Banking

FNB delays eBucks changes for 2023

Luke Fraser

 ·1 Jun 2023

The new eBucks earn rules will come into effect in August 2023, with FNB saying that the programme will make it easier for customers to qualify and progress through the levels.

Although the bank typically implements changes for its popular rewards programme in July, it has decided to delay the changes by one month.

FNB eBucks CEO Johan Moolman said that the changes would be confirmed at the month’s end, 30 June 2023; however, the group did provide some insight into the changes.

FNB said that roughly 140,000 additional customers with FNB Easy Smart and FNB Aspire accounts would become eligible for eBucks Rewards, joining the 3 million people participating in the programme. 

The bank said that approximately 2 million Easy PAYU customers have received monthly grocery vouchers via the programme, and, starting in August, the voucher amount per qualifying customer will jump from R15 to R20.

Since its launch, FNB said that eBucks has paid out over R19.2 billion, with an average earn-to-spend ratio of 95% over a five-year period. The majority of customers spend their eBucks within 30 days, the bank said.

In the last 24 months, eBucks has paid out over R3.8 billion.

Bank fees

Moreover, R92 million worth of eBucks has been used to pay off bank fees since 2020, according to the group.

The bank also announced some changes to its banking fees, limiting the number of account fee increases due to the difficult economic environment.

“The current economic environment is characterised by high inflation and high-interest rates.”As a result, we are keeping some of our monthly account fees unchanged and limiting increases to below inflation,” Lytania Johnson, FNB Personal Segment CEO, said.

“We have refined our rewards and are expanding the value that customers receive from value-added services such as eBucks, FNB Connect, and our nav» ecosystem on the FNB App,” Sizwe Nxedlana, FNB Private Segment CEO, added.

All of the bank’s fusion products, except wealth (4.76%), saw no account fee increases, whilst the fees for Easy PayU and Easy Smart accounts saw increases of 6,06% and 4.84%, respectively.