FNB has launched a new investment account with no monthly account fees, called Shares Zero, hoping to address the growing interest in local and international equity market investment.
The bank said account holders will pay zero monthly account fees and zero brokerage fees when buying any FNB or Ashburton exchange-traded products.
It will also offer education to guide new investors with ongoing access to real-time trading tips, market and share insights and expert opinions and guidance.
The Shares Zero account will work alongside FNB’s exchange-traded notes (ETNs) programme.
These are global investment vehicles that allow South Africans to invest in many of the largest, and best-performing companies in the world, including the likes of Microsoft, Netflix, Apple, Tesla, and Coca Cola.
A Shares Zero account lets customers invest in a range of Ashburton exchange-traded funds (ETFs) at no cost, including the Ashburton Global 1200 ETF that tracks the performance of the 1,200 largest companies in the world.
Having an FNB Shares Zero account also allows customers to invest directly in the companies represented on the JSE ALSI Top 40 index. These Top 40 investments are charged a brokerage fee of 0.25% of the transaction value, the bank said.
“FNB Shares Zero has come at precisely the right time for South Africans, many of whom have been wanting to invest in global stock markets but have been excluded by high brokerage fees and financial constraints,” said Sizwe Nxedlana, chief executive of FNB Wealth and Investments and Ashburton.