FNB’s Response To Price War

"We believe that, currently, our bank accounts and rewards offer customers the best value in the market. More importantly, customers can be assured that we will provide them with the best bank account for their needs.”

From 1 July, FNB customers can look forward to reduced monthly fees for Easy Pay As-You-Use (R5.75 to R4.95), Easy Account Smart Option (R65 to R59) and Gold Fusion (R155 to R109).

The bank is also offering free benefits for Premier, Private Clients and Private Wealth cheque account holders, while fees are unchanged on each of the accounts.

Private Client and Private Wealth customers will also get a free Global Account with one Signature Card, a Money Maximiser as well as a Local and Global Trader accounts.

The monthly fee on the Premier Spousal account is reduced (R185 to R149) with a free FNBy (youth account) available to all FNB customers.

For the first time, FNB bank account holders will now receive free data, airtime, voice minutes and SMSes if they use FNB Connect.

Customers who hold an Easy Account (Smart Option) can get 30 voice minutes, 80MB data and 30 SMSes each month. Gold and Gold Fusion account holders can similarly get 60 voice minutes, 120MB data and 60 SMSes monthly on FNB Connect at no additional monthly cost.

The FNB Connect benefits for Easy and Gold account holders equates to the monthly fees on the respective bank accounts and this is a major cost-saving for customers. Premier, Private Clients and Private Wealth account holders will each get 60 voice minutes, 500MB data and 60 SMSes on FNB Connect. Easy Account customers can also earn R50 in FNB Connect airtime by spending R1 or more on Easy Accounts at Usave/Checkers/Shoprite.

Christoph Nieuwoudt, the CEO of FNB Consumer says the combination of reduced or unchanged monthly fees, zero account monthly fees, free FNB Connect benefits and free eBucks membership shows that FNB is highly competitive across its transactional accounts.

“We believe that, currently, our bank accounts and rewards offer customers the best value in the market. More importantly, customers can be assured that we will provide them with the best bank account for their needs.”

FNB’s eBucks Rewards programme has been a major behavioural driver over the last 19 years, with more than R12.3 billion worth of eBucks paid out to members. In line with its annual review, the Bank is continuing to make it easier for members to earn eBucks.

Some of the headline changes to take effect from 1 July on eBucks Rewards will include:

  • No minimum eBucks required to qualify for discounts when booking flights on eBucks Travel
  • Double Up on Fuel and earn up to R8/litre back in eBucks every quarter at Engen
  • Exclusive earn categories applicable to Gold customers:
    • Up to 40% back in eBucks on InterCape bus rides
    • Up to 15% back in eBucks on KFC purchases
  • Up to 15% back in eBucks on Uber Eats orders
  • Monthly benefits with Kauai – Spend 100% on your FNB Credit Card or FNB Fusion Account and you can get a *R100 voucher to purchase any Kauai product of your choice
  • FNB Life Insurance Simplified and Customised policyholders can earn up to 40% back in eBucks
  • Earn up to 4% back in eBucks on the FNB Global Debit Card purchases
  • eBucks members will now be able to spend their eBucks to pay for Computicket events, experiences and tickets under the ‘eBucks Tickets’ tab on eBucks.com

Whilst FNB continues to encourage customers to use free or zero rated electronic banking channels available on its platform, the bank is also making cash withdrawals more affordable for account holders to accommodate their cash needs. Customers who hold bundled pricing are afforded free cash withdrawals, capped in accordance with the average cash needs of each bank account.

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