Here are all your new FNB banking fees for 2020

FNB has published its new pricing schedules for the 2020/2021 financial year, highlighting customer costs to bank with the group over the next 12 months.

The bank has made a number of changes to its fee structure for the year, largely to the benefit of of customers, with a price freeze on monthly accounts, and even a reduction in its mid-market account fees.

There will be zero increases on monthly account fees for Easy, Gold, Premier, Private Clients, Private Wealth and RMB Private Bank, it said. The 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.

The changes come into effect from 1 July 2020.

However, amid the freezes and reductions, fees have also been increased across accounts, particularly withdrawal fees and deposit fees.

This will be felt more prominently on the group’s ‘entry-level’ Easy account, where the withdrawal costs has increased 33% from R6 per R1,000 withdrawn to R8 per R1,000.

This fee is applicable only to the first R1,500 for the month (down from R2,000 per month), and is thereafter relegated to the standard R2 per R100 structure used in mid-level accounts.

A similar trend was followed with the mid-market Gold account. The bundled account gives customers a monthly limit on special transaction pricing (free withdrawals, deposits, etc) before moving to a pay-as-you-use model.

In 2019, this limit was reduced from R5,000 to R4,000 for withdrawals – and now in 2020, this has been reduced to R3,000. The limit on deposits remains R3,000.

The full pricing brochures for FNB’s accounts be found here:

• FNB Easy
• FNB Gold
• FNB Premier
• FNB Private Clients
• FNB Wealth

A breakdown of select fees is below.

FNB Easy Account

FNB Gold

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