First National Bank (FNB), established in 1838 in Grahamstown, is a flagship subsidiary of FirstRand Limited (JSE: FSR), ranking among South Africa’s top five banks with over 10 million clients and R550 billion in assets (2024). Operating across South Africa, Namibia, Botswana, and eight other African countries, plus India and the UK, FNB offers a vast array of personal and business banking products, including accounts, loans, insurance, investments, and Shari’ah-compliant options. This comprehensive review, updated for 2025, explores FNB’s history, products, services, rewards, and competitive positioning, highlighting new features like AI-powered financial planning, expanded eBucks rewards, and R50 billion in green financing, cementing its role in a dynamic financial landscape (7.5% repo rate, 4.5% inflation).
Overview of First National Bank
FNB’s 187-year legacy began as the Eastern Province Bank, merging with entities like Barclays National (1971) and Southern Life to form FirstRand in 1998. With 600+ branches, 8 million app users, and a 20% retail banking market share, FNB serves individuals, SMEs, and corporates. Its 2024 revenue of R110 billion (est.) reflects resilience despite challenges like the UK’s 2024 mis-selling ruling on FirstRand’s car loans. In 2025, FNB introduces:
- AI-Powered Financial Planning: Personalized budgeting and investment tools via the FNB app.
- Expanded eBucks: Up to 50% cashback at Pick n Pay, Engen, and Takealot, serving 2 million members.
- Green Financing: R50 billion for renewable energy, supporting SA’s net-zero goals.
FNB’s A1 Moody’s rating and FirstRand’s R433 billion market cap underscore its stability, competing with Absa, Nedbank, and Capitec in a digital-first era (60% of SA banking transactions online).
Market Context for 2025
South Africa’s banking sector thrives with a stable 7.5% repo rate (prime rate 11.0%) and 4.5% inflation, boosting savings and loan demand. The two-pot retirement system increases disposable income, driving investment uptake, while SMEs (8% of GDP) seek flexible financing. FNB’s digital platform (80% of transactions via app) and eBucks (R13.3 billion redeemed since 2000) give it an edge, though Capitec’s low fees and Nedbank’s ESG focus challenge its dominance. Recent X posts highlight concerns over the UK ruling, but FNB’s core SA operations remain unaffected.
History of FNB
- 1838: Founded as Eastern Province Bank in Grahamstown.
- 1926: Merges with National Bank of South Africa.
- 1971: Acquired by Barclays, rebranded as Barclays National.
- 1987: Reverts to FNB after Barclays’ disinvestment.
- 1998: Merges with Southern Life and Anglo American’s financial assets to form FirstRand, listed on JSE.
- 2005: Launches eBucks, now serving 2 million members.
- 2010: Expands into Namibia, Botswana, and Zambia.
- 2025: Commits R50 billion to green financing, enhances AI tools.
FNB Products and Services
FNB offers a broad portfolio for personal and business clients, emphasizing digital access, rewards, and sustainability. Below is a detailed breakdown, updated for 2025.
Personal Banking
Accounts
- Types:
- EasyBundle: R7/month (pay-as-you-transact, R8/swipe), for low-income earners.
- Aspire: R109/month, unlimited transactions, eBucks for R100,000–R249,999 earners.
- Premier: R239/month, private advisor, 8 SLOW Lounge visits, R250,000–R749,999 earners.
- Private Clients: R420/month, private banker, 20 SLOW visits, R750,000–R1.79M earners.
- Private Wealth: R525/month, metal card, 40 SLOW visits, R1.8M+ earners or R15M+ assets.
- Features:
- Free eBucks, unlimited virtual cards, AI-driven insights (2025).
- Shari’ah-compliant options (no interest, profit-sharing).
- Ideal For: Diverse income levels, from entry-level to ultra-wealthy.
Financial Planning
- Savings: EasySave (6.5%), Tax-Free Savings (7.5%), Fixed Deposit (8.0–9.0%).
- Investments: Unit trusts, ETFs, offshore portfolios (via Ashburton), 0.5–2% fees.
- Estate Planning: Wills, trusts, fiduciary services, R5,000–R50,000 fees.
- 2025 Update: AI-driven investment planner suggests optimal portfolios.
- Ideal For: Long-term wealth builders.
Borrowing
- Personal Loans: R1,000–R300,000, prime +2–5% (13–16%), 12–72 months, 5-minute approval.
- Credit Cards:
- Aspire (R49/month, R10,000–R75,000 limit), Premier (R92/month, R75,000–R150,000), Private Wealth (R275/month, R100,000–R500,000).
- 55 days interest-free, eBucks (50% cashback, 2025).
- Car Financing: R50,000–R1 million, prime +1–3%, 3–7 years, balloon payment options.
- Home Loans: R100,000–R10 million, prime +0.5–2%, 5–30 years, Flexi Option for overpayments.
- Shari’ah-Compliant: Murabaha (fixed profit), Ijarah (lease-based), no interest.
- Ideal For: Flexible financing needs.
Insurance
- Life Insurance: R100,000–R10 million cover, up to 40% eBucks, includes critical illness, disability.
- Funeral Cover: R10,000–R100,000, 48-hour payouts, family plans.
- Car/Home Insurance: Comprehensive cover, purchase protection (R12,500–R15,000).
- Travel Insurance: Free global cover for return tickets, R5 million medical.
- Debt Protection: Covers loans/credit cards in death/disability, R12,000–R50,000.
- 2025 Update: Green insurance discounts for solar-equipped homes.
- Ideal For: Comprehensive risk management.
Business Banking
Accounts
- Types:
- Business Bundle: R99/month, unlimited transactions, for startups/SMEs.
- Gold Business: R250/month, dedicated advisor, for R5M–R60M revenue.
- Enterprise: R500+/month, private banker, for R60M+ revenue.
- Features: Free eBucks, PayShap integration, AI-driven cash flow tools (2025).
- Ideal For: Businesses of all sizes.
Borrowing
- Asset Financing: Vehicles, equipment, R500,000–R50 million, prime +1–3%.
- Property Loans: Commercial/residential, R1 million–R100 million, 5–20 years.
- Invoice Discounting: Up to 80% of invoices, R50,000–R10 million, 1–3 day payouts.
- Leverage/Acquisition Finance: R10 million–R500 million, for M&A or buyouts.
- Ideal For: Business expansion, cash flow management.
Savings and Investments
- Business Savings: Call (5.5%), Fixed Deposit (8.0–9.0%), no fees.
- Investment Platforms: Unit trusts, JSE shares, offshore funds via Ashburton.
- 2025 Update: ESG-focused funds with 7–10% returns.
- Ideal For: Corporate savings, growth.
Insurance
- Employee Cover: Group life, disability, R100,000–R5 million per employee.
- Key Person Insurance: R1 million–R50 million for critical staff.
- Business Debt Protection: Covers loans in insolvency, R500,000–R20 million.
- Ideal For: Business continuity, employee welfare.
Benefits and Rewards
- eBucks: Up to 50% cashback at Pick n Pay, Engen, Takealot; 40% on FNB Life Insurance, flights (2025). Redeem for vouchers, travel, merchandise.
- SLOW Lounge: 8–40 visits annually (Premier to Private Wealth), free for qualifying accounts.
- Private Banking: Dedicated bankers, metal cards (Private Wealth), global wealth solutions.
- Free Services: ATM deposits (R9,000–R20,000/month), card purchases, statements.
- 2025 Update: eBucks integration with PayShap, AI-driven reward optimizer.
- Ideal For: Frequent spenders, travelers, high-net-worth clients.
Comparison with Other Banks
| Feature | FNB | Absa | Nedbank | Capitec |
|---|---|---|---|---|
| Market Share | 20% (retail) | 18% | 15% | 12% |
| Revenue (2024, Est.) | R110B | R95B | R80B | R40B |
| Account Fees | R7–R525/month | R0–R468/month | R0–R500/month | R0–R109/month |
| Savings Rate | 9.0% (12-month fixed) | 8.1% (12-month fixed) | 8.5% (12-month fixed) | 11% (12-month fixed) |
| Loan Rates | Prime +2–5% | Prime +1–4% | Prime +1–3% | Prime +3–6% |
| Rewards | eBucks (50% cashback) | Absa Rewards (30% cashback) | Greenbacks (25% cashback) | None |
| Digital Transactions | 80% (app-based) | 75% | 70% | 90% |
| Unique Feature | AI planning, green financing | Concierge, hotel upgrades | Sustainability focus | Low-fee simplicity |
Insight: FNB leads in rewards and digital innovation, but Capitec’s low fees and Nedbank’s ESG focus appeal to cost-conscious or eco-minded clients. Absa’s concierge services rival FNB’s private banking.
How to Apply for FNB Products
- Verify Eligibility:
- Individuals: 18+, valid SA ID, proof of residence, income proof.
- Businesses: R500,000+ revenue for loans, financial statements.
- Gather Documents:
- ID, proof of residence (not older than 3 months).
- Payslips, 3 months’ bank statements (individuals).
- Financial statements, SARS registration (businesses).
- Apply:
- Online: https://www.fnb.co.za/ or FNB app.
- In-Person: Visit one of 600+ branches.
- Phone: Call 087 575 9404 for assistance.
- Processing:
- Accounts/loans: 1–3 days, instant for EasyBundle or instant loans.
- Investments/insurance: 3–7 days for setup.
- Support: Email info@fnb.co.za or use app live chat.
Why Choose FNB in 2025?
FNB excels for:
- Versatility: Accounts for all income levels (R7–R525/month), Shari’ah-compliant options.
- Rewards: eBucks (50% cashback), 40 SLOW Lounge visits, R13.3 billion redeemed.
- Digital Innovation: 80% app-based transactions, AI-driven planning (2025).
- Sustainability: R50 billion green financing, solar insurance discounts.
- Private Banking: Metal cards, global wealth solutions for R750,000+ earners.
Drawbacks include high branch fees (R50+ vs. R0 on app), elite account thresholds, and the 2024 UK mis-selling ruling impacting FirstRand’s reputation. Compare with Absa (concierge perks), Nedbank (green focus), or Capitec (low fees) for alignment.
Expert Analysis: Is FNB Worth It?
For individuals across income levels, FNB’s EasyBundle (R7/month) and Aspire (R109/month) offer affordable access, while Premier to Private Wealth (R239–R525) deliver premium perks like 40 SLOW Lounge visits and 50% eBucks cashback, ideal for R30,000+/month spenders. Businesses benefit from flexible financing (R500,000–R500 million) and AI-driven cash flow tools, especially SMEs with R5–60 million revenue. FNB’s 9.0% fixed deposit and green financing (R50 billion) align with inflation (4.5%) and ESG trends. However, branch fees and the UK ruling may deter some; Capitec’s R0–R109 fees or Nedbank’s sustainability edge could sway cost-conscious or eco-focused clients. Maximize value by using the FNB app and eBucks optimizer.
Conclusion
First National Bank (FNB) in 2025 remains a dominant force in South Africa’s banking sector, serving over 10 million clients with a versatile portfolio of accounts, loans, insurance, and investments. Its AI-powered tools, expanded eBucks (50% cashback), and R50 billion green financing commitment enhance its appeal, backed by R550 billion in assets and a 20% market share. While branch fees and elite account thresholds pose challenges, FNB’s digital platform (80% app-based) and rewards program (R13.3 billion redeemed) set benchmarks.
