FNB Shares Zero

M

mogiletsiZA

Well-Known Member
Joined
Feb 14, 2017
Messages
101
Reaction score
15
Anybody tried or considering the new FNB Shares Zero account, which offers a no fees to invest in various FNB ETF & ETNs

www.fnb.co.za

Shares Zero

Now more of your money can go towards your investment, and less to fees.
www.fnb.co.za

looks interesting if you already bank with them...
 
Yeah, if I didn’t have anything already I would have gone with it. But they’re late to the party, I'm already in with EasyEquities and Satrix.
 
So, disregard my previous comment: I tested it out with R1k. It took more than 24 hours for a transfer to clear from my FNB transaction account.

Here's the fees. The ASHEQF purchase hasn't cleared yet.

120C094C-3F56-4228-9657-D15190361150.jpeg
 
If the product works I would rather transfer my portfolio to FNB then easy equities. I have been interested in this product but the details on their page are minimal and they are not responding to my email other then sending me a link back to the marketing page and then ignoring the follow up email.
  • Can you use it as a TFSA
  • Is there anyway to get the full fee schedule/terms and conditions. I want to ensure that there are no hidden fees. e.g their share builder account says monthly fee of R45, but they neglect to mention unless reading the fine print (which I cannot find for Share Zero) that there is a custodian fee making the product illogical.
  • They mention that the Ashburton and FNB etfs have no brokerage and 0.25% for top 40 shares. What is the brokerage for any other etf and can you purchase any etf that trades on the JSE or is it limited to top 40 shares and FNB and Ashburton products
  • In your quote above it says price best. Which I assume is a market order, which should clear instantly. Do they not have limit orders and is it just a market order which is executed at specific times/dates?

Lukcydog said:
I've not heard 1 good thing from people working on this project
Click to expand...
Anything that we should be concerned about? Or is more to do with working conditions/ teething issues.
 
  • Like
Reactions: 3WA
Hoku said:
If the product works I would rather transfer my portfolio to FNB then easy equities. I have been interested in this product but the details on their page are minimal and they are not responding to my email other then sending me a link back to the marketing page and then ignoring the follow up email.
  • Can you use it as a TFSA
  • Is there anyway to get the full fee schedule/terms and conditions. I want to ensure that there are no hidden fees. e.g their share builder account says monthly fee of R45, but they neglect to mention unless reading the fine print (which I cannot find for Share Zero) that there is a custodian fee making the product illogical.
  • They mention that the Ashburton and FNB etfs have no brokerage and 0.25% for top 40 shares. What is the brokerage for any other etf and can you purchase any etf that trades on the JSE or is it limited to top 40 shares and FNB and Ashburton products
  • In your quote above it says price best. Which I assume is a market order, which should clear instantly. Do they not have limit orders and is it just a market order which is executed at specific times/dates?


Anything that we should be concerned about? Or is more to do with working conditions/ teething issues.
Click to expand...
Can't use it as a TFSA.

Start the application process and I think they’ll link you to the Ts & Cs. I confess to not having read them entirely :D

You can buy other JSE-listed stuff - not sure if it’s a full list, but any share or ETF I could think of was there.
Brokerage is 0.25%

AA40B6EA-6212-48E7-84A0-2B84E709DD60.jpeg

They have limit orders

42FCF65E-B8F9-4085-8569-07535EB2AD75.jpeg
 
Thanks, fees seem decent. The lack of a TFSA is a downside though the 0.57% Annual fee on their Tax Free Share Account is higher then I would like. Ideally would not want both accounts at the same place.
 
Hoku said:
Anything that we should be concerned about? Or is more to do with working conditions/ teething issues.
Click to expand...
Working conditions, multiple people have resigned in the last months. You can imagine, if your tech people who are responsible for the implementation leave, all that know-how walks out the door (pun intended)
 
Last edited:
  • Like
Reactions: 3WA
Definitely an undercooked product. I paid R9 in fees after investing my R1k, but my balance on the “Accounts” tab still shows as R1k. Daily movements in the price of my ETF don’t seem to be reflected.
 
Lukcydog said:
I've not heard 1 good thing from people working on this project
Click to expand...

Okay, you were right.

Product implementation on the app is very bad. Sometimes my cash balance shows up under “My Investments” and sometimes the app doesn't show the account at all. Spread on ETF purchases much worse than EasyEquities so market orders aren’t a great idea.
 
3WA said:
Okay, you were right.

Product implementation on the app is very bad. Sometimes my cash balance shows up under “My Investments” and sometimes the app doesn't show the account at all. Spread on ETF purchases much worse than EasyEquities so market orders aren’t a great idea.
Click to expand...
Skilled people are leaving in droves because it seems all the managers drink the same cool-aid as the CEO... Commitments were made and teams "WILL DELIVER" no matter what (even if its garbage).
 
  • Like
Reactions: 3WA
ConfusedGoat said:
Thanks, fees seem decent. The lack of a TFSA is a downside though the 0.57% Annual fee on their Tax Free Share Account is higher then I would like. Ideally would not want both accounts at the same place.
Click to expand...
The TFSA no longer has any monthly / annual fees attached. Unless you talking about the ETF internal management costs.

I currently have a TFSA and Global Share Saver with FNB, what exactly is the downside to transferring my global share save to this new Shares Zero platform? From what I can see I'd be saving on my monthly fees and brokerage fees. What am I missing here or did this basically supercede Share Builder and Share Saver?
 
Garson007 said:
The TFSA no longer has any monthly / annual fees attached. Unless you talking about the ETF internal management costs.
Click to expand...

I was referring to the fees on this page: https://www.fnb.co.za/share-investing/taxFreeSharesAccount.html
Scroll to the very bottom then on the right it says "Pricing+Fees". Any product which hide their fees is normally a bad sign. However that Modal also contradicts itself at the bottom is says 0.5% higher up it says it 0.4-0.57%.
Also I have no idea what it is buying as they say they choose for you, is it a lowest cost ETF available or one with a high TER?

Are you using a different TFSA with them. Other then a unit trust and a cash one I could not find another option.

Overall the lack of information on their website combined with support ignoring my questions and telling me to look at the URL I looked at before contacting them completely turned me off of them.
 
FNB has been shocking for a while now. If moving banks were easier and I wasn't getting my fees back in eBucks I probably would have joined Discovery by now.

I have the Tax-free Shares and it used to have holding fees, but it no longer does. I think they dropped the fees this year. That website seems out of date. You still however pay brockerage fees on buying and selling.

The account is a top-100 ETF with market cap apportionment. Technically it's a top 40 and a 41-100 Midcap ETF, but they buy both in the same quantity. It pretty much follow the ALSI. So performance has been terrible for many years
 
Thought I'd give some feedback on my experience.

Created a Shares Zero account via the app the other day. Had weird issues of the app hanging or endlessly processing. Restarted app. Found that I had two new Shares Zero accounts instead of one. This is already better than the experience I had when signing up with FNB the first time.

Picked one of my Shares Zero accounts, transferred money in, bought some ETN's. That part of the experience was more or less alright and uneventful. Bought them quite late on a Friday and the transactions went through yesterday morning when the markets opened.

What irks me the most is there is no clear indication of growth or loss in the app, and you simply can't get any info on the Shares Zero account on the main website (it tells you to use the app). It's very confusing to me. I would expect there to be some dashboard that shows this like Easy Equities, but nope. Perhaps I am doing something wrong but I have clicked all the buttons and the best I can do is find the transactions I've made.

Not a deal breaker, although having to go through the admin motions of closing the extra Shares Zero account is a bit frustrating, but I've come to expect that from FNB.
 
mr_norris said:
What irks me the most is there is no clear indication of growth or loss in the app,
Click to expand...

Have you tried the app:

My Investments > Share Portfolio > Share Zero > Account Overview.

You'll see “Today's Change” as a rand value, and then a percent, which seems to be the overall gain/loss on the account (not properly labeled, of course).

Another topic: the limit orders on this account are useless. If you set a buy limit, and the share price doesn’t match the limit immediately, the order is cancelled. So either you've got to have live prices, or try your orders a few times a day, or else put in market orders and live with their terrible spreads.
 
3WA said:
My Investments > Share Portfolio > Share Zero > Account Overview.
Click to expand...
Thanks for this. It seems to be missing from my side. I wonder if it's because I have to get rid of the extra Shares Zero account that popped up. I will ask FNB :D
 
  • Like
Reactions: 3WA
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X