FNB continues to provide more value and a positive customer experience as it unpacks its revised account pricing and eBucks Rewards programme changes, coming into effect on 01 July 2018.
The key highlights include eWallet eXtra officially becoming the most affordable entry level bank account with no monthly fees; eBucks Rewards’ 18-year R10 billion milestone rewards pay-out to its members; the mid-level FNB Gold Account fee remains unchanged at R105 per month; and the inclusion of the recent 15% Vat fee hike, which the bank has absorbed for all Retail customers from 01 April to 30 June 2018.
Raj Makanjee, FNB Retail CEO, says “The bank continues to build a stronger value proposition for its customers through a range of competitive products and services that are tailored for the holistic needs of customers, offer meaningful rewards and the best value possible. Furthermore, our digital migration strategy continues to pay off as more customers benefit from the convenience, rewards and cost savings benefits of using these platforms.”
Over the 12 months, cash deposits and withdrawals at branch have decreased by 55% and 28% on average respectively, for our Easy and Gold customers.
Easy and Gold customer’s [email protected] withdrawals and ADT statements collections increased by 5% and 73% on average respectively, while cash deposits at ATM/ADTs increased by 11% for Gold customers.
2018/2019 eBucks Rewards headline changes include:
- The amount of points required has been reduced per reward level for Premier, Private Clients, Private Wealth and RMB Private bank accounts which makes it easier for members to move up reward levels, earning them more eBucks and larger discounts.
- eBucks members can now earn up to R4 back in eBucks on every litre of fuel they buy at Engen petrol stations. Members should however note, that fuel earn is now exclusive to Engen and they will no longer earn fuel rewards for fuel purchased at other fuel stations.
- Qualifying FNB Easy Account customers will earn R15 back in airtime across all networks if they spend on their Easy Debit Card at Checkers & Shoprite in a month (Bundled Pricing Option).
- Gold Account members now earn eBucks on all cheque card purchases.
- FNB Offers has been added to the programme to instantly reward customers for reaching banking milestones relevant to their banking profile which now adds to the surprise and delight factor.
2018/2019 account pricing changes include:
- FNB Easy Pay-as-you-use (PAYU) account fee increases from R5.25 to R5.75 per month.
- FNB Easy Bundle Account increases from R53 to R58 per month.
- The FNBy account for youth younger than 18 remains affordable with no monthly fees.
- The mid-level FNB Gold Account fee remains unchanged at R105 per month, with no VAT increase.
- The Premier Bundle account fee which has remained unchanged since 2014 increases from R199 to R209.
- The Private Clients Bundle Monthly Account fees which had remained unchanged since 2016 increases from R365 to R385.
The FNB Easy Bundle and Gold accounts offer a combination of free FNB ATM/Slimline, [email protected], cardless cash withdrawals and cash deposits to the value of R3000 and R5000 per month, respectively. Customers can choose any of these channels to withdraw their monthly cash requirements without paying fees until they reach the limit.
“FNB’s premium bundled accounts remain competitive and continue to provide customers with a single discounted fee for a portfolio of products which includes their Cheque Account, Credit Card, Savings account and Global Account,” says Makanjee.
The Premier Bundled account offers a combination of free FNB ATM/Slimline, [email protected], cardless cash withdrawals and cash deposits to the value of R9 000 per month. The Private Clients accounts allow for unlimited withdrawals across FNB ATM/Slimline, [email protected], cardless cash withdrawals and cash deposits to the value of R20 000, and clients in this segment can also avail of a new Global Debit card which has been included in their new fee.
Makanjee urges customers to use digital channels whenever possible as most transactions performed on these channels are often free of charge or attract lower costs when compared to using a branch. Moreover, customers with more regular banking needs can benefit from bundled account offerings as they offer more value and become cost effective in the longer-term.
Customers are encouraged to carefully review their banking needs to get maximum value and savings on bank charges by migrating to a pricing option that best suits their needs.