First National Bank (FNB) says it has helped its customers to save more than R1 billion from small change over the past 14 months.
“Bank Your Change”, a free feature that can be activated with a transactional bank account, enables you to save a portion of your change every time you swipe your bank cards to make a purchase. For example, if you buy goods worth R52.50 using your cheque or debit card, the purchase amount is rounded up to the nearest R1 and the total amount (R53) is debited to your bank account. The difference of 50 cents is transferred to your savings account, which is offered alongside your transactional account at no additional cost.
You can choose the denomination to which the transaction will be rounded up; namely, to the nearest R1, R5, R10, R20 or R50.
Customers can make additional transfers into the savings account and withdraw money from it at any time, without having to give the bank notice, says Ryan Prozesky, the chief executive of value banking solutions at FNB.