FNB cuts down monthly fees but promises to provide best value to customers
DURBAN - FNB continues to provide the best value to its customers through reduced monthly fees, improved potential to earn eBucks, and now offers customers free FNB Connect benefits on cheque accounts.
In addition, the Bank will make eWallet eXtra a fully-fledged bank account called Easy Zero with no monthly fees, and the change will be effective by October 2019.
Chief Executive of FNB Retail, Raj Makanjee said, "The positive changes are part of our annual pricing and rewards review for 2019/2020. The changes reflect an integrated approach to helping our customers with money management in line with their individual and family needs. We are also encouraging a savings culture by offering qualifying customers a free savings account, and family banking through our Spousal accounts as well as the free youth account which has zero fees for electronic transactions".
From 1 July, FNB customers can look forward to reduced monthly fees for Easy Pay As-You-Use (R5.75 to R4.95), Easy Account Smart Option (R65 to R59) and Gold Fusion (R155 to R109).
Free benefits for Premier, Private Clients and Private Wealth cheque account holders have been increased substantially while fees are unchanged on each of the accounts.
Private Client and Private Wealth customers will also get a free Global Account with one Signature Card, a Money Maximiser as well as a Local and Global Trader accounts. The monthly fee on the Premier Spousal account is reduced (R185 to R149) with a free FNBy (youth account) available to all FNB customers.
For the first time, FNB bank account holders will now receive free data, airtime, voice minutes and SMSes if they use FNB Connect.
Customers who hold an Easy Account (Smart Option) can get 30 voice minutes, 80MB data and 30 SMSes each month. Gold and Gold Fusion account holders can similarly get 60 voice minutes, 120MB data and 60 SMSes monthly on FNB Connect at no additional monthly cost.
The FNB Connect benefits for Easy and Gold account holders equates to the monthly fees on the respective bank accounts and this is a major cost-saving for customers. Premier, Private Clients and Private Wealth account holders will each get 60 voice minutes, 500MB data and 60 SMSes on FNB Connect. Easy Account customers can also earn R50 in FNB Connect airtime by spending R1 or more on Easy Accounts at Usave/Checkers/Shoprite.
Christoph Nieuwoudt Chief Executive of FNB Consumer says, "The combination of reduced or unchanged monthly fees, zero account monthly fees, free FNB Connect benefits and free eBucks membership shows that we are highly competitive across our transactional accounts. We believe that, currently, our bank accounts and rewards offer customers the best value in the market. More importantly, customers can be assured that we will provide them with the best bank account for their needs".
The FNB eBucks Rewards programme has been a major behavioural driver over the last 19 years, with more than R12.3 billion worth of eBucks paid out to members. In line with its annual review, the Bank is continuing to make it easier for members to earn eBucks.
Some of the headline changes to take effect from 1 July on eBucks Rewards will include:
1. No minimum eBucks required to qualify for discounts when booking flights on eBucks Travel
2. Double Up on Fuel and earn up to R8/litre back in eBucks every quarter at Engen
3. Exclusive earn categories applicable to Gold customers including up to 40 percent back in eBucks on InterCape bus rides and up to 15 percent back in eBucks on KFC purchases.
4. Up to 15 percent back in eBucks on Uber Eats orders
5. Monthly benefits with Kauai – Spend 100 percent on your FNB Credit Card or FNB Fusion Account and you can get a * R100 voucher to purchase any Kauai product of your choice
6. FNB Life Insurance Simplified and Customised policyholders can earn up to 40 percent back in eBuck
5. Earn up to 4 percent back in eBucks on the FNB Global Debit Card purchases
6. eBucks members will now be able to spend their eBucks to pay for Computicket events, experiences and tickets under the ‘eBucks Tickets’ tab on eBucks.com
Whilst FNB continues to encourage customers to use free or zero rated electronic banking channels available on its platform, the bank is also making cash withdrawals more affordable for account holders to accommodate their cash needs.
Customers who hold bundled pricing are afforded free cash withdrawals, capped in accordance with the average cash needs of each bank account.
"We pride ourselves on putting customers at the centre of our banking solutions and the changes we’ve implemented demonstrate our firm commitment to value-based banking. The changes we’re making will go a long way to building main-bank relationships with our customers," concluded Makanjee.
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