First National Bank (FNB) has announced the launch of two new banking products along with its fee increases for the 2017/18 period, which come into effect on 1 July.
For the most part, the bank’s fee structures have remained unchanged, though inflation has hit some transactions, leading to an increase in some costs.
The bank has launched two new products aimed at the youth market, and premier clients looking to simplify their accounts.
FNBy is aimed at those who are under 18, and who are between the ages of 18 and 25 (school and university students).
The account will give youth access to a fully transactional account, with no monthly account fee, that can be used for daily banking and savings needs.
The monthly service fee is R10 with free access to inContact, online and cellphone banking through the FNBy account.
Also new is the FNB Premier Fusion account, which merges a Premier Cheque account, Premier Credit account and an overdraft facility into one account with one card, for a monthly charge of R199.
FNB has outlined changes to its existing accounts as follows:
The account fee for the FNB Easy Pay-as-you-use (PAYU) Account – which has remained unchanged since July 2014 now increases by 6% to R5.25 per month.
The FNB Easy Bundle Account which has remained unchanged since July 2012 now increases by 8% to R53 per month.
Additional fees for services such as inContact (FNB’s transaction notification service) via SMS at 40c per SMS, [email protected] withdrawals at R1.40 per withdrawal have also been added (from being free before). However, customers can still receive free inContact notifications via the FNB Banking App.
Customers on Easy PAYU still enjoy free card swipes, free linked account transfers and scheduled transfers, internal debit orders, free subscription to FNB’s electronic channels, free statements and balance enquiries via FNB Cellphone banking, free FNB Connect pre-paid purchases, as well as Shoprite and Checkers coupons on the FNB Banking App.
The mid-level FNB Gold Account fee which has also remained unchanged since July 2014 increases by 5% to R105 per month.
The Gold Cheque Account only comes in the bundle option above, and offers unlimited electronic transactions including prepaid purchases, account payments and transfers, debit orders and free inContact notifications.
Bundle customers are able to withdraw up to R5,000 per month free of charge via any FNB ATM, Slimline, cardless cash services as well as at tillpoint ([email protected]).
Customers also receive free cash deposits up to the value of R5,000 per month at any FNB ATM with cash deposits.
FNB continues to offer free subscriptions to eBucks rewards, when agreeing to the bank’s marketing terms.
FNB’s Premier Account fees remain unchanged at R199 per month, with customers continuing to benefit from a single discounted fee for a portfolio of products which includes their Cheque Account, Credit Card, Linked Savings Pocket and Global Account.
The bank has added the FNB Premier Fusion account, which also attracts a monthly fee of R199 per month will enable customers to manage all their transactions and maximise rewards with only one card.
The Fusion account offers a combination of a fully transactional account, overdraft facility and credit card.
FNB’s Private Clients Bundle Monthly Account fees remain unchanged at R365 per month, with customers also continuing to benefit from a single discounted fee for a portfolio of products which includes their Cheque Account, Credit Card, Linked Savings Pocket and Global Account.
Private Clients and Wealth customers on the Bundled Pricing Option will also now have access to the share trading platform for free, and also benefit from the Money Market Maximiser which offers competitive interest rates.
The full fee schedule for 2017/18 has not yet been published on the FNB website, but will be available to clients and prospective clients in the coming weeks. The new fees come into effect on 1 July 2017.