FNB has released its banking fee changes for the the 2018/19 financial year, which will come into effect on 1 July 2018.
Banking fees have been impacted by the recent VAT hike to 15%, which have translated to a 1% increase in fees across most of South Africa’s banks – though some costs have been absorbed by the banks.
For FNB customers, the VAT hike means year-on-year price changes to the bank’s pay as you transact fees are slightly higher.
For 2018/2019, notable account pricing changes include:
- FNB Easy Pay-as-you-use (PAYU) account fee increases from R5.25 to R5.75 per month.
- FNB Easy Bundle Account increases from R53 to R58 per month.
- The FNBy account for youth younger than 18 remains affordable with no monthly fees.
- The mid-level FNB Gold Account fee remains unchanged at R105 per month, with no VAT increase.
- The Premier Bundle account fee which has remained unchanged since 2014 increases from R199 to R209.
- The Private Clients Bundle Monthly Account fees which had remained unchanged since 2016 increases from R365 to R385.
According to FNB, the group’s new eWallet Xtra is a fully-fledged banking account – and with zero monthly fees, it has become the most affordable entry level bank account in the country.
This is how FNB’s prices have changed on these select transactions (Gold Account PAYT):
|FNB Gold Cheque Account||2017/18 Fees||R500 transaction in 2017/18||2018/19 Fees||R500 transaction in 2018/19||% Change from 2017/18 to 2018/19|
|Withdrawal (Other)||R8.00 + R1.85/R100||R17.25||R9.00 + R1.90/R100||R18.50||+7.2%|
|Deposit (ATM)||R0.90 per R100||R4.50||R0.95/R100||R4.75||+5.6%|
|Debit order (internal)||Free||–||Free||–||–|
|Debit order (external)||Free||–||Free||–||–|
The FNB Easy Bundle and Gold accounts offer a combination of free FNB ATM/Slimline, [email protected], cardless cash withdrawals and cash deposits to the value of R3,000 and R5,000 per month, respectively. Customers can choose any of these channels to withdraw their monthly cash requirements without paying fees until they reach the limit.
“FNB’s premium bundled accounts remain competitive and continue to provide customers with a single discounted fee for a portfolio of products which includes their Cheque Account, Credit Card, Savings account and Global Account,” said FNB Retail CEO, Raj Makanjee.
The Premier Bundled account offers a combination of free FNB ATM/Slimline, [email protected], cardless cash withdrawals and cash deposits to the value of R9,000 per month.
The Private Clients accounts allow for unlimited withdrawals across FNB ATM/Slimline, [email protected], cardless cash withdrawals and cash deposits to the value of R20,000, and clients in this segment can also avail of a new Global Debit card which has been included in their new fee.
The bank has urged customers to use digital channels whenever possible as most transactions performed on these channels are often free of charge or attract lower costs when compared to using a branch. It also noted that customers with more regular banking needs can benefit from bundled account offerings, as they offer more value and become cost effective in the longer-term.