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File Image: IOL

If you own an FNB youth account you can make free cash deposits but there is a catch

By Supplied Time of article published Dec 23, 2020

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FNB’s youth account (FNBy) for under 18s continues to set benchmarks by helping the youth with their day-to-day banking and savings at attractive interest rates, coupled with great benefits such as no monthly account fees, free digital banking, free electronic inContact messages and industry-leading ease of use via a trusted digital platform.

The Bank is significantly expanding the value of its FNBy account by zero rating cash deposit fees as of 21 December 2020, capped at R500 per month to help the youth to manage their cash needs.

In addition, FNB will reverse those in-branch cash deposit fees that were charged on its FNBy account since July 2020. The reversal will take place by end of January 2021.

FNB Chief Executive, Jacques Celliers says, “We would like to extend our gratitude to the parent who over the weekend brought up the question of coin deposit fees on our youth account via social media. We commend parents who take a keen interest in instilling basic money management and savings discipline in children. Broadly, our decision to remove fees associated with small cash deposits on this account is a significant step in our efforts to help this generation of customers to start learning about managing their money and saving at an early age.

We acknowledge that fees can be a barrier in helping us and our customers in achieving this objective, hence we have decided to scrap cash deposit fees for FNBy account holders to enable them to enjoy a much-improved banking experience. While the youth account is designed to be used for free digitally, we realise that these younger customers do have infrequent needs to deposit small amounts of physical cash and/or coins. This latest pricing concession promises to stimulate more regular deposits through any of our channels,” adds Celliers.

The FNBy Account is opened and linked to a parent or guardian’s account thus allowing the parent or guardian to be in full control when assisting their children with their money management journey. In addition, FNBy Savings Account customers benefit from a preferential, top tier interest rate, from R100, to help them understand the concept of savings, and how interest can help make their money go further.

Parents or guardians have the ability to set up a profile for the child to gain access to the FNB App, where the child is able manage and view their accounts as well as use all of FNB’s innovative features. This allows the child to also gain confidence in utilising these digital channels while managing their money safely and conveniently in the palm of their hands, and in the comfort of their homes.

The FNBy account includes the following benefits:

  • No monthly account fee or minimum balance requirement
  • Up to 1GB back in data on FNB Connect airtime, voice, data purchases
  • Personalised FNBy Contactless Card delivered to you
  • Unlimited free card swipes and enabled to shop securely online
  • The ability to manage your money with the FNB App
  • Free dual inContact notification messages sent to both the child and parent or guardian
  • The option to re-direct fees to a parent or guardian’s FNB account

Families banking with FNB enjoy rewards of up to 40% back in eBucks on Netflix and Spotify subscriptions; up to 40% back on domestic and local flights booked on eBucks Travel; access for the family at SLOW Lounges as well as the opportunity for the parent or guardian to collect 1000 reward level points monthly if the balance in the youth account grows by R300.

PERSONAL FINANCE

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