Nicolette Dirk, finance writer, Justmoney.co.za
Absa’s newly launched savings account TruSave, offers free funeral cover of R2000 and requires a minimum initial deposit of R50.
The card-based account offers customers immediate access to funds, while interest of 2.5% on any balance over R50 applies.
The account, designed for entry-level customers, also has no monthly fees. Arrie Rautenbach, Absa’s head of retail banking, said this does not exclude customers who wish to open a simple savings account for their children or for the first time.
“In South Africa where household savings remain a national priority, there is a dire need to instil a savings culture. TruSave is a great first step towards contributing to an all-important savings plan, irrespective of the amount that they plan to save,” said Rautenbach.
He added that TruSave would broaden access to the formal economy for low-income earners and offers the under and unbanked access to an affordable, secure and convenient savings options.
What does TruSave offer?
TruSave customers can cut the cost of saving with two free ATM withdrawals a month, two free ATM balance enquiries, four free ATM deposits as well as free transfers and stop orders from any Absa product to TruSave.
There is also free access to Absa’s Dial-A-Discount service, which offers customers price comparisons on anything from vehicles to televisions to ensure they pay the lowest price possible.
“At Absa we understand that instilling a culture of saving not only benefits customers in future by allowing them to plan for unforeseen circumstances or life events, but positively impacts their creditworthiness. This is in line with our focus on helping our customers prosper,” said Rautenbach.