Absa launches high interest savings account

Absa’s Depositor Plus debuts – a flexible savings investment with broader market appeal, while boasting amongst the highest earning rates in the country.

Aiming at encouraging and rewarding South Africans for saving, Barclay’s subsidiary, Absa has launched a new high interest, easy access savings account called ‘Absa Depositor Plus’.

Absa says Depositor Plus is a true game changer for savings across all income brackets. With a low entry criteria of R15 000, the account offers a market leading interest rate of up to 5%. The account offers flexibility for customers to choose when and how much to save to meet their goals, in addition to instant access to funds should they be required at short notice. Clients have the ability to deposit additional funds at any time and if these deposits are made electronically there are no deposit charges.

Arrie Rautenbach, Absa Head of Retail Banking said the 5% interest rate is one of the highest offered in the market and “likely to hold wide appeal in a market where few accounts with this much flexibility provide this level of return.”

With no monthly fees, Absa’s Depositor Plus boasts, easy, anytime access to funds via a safe and secure online interface and for the first time in South Africa, offers unlimited free electronic transfers which allow customers to enjoy the flexibility of quickly and easily linking and transferring funds to and from accounts.

“Absa’s Depositor Plus uses a tiered interest rate model that rewards customers who save more by offering higher interest rates for higher balances. Absa also has the ability to load a stop order into Depositor Plus to ensure that clients are able to save more regularly, achieve the higher rates offered as well as their savings goals,” Rautenbach noted.

Capturing the account’s main facet Rautenbach said the key word was “ease”. He said the account’s zero monthly fee plan would allow clients to avoid eroding capital, while attractive high returns would reward South Africans that focus on savings.

“Absa is always striving to meet its clients’ expectations by offering accessible savings solutions tailored to their needs in a commitment to spur savings across the country,” says Rautenbach adding that the account could be easily opened in just three clicks for the bank’s existing internet banking clients.

Absa has launched Depositor Plus to rejuvenate its saving and investment range and promises that additional products will be launched to establish a market leadership position as the saving bank of the nation.