FNB has announced that monthly account fees on bank accounts for individuals will be unchanged or reduced while new eBucks Rewards earn rules will come into effect from 1 July 2020.
The group announced that most of the account changes are to provide relief to customers who have been hit by the coronavirus pandemic in South Africa, while the new earning rules for eBucks will make it easier for customers to earn rewards.
From 1 July, FNB customers can expect the following changes in 2020:
Monthly account fees
- Zero increases on monthly account fees for Easy, Gold, Premier, Private Clients, Private Wealth and RMB Private Bank;
- Gold Fusion monthly account fee will be reduced from R109 to R89 and customers will get up to 30 days interest free on credit card purchases;
- Fusion Gold customers holding a Personal Loan and Fusion Premier customers holding a Personal Loan and a Revolving Facility can bank for free by maximising new rebates on offer.
Cash withdrawals, Send Money and Pre-paid purchases
- [email protected] withdrawals will be free for all individual customers;
- In addition to Gold, Premier; Private Clients, Private Wealth and RMB Private Bank account holders, Easy Smart customers will now also benefit from 2 free send money (eWallet) transactions per month via the FNB App and FNB.mobi;
- Airtime and data purchases via the FNB App, Online and FNB.mobi will be free for all individual customers.
eBucks earn rule changes
- eBucks level 1 will now start at zero points and customers will get new once-off booster points to help them move up reward levels quicker within a month;
- Customers could earn up to 40% back in eBucks on Netflix and Spotify monthly subscriptions when they use family banking or qualifying spousal accounts;
- Customers could earn additional eBucks through Smart Spend on their qualifying FNB and RMB Private Bank cards or when using FNB Pay;
- Customers who hold FNB investment accounts could bank for free by earning up to 100% of their monthly Fusion or Cheque account fees back in eBucks, depending on their reward level and minimum balance;
- Customers who take up an FNB Connect SIM after 1 July 2020 will get up to 1GB, 30 voice minutes and 30 SMS for the first 3 months, thereafter, the free FNB Connect allocation will depend on their eBucks Reward level.
The group said that in the last 12 months, its customers earned in excess of R2.4 billion in eBucks.
The Bank illustrated the behavioural impact of eBucks Rewards by revealing that the majority (56%) of its customers are now spending 100% of their pharmacy spend at Clicks since the retailer became an eBucks partner in April 2020.
Previously this behaviour was prevalent among only 27% of customers.
CEO of FNB Retail, Raj Makanjee says, “We are cognisant that customers are facing financial pressure, therefore unchanged monthly account fees and several free transactions will provide relief to many.
“The financial impact of Covid-19 has also highlighted some gaps in the way some customers manage their money so we will be giving customers even more value to improve their banking behaviour.”