FNBy Bank Account Review 2021

The FNBy Bank account is a bank account made for minors and those that are below the age of 25. To qualify for the FNBy account, you need to be 25 years old or younger, and your parents must be registered for FNB online banking. 

The FNBy Bank account comes with eBucks rewards when you spend using your FNBy card and you can get up to 40% back in eBucks points. Unlike every other FNB bank account, the FNBy Bank account is tailor-made specifically for the younger youth with its fees and rates being relatively low.

FNBy Bank Account Summary

The FNBy bank account is a cheque account for the younger youth in South Africa who are 25 years or younger. The card comes with a R0.00 monthly fee for children younger than 18 and a R12.00 monthly fee for those over the age of 18 but less than 25 years old. When opening the FNBy bank account you need to deposit a minimum of R100.00 to activate your account. As much as the FNBy account is a younger youth account, the account works like any other FNB account allowing users 24/7 access to the account. 

The FNBy Bank account gives you access to the FNB banking app which enables you to see and manage your buying vouchers, eBucks account, finding eBucks partners, transacting, transfers, perform your day to day banking, and buy prepaid. 

If you are under the age of 18 and you want to open an account, you will need your parent/guardian to accompany you. This is because your parent(s)/guardian needs to give consent to FNB to allow you to open a bank account as a minor. 

FNBy Islamic Transact account

FNBy Islamic Transactional account is a full transaction account that is opened and linked to a parent account. The card has R0.00 banking charges for all accounts. The account has the same requirements as with the normal FNBy bank account, the only difference is the monthly bank charges. FNBy Islamic transact account charges no monthly fee for all qualifying individuals whereas the FNBy Bank Account charges a R12.00 monthly fee to those aged between 18 to 25 years. 

FNBy Bank Account Benefits

FNBy Account Fees 2021

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 best ways to get your child banking and getting exposure to banking and saving. Since FNB rewards account-holders based on the number of years that they bank with them, FNB will reward you generously by giving you access to loans immediately when you turn 18 or start to earn an income if you are an FNBy bank account holder..