The Solidarity Bank Charges 2013 report shows that FNB’s Easy Account is the cheapest full-service bank account in South Africa.
“Price is important for customers, but they should also look for the best quality account offering the best benefits,” says Seth Maanda, Head of Sales and Marketing at FNB Transact.
FNB’s Easy Account customers have free card purchases, cash withdrawals at tills, FNB debit orders, transfers between accounts as well as balance enquiries.
“This year we made the Easy Account even cheaper by reducing the monthly fees on our Easy Account by 67%,” says Maanda. The Easy Account can be opened at any EasyPlan branch; these branches are spread across South Africa especially in under-serviced communities.
“The reason that the account is the cheapest in the country is that these branches are specifically designed as a paperless low-cost banking model, allowing us to pass this saving onto our customer,” says Maanda.
In a bid to encourage the use of electronic channels, and further reduce account fees FNB scrapped subscription fees for Cellphone and Online banking as well as fees for inContact (FNB’s sms alert service).
“Electronic banking is far cheaper for the bank to operate and the customer to use,” says Maanda. “The convenience, cost effectiveness and safety of electronic channels enables us to pass on any cost saving we incur to our customers.”
The Solidarity Report highlights the need for affordability and quality of service when choosing a bank account.
“Our Easy Account has been specifically designed with low-income customers in mind,” says Maanda. “There is no reason why customers shouldn’t have an affordable, full banking service from a major bank.”