Absa Private Wealth has two published tiers, and both are based on what you earn or own. Private Banking suits individuals with annual income of R750 000 to R3 million. Wealth Banking suits individuals with income of R3 million or more a year, a net asset value of R20 million or more, or net investible assets of R10 million or more.
These tiers are for individuals. Absa’s pages do not set company, trust or tax-compliance conditions for them, and those obligations sit with you and the relevant authority, not with the bank.
Business Requirements at a Glance
- Private Banking: annual income from R750 000 to R3 million
- Wealth Banking: income of R3 million or more a year, or net asset value of R20 million or more, or net investible assets of R10 million or more
Absa’s pages are undated, so confirm the current thresholds with Absa before you rely on them.
Registration and Legal Requirements
Absa’s private wealth pages do not list company registration or trust requirements. If you hold assets through a company or trust, ask your Absa banker which entity documents they need, and confirm your own filing duties with the CIPC, the Master of the High Court and SARS.
Documents and Ownership Information Required
For a Private Banking account (the Ultimate Private Account) Absa asks for:
- Your bar-coded ID book or smart ID card
- One document verifying your residential address (original or certified copy) not older than three months
- Proof of income: three months’ payslips or bank statements, an employment contract if you are newly employed, or proof of rental income
Absa shows the Ultimate Private Account at R500 a month and the Young Professionals account at R300 a month, with a spousal account at a 100% fee discount. Wealth Banking clients may be asked for more, so ask Absa what applies to you.
Tax, Licence and Compliance Requirements
Absa’s pages read do not list tax or licence conditions for joining Private Banking or Wealth Banking. Banks must verify your identity and address under FICA, which is why the documents above are asked for. Questions about tax, trusts, estate planning or exchange control belong with SARS, the Master of the High Court, the South African Reserve Bank or a registered tax practitioner.
Process, Deadlines and Ongoing Obligations
Use the “Call me back” option on the Private Banking account page, call Private Assist on 0860 553 553 (international +27 11 501 5011), or email [email protected]. Absa does not publish a deadline for applying.
- Work out which tier your income or assets fit
- Gather your ID, proof of address and proof of income
- Ask Absa what extra documents your situation needs
- Ask for the monthly fee in writing before you sign
Frequently Asked Questions
What are the requirements for Absa Private Wealth?
Private Banking is for annual income of R750 000 to R3 million. Wealth Banking is for income of R3 million or more, net asset value of R20 million or more, or net investible assets of R10 million or more. You also provide ID, proof of address and proof of income.
What does Private Banking cost?
Absa shows the Ultimate Private Account at R500 a month and Young Professionals at R300 a month. A spousal account gets a 100% fee discount.
Who do I contact to apply?
Call Private Assist on 0860 553 553 or email [email protected].
Confirm current criteria with Absa. See business and compliance requirements and browse all company registration requirements.