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2023-02-14 4:01 AM

FNBy Bank Account Review 2023

By Lethabo Ntsoane

FNBy accounts are transactional accounts available to children and young adults under the age of 25. The account comes in 3 options, with monthly service fees ranging from R0.00 to R12.00.

The FNBy account also includes the option to select an Islamic banking FNBy account. An Islamic FNBy account is a Shari’ah-compliant transactional account for those aged 25 and under.

The FNBy Bank account is available in 3 options: FNBy for those under the age of 18, FNBy Next for those between the ages of 18 and 24, and FNBy Next with bundles for those between the ages of 18 and 24. The account is discussed in detail below.

FNBy Bank Account Summary

FNBy Bank accounts are available in three varieties: FNBy for under-18s, FNBy Next between 18 and 24, and FNBy Next between 18 and 24. (bundle option).

FNBy charges a monthly account fee of R0.00 for those under the age of 18. The account is intended for minors under the age of 18. The account includes up to 40% off Spotify and Netflix subscriptions.

FNBy Next accounts are available in two varieties, with fees ranging from R0.00 to R12.00. The account includes a broad range of cash investment options.

FNBy Islamic account option is also available which charges a monthly account fee that ranges between R0.00 to R12.00.

The FNBy Bank account has several benefits, which are listed below.

FNBy Bank Account Benefits

What the Under 18 getWhat the 18 to 25 get
Free unlimited swipes with the FNBy debit cardFree unlimited swipes
Have an option to redirect fees to parent’s or guardian’s accountHas a free e-wallet balance enquiry
The account has free unlimited electronic transfers and paymentsFree electronic transfers and payments
Access to the FNB App 24/7Comes with free subscriptions to all digital channels, zero data charges when using FNB App
Free subscription to all digital channels, zero data charges when using the FNB AppAccess to the FNB App 24/7 at no extra cost
Free balance enquiries when using the FNB App Free card delivery anywhere in South Africa
InContact transactional messages will be sent to your parent or guardian You receive account activity alerts through SMS
Access to 100% of your money with a day’s notice at no costOnce you turn 18, you get access to FNB’s full range of cash investment solutions.
You receive interest on balances above R100.00You can get up to 1GB back in data on FNB Connect Airtime, voice, data or SMS purchases from your FNBy account
40% off on selected local and international flights through eBucks travel
If under the age of 2, you qualify for the main family member discounts
Comes with 100% guarantees on deposits and quoted returns
Have an option to reinvest your interest or redirect it to another bank account
There are no monthly transactional fees
You can get up to 1GB back in data on FNB Connect Airtime, voice, data or SMS purchases from your FNBy account
FNBy bank account benefits

FNBy Account Fees 2023

Fee DescriptionUnder 18Between 18 – 24Between 18 – 24 (bundle)
Monthly Account FeeFreeFreeR12.00
Cash withdrawal @tillFreeFreeFree
FNB ATM withdrawalR7.00 per R1000.00R2.30 per R100.00Free
Cardless cash withdrawalR7.00 per R1000.00 R1.15  per R100.00 up to R1,500.00 free thereafter R2.30 per R100.00
FNB branch withdrawalR80.00 + R2.85 per R100.00 R80.00 + R2.85 per R100.00 R80.00 + R2.85 per R100.00
Other bank’s ATM withdrawalR12.00 + R2.85 per R100.00 R12.00 + R2.85 per R100.00R12.00 + R2.85 per R100.00
International ATM withdrawal R80.00 R80.00R80.00
International branch withdrawalN/aN/aN/a
Cash deposit at FNB ATM R1.30 per R100.00 R1.30 per R100.00Free up to R3,000.00 and R1.30 per R100.00 thereafter
Cash deposit at FNB branchR80.00 + R2.85 per R100.00 R80.00 + R2.85 per R100.00 R80.00 + R2.85 per R100.00
Deposits at till pointR19.95R19.95R19.95
Card purchases FreeFreeFree
Currency conversion rate2%2%2%
Payments using online bankingFreeR1.00Free
FNB consultant assisted paymentsR80.00 R80.00 R80.00
Internal debit ordersN/aFreeFree
External debit ordersN/aR3.50Free
Cancel debit order onlineN/aFreeFree
Cancel debit order through telephoneN/aR40.00R40.00
Branch debit order cancellationN/aR80.00 R80.00

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.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo