FNBy Bank Account Review 2022

The FNBy Bank account is a bank account designed specifically for children and people under the age of 25. To be eligible for the FNBy account, you must be 25 years old or younger, and your parents must be FNB online banking customers. When you use your FNBy card to make a purchase, you can earn up to 40% back in eBucks points with the FNBy Bank account. Unlike any other FNB bank account, the FNBy Bank account is designed particularly for the younger generation, with low fees and rates.

FNBy Bank Account Summary

The FNBy bank account is a check account for young people in South Africa aged 25 and under. The card costs R0.00 per month for minors under the age of 18 and R12.00 per month for people over the age of 18 but under the age of 25. To activate your FNBy bank account, you must first make a deposit of at least R100.00. While the FNBy account is geared toward younger customers, it functions similarly to other FNB accounts, allowing users to access their accounts at any time.

The FNBy Bank account grants you access to the FNB banking app, which allows you to view and manage your purchasing vouchers, eBucks account, identify eBucks partners, transact, transfer, do day-to-day banking, and purchase prepaid. If you are under the age of 18, you must be accompanied by a parent or adult to open an account. This is because your parent(s)/guardian must give FNB permission to open a bank account for you as a minor.

FNBy Islamic Transact account

The FNBy Islamic Transactional account is a full-featured transaction account that is linked to a parent account. The card has R0.00 banking charges for all accounts. The only difference between this account and a regular FNBy bank account is that the monthly bank costs are higher. For all qualifying individuals, the FNBy Islamic transact account has no monthly fee, but the FNBy Bank Account has a monthly fee of R12.00 for those aged 18 to 25.

FNBy Bank Account Benefits

FNBy Account Fees 2022

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.