FNBy Bank Account Review 2024

FNBy accounts cater to children and young adults under 25, offering three options with monthly service fees ranging from R0.00 to R12.00. Additionally, there’s the choice of an Islamic banking FNBy account, which adheres to Shari’ah principles and is designed for individuals aged 25 and under.

The FNBy Bank account is further categorized into three options: FNBy (for those under 18), FNBy Next (for ages 18 to 24), and FNBy Next with bundles (also for ages 18 to 24). Details about each account are provided below.

FNBy Bank Account Summary

FNBy Bank offers three account options: FNBy for minors under 18, FNBy Next for those aged 18 to 24, and FNBy Next (bundle option) for the same age range.

The FNBy account for minors under 18 has no monthly fee and offers discounts of up to 40% on Spotify and Netflix subscriptions.

FNBy Next accounts come in two variations with fees ranging from R0.00 to R12.00, offering a wide range of cash investment opportunities.

There’s also an FNBy Islamic account option with monthly fees ranging from R0.00 to R12.00.

Below are the listed benefits of the FNBy Bank account.

FNBy Bank Account Benefits

FNBy Account Fees 2024

Competitive Advantages of the FNBy Bank Account

• The account comes with many free services such as free withdrawals at tills, prepaid purchases using eChannels, etc.
• Monthly account fee is low.
• The older you get the more transactional benefits you receive with increased account spending limits.
• You can get the same eBucks reward percentage like that of your parent or guardian without having to work up the eBucks rewards ladder.
• The account comes with free data depending on how much you transact.
• The FNBy debit cards come with Islamic banking option that doesn’t charge account fees.
• Come with unlimited swipes.

Competitive Disadvantages of the FNBy Bank Account

• Only encourages users to get cash at a till instead of an ATM.
• The account has a high commission and currency conversion rate for a younger youth account.
• You need to have a parent or guardian using the FNB App.
• If younger than 18 years, you need to link your account to that of your guardian or parent.

How to apply

• You must be a South African.
• If younger than 18 years, you must go with a parent or guardian to open the FNBy Bank Account.
• Your parent or guardian is required to be registered for online banking.
• You must have a copy of your parent’s valid South African ID.
• You must also have the child’s birth certificate or a valid South African ID.
• Proof of residence not older than 3 months and signed a declaration of proof of residence per child.

Conclusion

FNB’s FNBy Bank Account is one of the most effective methods to introduce your child to banking and save money. FNB pays account holders based on the number of years they have banked with them, thus if you have a FNBy bank account, FNB will reward you generously by allowing you access to loans as soon as you reach 18 or start earning an income.