FNB has announced that it will cut prices across a number of its consumer banking accounts from 1 July 2019.
The bank said it aims to offer more value and simplicity to customers when it comes to its banking fees, and it has changed its pricing to reflect this.
FNB also altered its fee structure slightly to facilitate the migration from cash transactions to electronic transfers and cashless payments.
The company said it has seen impressive adoption of its mobile banking app and digital channels, and it has positioned its lower-end account fees to incentivise the use of its online and smartphone-based platforms.
Best-priced bank account in South Africa
FNB said the majority of its eWallet customers – its best-priced account – bank through digital channels, and it is looking to expand its eWallet eXtra account going forward.
This product is focused around simplicity, accessibility, value, and convenience, the bank said, adding that it believes it to be the “most well-priced bank account in South Africa”.
The eWallet eXtra account now includes free prepaid airtime purchases and Automated Deposit Terminal (ADT) deposits, as well as a flat R1.00 fee for electronic transfers.
FNB told MyBroadband it plans to rebrand this account as Easy Zero later in 2019 and launch a physical card for customers.
The fees and product offering will remain the same, but the Easy Zero product will become a full bank account offering with a debit card included.
FNB will also reduce the fees for its Easy PAYU, Easy Smart, and Gold Fusion accounts.
The fee changes for these specific accounts will take effect from 1 July 2019 and are detailed below.
It must also be noted that other offerings have seen small adjustments, with the monthly fee for FNBy Next and Gold Unlimited increasing to R12 and R109 respectively, while the Gold Encore and Premier Select packages will now be priced at R35 and R45.
eWallet eXtra
Easy PAYU
Easy Smart
Gold Fusion
Source: MyBroadband
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