Grow Your Money Without the Stress
If you’ve got at least R15 000 to put away and want to earn real interest without locking it away, the Depositor Plus Account might be just what you need. It’s great for anyone saving a lump sum, whether it’s for a business cushion, your child’s education, or just a safety net.
You’ll earn more as your balance grows, and if you use the Absa App or Absa Online, you even get a bonus interest rate. No monthly management fees. No fuss.
Key Benefits – Why Choose the Depositor Plus Account?
- Tiered interest rates: The more you save, the more you earn.
- Extra interest for managing your account digitally.
- Immediate access to your money when you need it.
- No monthly fees at all.
- Deposit anytime or set up a monthly transfer (from as little as R250).
- Free inter-account transfers.
- Capital guaranteed: Your original money is safe.
- Covered by CODI (up to R100 000 in deposit insurance).
How Does the Interest Work?
Interest is calculated daily and paid monthly, based on your balance. You earn more if you apply and manage the account online or through the Absa App.
Here’s what it looks like:
Balances | Standard Rate | Digital Bonus Rate | Total Rate |
| R0.01 – R14,999.99 | 0.00% | 0.00% | 0.00% |
| R15,000 – R24,999.99 | 5.90% | 0.25% | 6.15% |
| R25,000 – R74,999.99 | 6.65% | 0.25% | 6.90% |
| R75,000 – R99,999.99 | 6.75% | 0.25% | 7.00% |
| R100,000 – R249,999.99 | 6.85% | 0.25% | 7.10% |
| R250,000 – R999,999.99 | 7.00% | 0.25% | 7.25% |
| R1,000,000 – R9,999,999.99 | 7.05% | 0.25% | 7.30% |
| R10,000,000 – R24,999,999.99 | 7.25% | 0.25% | 7.50% |
| R25,000,000 + | 6.95% | 0.25% | 7.20% |
You won’t earn any interest if your balance is below R15 000.
What You Need to Open This Account
- Minimum deposit: R15 000
- South African citizens:
- SA ID
- Proof of residence (not older than 3 months)
- Foreign nationals:
- Valid passport
- Proof of residence
- Work or residence permit
Where and How to Apply
You can apply:
- Through the Absa App
- On Absa Online
- By calling 0860 111 515
- Or visit a nearby Absa branch
For the bonus rate, it’s best to apply and manage everything online.
Fees and Charges
There are no monthly management fees on this account.
But remember: if you do things like deposit or withdraw at a branch, or ask for a printed statement, you could lose your bonus interest for that month.
For full details on other possible fees (like withdrawing at a branch), ask for Absa’s official fee guide.
Tax: What You Need to Know
- The interest you earn is taxable.
- Absa will send you an IT3(b) tax certificate each year.
- Even if you don’t withdraw the interest, SARS still counts it as income.
- The first R23,800 in interest you earn per year is tax-free (if you’re under 65). Beyond that, it gets taxed as part of your income.
What You Can’t Do With This Account
This is not a day-to-day spending account. You can’t:
- Swipe your card
- Do debit orders
- Pay accounts or people
- Buy airtime or electricity
- Use it for stop orders or POS purchases
Is My Money Safe?
Yes. Your money is:
- Guaranteed by Absa (as long as the bank is trading).
- Covered by CODI (South Africa’s Deposit Insurance Scheme) — up to R100 000 per person.
Capital Guarantee
Your capital (the money you put in) is guaranteed by the bank, along with the interest you earn, as long as you follow the account’s rules.
Is This Account Right for You?
Choose this account if:
- You have at least R15 000 to save.
- You want immediate access to your funds without penalties.
- You’re happy to bank digitally (to earn bonus interest).
- You’re not looking for a daily-use account (no swiping or bill payments).
Ready to Apply?
If this account sounds right for you, click the Apply Now button on Buti.co.za to begin your application directly with Absa.
Make sure you have your documents and deposit ready. If anything is unclear — like interest rates, fees, or tax — Absa consultants are there to assist.
Buti.co.za helps you understand your choices — the next step is yours.