FNB continues to deliver on its promise to offer customers better banking value and convenience through the launch of its ‘FNBy’ youth offering and ‘FNB Fusion’ Premier Account which combines a transactional account and credit facility with a linked credit card.
These new offerings come into effect on 1 July 2017 simultaneously with the bank’s annual account pricing changes.
CEO of FNB Premium and Business Core Banking, Yashen Singh, says “Our latest packages provide simplicity, convenience and increased value for money while encouraging the use of our efficient electronic and digital banking platforms that help customers take full control of their accounts and earn eBucks rewards. The new offerings and current fee structures are consistent with the unique and ever changing needs of our customers.”
Younger customers below the age of 18 now have access to a fully transactional account, with no monthly fee, that can be used for their daily banking and savings needs. Youngsters from the ages of 18 to 25 years will pay R10 per month with free access to inContact, online and cellphone banking through the FNBy account.
FNB Fusion Premier which attracts a monthly fee of R199 per month will enable customers to manage all their transactions and maximise rewards with only one card, which combines the best of what a fully transactional account, overdraft facility and credit card can offer. FNB Fusion not only offers convenience, but peace of mind when it comes to managing a bank account. For example, customers will be able to use their salaries or incomes to repay the outstanding balance on their accounts, thereby avoiding the risk of revolving their credit card balances.
FNB’s Premier and Private Clients Bundle Monthly Account fees remain unchanged at R199 and R365 respectively, with customers continuing to benefit from a single discounted fee for a portfolio of products which includes their Cheque Account, Credit Card, Linked Savings Pocket and Global Account.
Private Clients and Wealth customers on the Bundled Pricing Option will have access to the share trading platform and also benefit from the Money Market Maximiser which offers competitive interest rates.
“In reviewing our customer’s needs, we have set out to create enhanced banking accounts across a range of fee structures from the entry Easy accounts to our Gold Cheque Account. We are further encouraging customers to select banking accounts that offer them the best value and range of services for their needs,” says Ryan Prozesky, CEO of FNB Value Banking Solutions.
The account fee for the FNB Easy Pay-as-you-use (PAYU) Account which has remained unchanged since July 2014 now increases by 6% to R5.25 per month, the FNB Easy Bundle Account which has remained unchanged since July 2012 now increases by 8% to R53 per month, while the mid-level FNB Gold Account fee which has also remained unchanged since July 2014 increases by 5% to R105 per month.
“Retail banking has become increasingly competitive and when reviewing our competitors in detail, we see that a race to the lowest price-point ends up costing the consumer more as many additional services are required,” adds Prozesky.
FNB’s entry level Easy PAYU (Pay As You Use) account will have additional fees for services such as inContact (FNB’s transaction notification service) via SMS at 40c per SMS, Cash@Till (cash withdrawn at till-point) at R1.40. However, customers can still receive free inContact notifications via the FNB Banking App.
Customers on Easy PAYU still enjoy free card swipes, free linked account transfers and scheduled transfers, internal debit orders, free subscription to FNB’s electronic channels, free statements and balance enquiries via FNB Cellphone banking, free FNB Connect pre-paid purchases, as well as Shoprite and Checkers coupons on the FNB Banking App. Customers with modest transaction requirements will continue to find that FNB’s PAYU at R5.25 per month offers a cost efficient way to bank and gain access to FNB’s banking infrastructure.
The Easy Bundle account at R53 per month now offers a combination of free FNB ATM/Slimline, Cash@Till and cardless cash withdrawals to the value of R3000 per month, which would have cost over R55 on Easy PAYU. This means customers can choose any of these channels to withdraw their monthly cash requirements without paying fees up to the free limit of R3000 monthly.
“Many of our customers understand their cash needs as opposed to requiring a fixed number of ATM transactions per month. Moreover, money is safer in their bank accounts and can be accessed at their convenience, instead of the risk of withdrawing and carrying larger amounts once per week,” adds Prozesky.
Customers on the Easy Bundle also receive free cash deposits up to the value of R3000 per month at any FNB ATM with cash deposits, which would have cost R27 on Easy PAYU. 10 free electronic transactions including debit orders, account payments and transfers are included in the monthly fee along with free inContact notifications.
For many customers the additional value offered by the Easy Bundle account makes this a lower cost and higher value bank account than a PAYU account where additional services are charged per transaction.
“Our Gold Cheque Account offers a broad range of inclusive services and exceeds the features offered by many of our competitors. The Gold Cheque Account offers unlimited electronic transactions including prepaid purchases, account payments and transfers, debit orders and free inContact notifications. Customers are able to withdraw up to R5000 per month free of charge via any FNB ATM, Slimline, cardless cash services as well as at tillpoint (Cash@Till). Customers also receive free cash deposits up to the value of R5000 per month at any FNB ATM with cash deposits. FNB continues to offer free subscriptions to eBucks rewards, FNB’s leading rewards programme.
