Massive price cuts for FNB bank accounts

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

FNB logo on mobile device

eWallet eXtra Current New
Monthly Account Fee Free Free
Send Money R10.95 <= R1,000
R13.95 >= R1,000
R11.00
FNB ATM/Cardless Withdrawals R10.95 <= R1,000
R13.95 >= R1,000
R6.00 per R1,000 (up to R1,500 pm)
ADT Deposits R10.95 <= R1,000
R13.95 >= R1,000
Free (up to R1,500 pm)
Cash at Till Free R1.00
Electronic Payments R3.75 R1.00
Prepaid Airtime R1.00 <= R10
R2.00 > R10
Free
Debit Orders N/A N/A

Easy PAYU

FNB Gold card

Easy PAYU Current New
Monthly Account Fee R5.75 R4.95
Send Money R10.95 <= R1,000
R13.95 >= R1,000
R11.00
ATM Withdrawals R1.90 per R100 R6.00 per R1,000 (Up to R2,000 pm)
Cash at Till R1.60 R1.00
Prepaid Airtime R1.00 < R10
R2.00 > R10
R1 < R10
R2 > R10

Easy Smart

FNB Gold card

Easy Smart Current New
Monthly Account Fee R65.00 R59.00
Send Money R10.95 <= R1,000
R13.95 >= R1,000
R11.00
Withdrawals R3,000 Free, thereafter R1.90 per R100 R2,000 Free, thereafter R1.90 per R100
ATM Deposits R3,000 Free, thereafter R0.95 per R100 R2,000 Free, thereafter R1.00 per R100
Electronic Payments Combination of 10 free per month Combination of 10 free per month
Prepaid Airtime
External Debit Orders

Gold Fusion

FNB Gold card

Gold Fusion Current New
Monthly Account Fee R155 R109
Send Money R10.95 <= R1,000
R13.95 >= R1,000
R11.00 (2 free via app)
Withdrawals R5,000 Free, thereafter R1.90 per R100 R4,000 Free, thereafter R1.90 per R100
ATM Deposits R5,000 Free, thereafter R0.95 per R100 R4,000 Free, thereafter R1.00 per R100
Prepaid Airtime Free – App/Online Free – App/Online

Now read: Standard Bank launches easy way to start your own online business

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Massive price cuts for FNB bank accounts