I am an ABSA Platinum customer and have been an ABSA customer for more than 10 years now. As such one would expect to be treated as a valued customer by ABSA. Well, apparently not! Upon enquiring on interest rates for a R60k fixed term investment this week, all the other major (and not so major!) banks were prepared to offer me a rate better than that which ABSA is prepared to offer me, even though they do not know me from a bar of soap! ABSA, on the other hand, tells this "valued customer" of theirs that they are not prepared to even consider offering me a preferential rate and that the rate will be the same than for any other ABSA client, whether they are Platinum clients or not. They are prepared however to consider improving on the rate if I invest more than R100k and for a longer period. Well ABSA, you must be really dumb not to figure out that all those other banks will also increase their rates if I invest a bigger amount for a longer period! Oh, and it took ABSA five days to get back to me with this answer! In fact, you did not get back to me, I had to follow up twice!
If you are considering switching to ABSA, or becoming an ABSA Platinum client - DON'T!
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