Over R2.6 billion in savings were accumulated by customers through the Bank Your Change® feature linked to their FNB Savings Account in 2023
FNB has announced the launch of a new savings feature which allows Easy PAYU (Pay-As-You-Use) and Easy Smart customers to earn 5.4% interest on their transactional accounts, provided they keep a positive balance. To give more value to customers, FNB has included an interest redirect tool to automatically transfer all the interest earned on the account monthly into an FNB Savings account that is free and forms part of the overall Easy PAYU and Easy Smart value proposition.
Once the funds are in the customer’s Savings Account, they can unlock a higher interest rate of 7.05% and up to 7.80%. This is an added benefit of giving them a head start to their savings journey. This also compliments the existing Bank Your Change® saving tool.
Christelle Pretorius, CEO of Personal Core Banking at FNB, says, “Being able to develop solutions that add value to our customers and can help solve for some of the critical problems that they face, such as adopting a savings culture, is at the centre of our innovations. With this tool, there is no additional charge to Easy PAYU and Easy Smart customers in order to benefit and earn 5.4% in interest from the positive bank balance in their transactional accounts. It is simply our way of giving our customers more value by rewarding and helping them make their everyday banking more fulfilling and easier. Furthermore, we have strategically aimed to offer the highest interest rate in the market for this benefit whilst affording our customers the opportunity to save effortlessly and get access to cash reserves in case of emergencies or unforeseen expenses.”
Himal Parbhoo, CEO of FNB Retail Cash Investments, adds that “Our passion to give more to customers motivated us to activate both the interest redirect and Bank Your Change® features as part of automating their savings and empowering South Africans build a strong muscle to save consistently while earning more on interest. In the past year, over R2.6 billion in savings were accumulated by customers through the Bank Your Change® feature linked to their FNB Savings Account. Our customers continue to prove that every Rand counts when it comes to building a savings culture despite the prevailing economic conditions that have put huge pressure on household incomes. The success we continue to see with this automated approach to saving demonstrates that a ‘little goes a long way’ in helping many customers adopt positive money habits. This is a key focus for the bank as we continue to help customers with advice-led solutions to assist them unlock savings potential in their day-to-day financial activities.”
According to the Solidarity Bank Charges Report 2024, FNB’s Easy PAYU and Aspire bank accounts offer the best value for money to customers in South Africa. This is the third consecutive year that FNB has been recognised by the Institute for the work done to make their accounts affordable to customers. In the report, Solidarity notes that for consumers with basic banking needs, FNB’s Easy PAYU account again took the honours this year for both the 12 and 17 transactions basket. The most significant factor distinguishing this account from the others is the number of free transactions included in the monthly fee of R5.25. This is the only account in this category where airtime purchases are free. Cash withdrawals at shop counters are also free at FNB.
“We remain committed to providing affordable and accessible market-leading value solutions that seamlessly integrate customer-centric advice for our customers. In addition, an automated savings solution such as Bank Your Change® is proving to be one of the instruments that could help consumers, irrespective of how much income they make. Whether customers are looking for a bank account for everyday use or more comprehensive services to save and invest with a range of innovative features and benefits, FNB has an option that will suit their day-to-day financial and lifestyle needs,” concludes Pretorius.
DID YOU KNOW?
Overview of how the new feature for Easy PAYU and Easy Smart works:
- Interest is calculated daily on a positive balance (up to R7000) and interest earned is paid out monthly.
- Should customers have a linked FNB Savings Account, the monthly interest earned on their Easy PAYU or Easy Smart account will be transferred into the FNB Savings Account monthly.
- The interest rate earned is a variable interest rate which is linked to the repurchase rate (this will change as the Repo rate changes)
- To qualify for interest, your FNB Easy PAYU or Easy Smart account must be active and in good standing.
INFO SUPPLIED.
