Absa says its move to freeze monthly account fees in 2021 is not about becoming the cheapest bank. Instead it's about incentivising people to take up its bundle accounts. Photo: Elvira Wood
It's not about joining the price war and the race to the bottom on banking fees, said Absa on Tuesday after announcing that it won't be implementing monthly account fee increases this year. Instead, with this strategic move, Absa is hoping to get more customers to use bundled bank accounts instead of entry-level pay-as-you-go alternatives, where competition is the stiffest in the banking sector following the entry of players like TymeBank and African Bank's MyWorld account.
Since these challenger banks came to fore, the big banks slashed or abolished fees on some of their entry-level bank accounts or tried to undercut the next cheapest competitor by cents in some cases.exclusive journalism and features
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Fin24 May have to consider this, FNB coming cheap like this.