First touching on the changes to accounts, there will be a few price changes for monthly account fees. FNB Easy, Gold, Premier, Private Clients, Private Wealth and RMB Private Bank clients will not experience an increase in their monthly account fees. For Gold Fusion clients, their monthly fee will be reduced from R109 to R89. Customers will also be able to have up to 30 days interest-free on their credit card payments.
Fusion Gold customers, as well as Fusion Premier customers, who are holding personal loans with FNB will be able to experience free banking by “maximising new rebates on offer”.
FNB Retail CEO, Raj Makanjee says: “We are cognizant that customers are facing financial pressure, therefore unchanged monthly account fees and several free transactions will provide relief to many…”
“The financial impact of COVID-19 has also highlighted some gaps in the way some customers manage their money so we will be giving customers even more value to improve their banking behaviour.” Makanjee also said that the “The work we have done over the years allows us to extend the benefits of unchanged fees and enhance rewards to help customers make their money go even further in this uncertain time,”, says Makanjee.
The bank has also relayed that their eBuck program has proven very successful with clients earning an excess of R 2.4 Billion in eBucks over the past year.
Now, on to the fun part: the list of coming changes for earning eBucks, as quoted from our source:
“To help with maximising on rewards during this uncertain time, eBucks level 1 will start at zero points and customers will get new once-off booster points to help them move up reward levels quicker within a month.”
“Customers could earn up to 40% back in eBucks on Netflix and Spotify monthly subscriptions when they use family banking or qualifying spousal accounts.”
“Customers could earn additional eBucks through Smart Spend on their qualifying FNB and RMB Private Bank cards or when using FNB Pay.”
“Customers who hold FNB investment accounts could bank for free by earning up to 100% of their monthly Fusion or Cheque account fees back in eBucks, depending on their reward level and minimum balance.”
“Customers who take up an FNB Connect SIM after 1 July 2020 will get up to 1GB, 30 voice minutes and 30 SMSs for the first 3 months, thereafter, the free FNB Connect allocation will depend on their eBucks Reward level.”
Clients will also be able to move up a level when using their cards on streaming services such as Netflix and Spotify. This basically means that if you use your eBucks-registered bank card to pay for your subscriptions, you can earn points too.
Raj Maknjee also stated that “We pride ourselves on putting customers at the centre of our banking solutions and the changes we are implementing demonstrate our commitment to value-based banking, especially during these tough economic times,”
“Our solutions also allow customers to get even more value from banking or managing their money as a family. Overall, the changes we’re making will go a long way to building main-bank relationships with our customers.”
More good news, for all individual customers, is that cash withdrawals from till points (checkout station at shops) will be free as of 1 July 2020.
FNB has also stated that “Private Clients, Private Wealth, and RMB Private Bank account holders, and Easy Smart customers will now also benefit from two free send money (eWallet) transactions per month via the FNB App and FNB.mobi,”
“Airtime and data purchases via the FNB App, Online and FNB.mobi will be free for all individual customers.”
As someone who shares the frustration of many folks, nationwide, over the financial impact of this COVID19 pandemic; I find this to be a satisfying aid. Every penny counts.