Changes to expect for FNB Gold customers

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FNB has "retired" its gold value bundle with the Aspire black card.
Photo: Supplied
FNB has "retired" its gold value bundle with the Aspire black card. Photo: Supplied

PERSONAL FINANCE


As from July 1, all FNB Gold customers will be converted to FNB’s new Aspire account. It comes with lower monthly fees – dropping from R109 to R99 – and customers can use eBucks to pay their bank fees via the FNB app. It also includes two Slow Lounge visits if you book flights via the FNB app using your Aspire credit card.

As part of the bank’s focus on banking the whole family, Aspire includes a 50% reduction in a spousal monthly account fee and free banking for kids on FNBy – the youth account.

Family banking is a big push for FNB, with the whole family able to earn up to 3 000 eBucks, 40% worth of discounts in flights and free Slow Lounge visits for the whole family when booking via the app.

Children under 18 on the FNBy account pay no cash deposit fees for amounts less than R500, and receive free Connect data.

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The spousal offering is available to any spouse/partner of an existing FNB customer. The spouse/partner is eligible to open their own separate account that qualifies for the same service model, features and benefits of their spouse, irrespective of their income, for a discounted monthly account fee.

A spouse is added using the functionality of MyFamily via the FNB app and the relationship is mutually verified using in-app messaging.

According to FNB, the majority of Gold customers were on level 1 and 2, and so were only earning 25c/litre at Engen, which means those customers will benefit from the flat rate of 60c/litre.

FNB has also simplified the number of eBucks that you can earn and Aspire customers will not have to move up levels to earn more eBucks. However, those Gold account holders who were on levels 4 and 5 previously will see a significant drop in their earn rate.

For example, level 5 gave an R8/litre reward when filling up at Engen, but Aspire customers will earn only 60c/litre unless they have WesBank vehicle finance and fill up exclusively at Engen. The reward then increases to R1.20/litre.

According to FNB, the majority of Gold customers were on level 1 and 2, and so were only earning 25c/litre at Engen, which means those customers will benefit from the flat rate of 60c/litre.

Although FNB advertises that you can earn up to R150 back when you spend with its partners – Checkers, Clicks, Engen and Intercape – you can only earn the maximum if you have taken out additional FNB products. If you only have an FNB Aspire current account or stand-alone Aspire credit card, then the maximum eBucks value you can earn is R50 per partner. To qualify for extra eBucks, you need to either have a minimum balance of R150 000 in savings or a credit product such as a credit card, home loan, student loan or personal loan.

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According to FNB, the majority of the Aspire base has both a current account and a credit product.

If you spend R4 000 on your FNB Aspire card every month for 12 months and either add R500 a month to your savings investment or maintain a savings balance of R16 500, you receive a R1 500 voucher to buy a pair of shoes from one of their reward partners plus a Kauai smoothy each month. The reward also applies if you have either FNB funeral cover for R50 000 or an FNB life insurance policy of R400 000.

Monthly account fees for the affluent market have increased, with FNB Premier clients paying R219, Private Clients R399 and Private Wealth R499. As with Aspire, spouses or partners get a 50% fee discount and you can pay your monthly transactional fee with eBucks.

Additional benefits

For the second year in a row, FNB is keeping entry-level monthly account fees unchanged, while Easy Zero and Easy Payu cash withdrawals at FNB ATMs have been reduced from R8 per R1 000 (up to R2 000) to R7 per R1 000 (up to R2 000).

EASY SMART REWARDS INCLUDE:

  • R500 Shoprite/Checkers/uSave voucher a year when you spend and save with FNB or have FNB funeral cover or FNB life insurance.
  • R150 back in eBucks every month when you spend at selected retail partners including Shoprite, Checkers, Clicks and Engen.
  • 300MB data, 30 voice minutes and 30 SMSes every month on your FNB Connect SIM, with an extra 300MB of data when you top up your FNB Connect SIM with R51 or more during the month.


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