Guiding consumers since 2009

FNB’s fee free youth account

By Jessica Anne Wood

Should children be charged for banking? Is fee free banking possible? For many years, Justmoney’s sister publication Moneybags has advocated for fee free banking for children. Many children will earn pocket money which may be deposited in a bank account. But this amount then faces deductions for monthly account fees, deposit and withdrawal fees, and with some accounts, swiping fees.

While teaching children about how banking works and the importance of budgeting is vital, it is a hard reality for children to face when half their pocket money is going towards paying bank fees. Last year, Absa announced that it was doing away with its monthly account fee on its youth account offering, however, there were still bank charges for some transactions. This year, it seems that First National Bank (FNB) is also jumping on the bandwagon.

The FNBy account is an account offering for anyone under the age of 25. If you are younger than 18, you enjoy no monthly account fee, while anyone between the ages of 18 and 25 will pay R10 per month in a monthly account fee.

The fees

While there may be no monthly account fee for those under 18, you may still be paying some banking fees each month, depending on how you use your account. Paying with your card (or swiping) is free for both those under 18 and those between 18 and 25, as is a subscription to the FNB banking app and the bank’s inContact service, however, you will be accumulating banking fees when you withdraw cash or make a deposit. These fees include:

Transaction type


Cash@Till cash withdrawal


FNB ATM cash withdrawal including cardless cash and slimline withdrawals

R1.85 per R100

Cash deposit at an FNB ATM

R0.90 per R100

Cash deposit at an FNB branch

R60 + R1.90 per R100

Balance enquiries using mobile and eChannels


Balance enquiries at a branch


Monthly emailed bank statement


FNB ATM transaction list


Source: FNBy Account and FNBy Islamic Account pricing guide 1 July 2017 – 30 June 2018

These are just some of the account fees that children will face with the FNBy account. A full breakdown on the pricing structure can be found here.

To avoid paying any monthly fees, you can simply use your card for swiping and avoid any transactions that will accumulate banking fees, such as cash withdrawals and deposits. If you want to deposit money into your kid’s account, rather do an electronic transfer to avoid them paying a fee per R100 that they deposit in cash.

While it seems like some of the banks are moving in the right direction with removing monthly account fees from their youth account offering, more could be done to make these accounts more affordable for children.

With FNB joining Absa in the no-monthly fee for youth accounts offering, will other banks come on board and remove their monthly fees for their kid’s accounts?

 Handy tip: You can compare bank accounts here on Justmoney.

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