
Conclusion
Choosing between the Sasfin Personal Platinum Bundle and the Absa Premium Banking Account depends on your specific banking needs and lifestyle preferences. The Sasfin account offers a cost-effective solution with a decent range of benefits for moderate banking needs, particularly for those who already have a business account with Sasfin. On the other hand, the Absa Premium Banking account provides a more comprehensive package with unlimited transactions, extensive lifestyle perks, and robust support services, making it a worthy choice for those who seek a premium banking experience and can justify the higher monthly fee.
By carefully considering the fees, benefits, and specific features of each account, you can select the option that best aligns with your financial goals and daily banking requirements.