Guiding consumers since 2009

FNB commits to low fees for the next 12 months

By Danielle van Wyk

“First National Bank’s (FNB) strategy of migrating customers to digital and electronic channels continues to pay dividends for the bank’s customers as monthly account fees will remain at previous levels on most accounts and free transactions remain in place,” said the bank on Thursday.

The bank further announced that the prices for their Easy, Gold, Encore Gold and Premier Bundle all remain the same as last year.

“The bank continues to offer free cash at till withdrawals, free inContact, free subscriptions to Online Banking, the FNB Banking App, and Cellphone banking, as well as free Cellphone banking mini-statements, and free FNB ATM, Cellphone Banking and Banking App balance enquiries,” stated FNB.

Lower banking charges

Pricing executive Jo-Ann du Plessis reiterated the bank’s dedication to offering low priced entry level full-service accounts with their Easy Account offering.

“Especially when customers consider they can conduct all their banking using our free transactions such as free card swipes, cash withdrawals at till-points, free internal debit orders and transfers as well as free EFTs into our accounts,” added du Plessis.

The Easy Bundle and Gold Unlimited customers were also not excluded as the bank stated that they would continue offering four free FNB ATM withdrawals monthly.

FNB has, in addition, simplified its ATM fees to aid in reducing customers’ monthly costs, especially those who withdraw small amounts like R100 and R200. “Small cash withdrawals are more popular among FNB’s Easy customers and they is seeking to reduce this cost which makes up the majority of the customers’ fees per month. This formed part of their streamlining of transactional accounts.

Simplifying the account offering

“We now offer two accounts, Easy and Gold, which significantly simplifies our entry and mid-level offerings. The Easy Account offers two pricing options for customers to choose from based on what will best suit their banking transactional behaviour; Pay as You Use for the low transactor and the Easy Bundle (previously the Smart Value Option) for the medium transactor,” du Plessis.

With the changes come the falling away of the Smart Transactional account. “Over 90% of this customer base will benefit from lower banking fees. For example the monthly account fee on the Smart pay-as-you-use option was R12.50 which will now become R4.95 for these customers, which is a 60% reduction in this fee alone,” FNB stated.

Changes

The bank has committed to keeping the following pricing the same for the next year.

  • FNB Easy Account (Pay-As-You use option) R4.95, will experience no increase for two years.
  • FNB Easy Account (Bundle Option) R49, at no increase for five years with added value.
  • FNB Gold Account (unlimited qualifying electronic transactions) R100 which now includes unlimited prepaid airtime purchases, four free FNB ATM cash withdrawals as well as free ADT cash deposits to the value of R6000 per month, no increase for two years with added value.
  • FNB Encore Gold Account (for customers over 55) R65, no increase for two years with added value.
  • Premier Bundle Account R199, no increase for two years.

Du Plessis stated: “Our Easy Account at R4.95 is critical to a very large number of customers who are seeking access to full-service banking. We are still offering free card purchases, free cash withdrawals at till point free internal debit orders, free transfers and free EFTs into the account. During times when prices are rising and people are under pressure, lower priced accounts with full-transactional functionality become increasingly popular.”

Other reductions on the account include 50 c per R5 airtime purchased, where previously it was a flat rate of R1.10.

“Good news for the Easy customer base is the introduction of a cash back rewards system which is paid directly into a Linked Savings Account, attracting a competitive interest rate of 5.5% per annum  on the first R20 000,” highlighted FNB.

Handy tip: You can compare current account options on Justmoney, click here.

 

Recent Articles

Featured Debt Series Part 2: Interest rates - unpacked

In the second part of our Debt-ucate series we explore interest rates –from how to get a better rate to what influences it, and how this affects the cost of your debt.

Debt counselling – the two sides of the coin

Being overindebted doesn’t just put a strain on your personal finances; it also puts a strain on your state of mind. The best solution is to start the process of debt counselling so that you can escape the debt cycle. But what are the ups and downs of joining this debt relief programme?

Travel ban – how to claim for the loss incurred

As with the recent Covid-19 pandemic, governments sometimes issue travel bans to prevent people from travelling to other countries. This becomes even more complicated if you’ve already planned and paid for your trip. Your flights will be cancelled, and you may lose money from cancelled accommodation arrangements. How do you claim for the financial losses incurred due to a travel ban?

How to finance and insure a second-hand vehicle

Buying a second-hand vehicle may suit your budget better than acquiring a new one. But what impact does an older model have on vehicle finance and car insurance? We reached out to specialists in the field to explain what the financial implications are of pursuing a second-hand vehicle.

Deals

Get 30% back when you fill up with your Absa card

Price: Available on request
When: Daily
Where: Nationwide

Get 50% back in eBucks when you apply for an FNB home loan

Price: Available on request
When: Daily
Where: Nationwide

Get 50% off your online fees when you pay with Capitec card

Price: Available on request
When: Daily
Where: Online