Half a million more FNB customers will qualify for eBucks from July 1
FNB is doubling its efforts to help customers with their transactional, lending, savings, investments, insurance and lifestyle needs beyond banking
FNB’s annual earn rules and account pricing will take effect from July 1 2022 and customers will be happy to know they will benefit from the bank’s revised value-based financial and lifestyle solutions.
An additional 525,000 customers will be eligible to earn eBucks while monthly account fees for FNB Easy Zero and FNB Easy Pay-As-You-Use customers remain unchanged. The average increase on bundled accounts is below inflation.
“With a focus on integrated advice, FNB is doubling its efforts to help customers with their transactional, lending, savings, investments, insurance and lifestyle needs beyond banking. Through spousal, seniors and youth value propositions, the bank not only adds value to individual customers, but to the whole family,” says Raj Makanjee, CEO of FNB Retail.
“FNB is also maximising the impact of eBucks by allowing more customers to benefit from the approximately R2bn worth of rewards paid out each year.”
More than 2-million customers benefit from the eBucks, with roughly 25% of entry and middle-income customers earning more than 50% of their bank fees back in eBucks. From July, app transactions required from FNB Aspire customers will be reduced from three to one a month. FNB Easy PAYU and FNB Easy Smart Option customers will qualify for eBucks by simply using Cash@Till®, which is free. Sufficient deposits and digital usage are no longer required in private banking.
Monthly account fees
There's still no monthly account fee for FNB’s Easy Zero account, while FNB Easy PAYU will remain unchanged at R4.95. Customers with these accounts will continue to buy data and airtime on FNB digital platforms without incurring any fees and their InContact notifications are free. The monthly account fee for FNB Easy Smart Option has been revised by R3, from R59 to R62, with unlimited electronic transactions.
The FNB Aspire Fusion monthly account fee remains at R99, while the monthly account fee for the Aspire bundle has been revised from R99 to R105. Customers can switch to Aspire Fusion to avoid the monthly fee increase with better rewards. The Aspire value proposition has been recognised in the independent solidarity survey for providing the best value for middle-income consumers and their families.
These solutions will enable customers to get more out of managing their money, especially as a family
As part of FNB's focus on providing more value to customers who bank as a family, the Aspire family banking value proposition includes a 50% discount on a spousal monthly account fee. The family banking proposition extends to seniors and youth, who also get zero monthly fee account options.
FNB has implemented below-inflation monthly account fee increases for premier, private clients, private wealth and RMB Private Bank. The bank has introduced private advisers to help customers with integrated advice to effectively unlock financial capacity across transactions, lend, insure, savings and investments. Customers in private banking continue to enjoy market-leading benefits, including free local and global securities accounts, a global account and money maximiser account.
Payments and cash withdrawals
FNB has reduced the fee for international purchases from 2.75% to 2% per transaction, which is significantly lower than most competitors. This reduction will help customers save money on fees for international services such as video and music streaming services, online shopping, and e-hailing fares.
FNB Easy customers will now get one free eWallet send a month, while accounts from Aspire to Private Wealth get two free eWallet sends a month as part of a suite of real-time payment solutions. Transfers between FNB accounts are also free via digital channels. Retail customers can still get Cash@Till® for free at Shoprite, Checkers, Pick n Pay, and select Spar, Boxer and Usave stores. Cash@Till® represents more than 18% of overall cash withdrawal volumes.
FNB also maintains its market leading R7 per 1,000 for withdrawals at about 5,000 FNB ATMs nationwide. FNB customers will now only pay 50% of the FNB ATM cash withdrawal fee when they withdraw through cardless functionality on the FNB app.
“The changes implemented demonstrate FNB’s commitment to value-based financial and lifestyle solutions, especially in these difficult economic times. These solutions will enable customers to get more out of managing their money, especially as a family. FNB looks forward to seeing more customers use the lifestyle solutions across eBucks, FNB Connect, and nav>> to optimise their fuel spend, manage budgets, telco and smart device spend.”
This article was paid for by FNB.