Easy PAYU and Easy Smart customers to earn 5.4% interest on their transactional accounts

FNB has introduced a fresh savings option, enabling Easy PAYU and Easy Smart clients to accrue 5.4% interest on their transactional accounts when maintaining a positive balance. As an added benefit, FNB offers an interest redirection tool, automatically channeling the earned interest each month into a complimentary FNB Savings account, enriching the overall value proposition of Easy PAYU and Easy Smart accounts.

Once the funds are in the customer’s Savings Account, they can unlock a higher interest rate of 7.05% and up to 7.80%. This is an added benefit of giving them a head start to their savings journey. This also compliments the existing Bank Your Change® saving tool.

Christelle Pretorius, CEO of Personal Core Banking at FNB, says, “Being able to develop solutions that add value to our customers and can help solve for some of the critical problems that they face, such as adopting a savings culture, is at the centre of our innovations. With this tool, there is no additional charge to Easy PAYU and Easy Smart customers in order to benefit and earn 5.4% in interest from the positive bank balance in their transactional accounts. It is simply our way of giving our customers more value by rewarding and helping them make their everyday banking more fulfilling and easier.  Furthermore, we have strategically aimed to offer the highest interest rate in the market for this benefit whilst affording our customers the opportunity to save effortlessly and get access to cash reserves in case of emergencies or unforeseen expenses.”

Himal Parbhoo, CEO of FNB Retail Cash Investments, adds that “Our passion to give more to customers motivated us to activate both the interest redirect and Bank Your Change® features as part of automating their savings and empowering South Africans build a strong muscle to save consistently while earning more on interest. In the past year, over R2.6 billion in savings were accumulated by customers through the Bank Your Change® feature linked to their FNB Savings Account. Our customers continue to prove that every Rand counts when it comes to building a savings culture despite the prevailing economic conditions that have put huge pressure on household incomes. The success we continue to see with this automated approach to saving demonstrates that a ‘little goes a long way’ in helping many customers adopt positive money habits. This is a key focus for the bank as we continue to help customers with advice-led solutions to assist them unlock savings potential in their day-to-day financial activities.”

As per the 2024 Solidarity Bank Charges Report, FNB’s Easy PAYU and Aspire bank accounts stand out as offering the best value for customers in South Africa. This marks the third consecutive year that FNB has received recognition from the Institute for its efforts in making accounts affordable. The report highlights FNB’s Easy PAYU account as particularly favorable for consumers with basic banking needs, excelling in both the 12 and 17 transactions baskets. Notably, the account’s monthly fee of R5.25 covers a significant number of free transactions, including airtime purchases—a unique feature in this category. Additionally, FNB distinguishes itself by offering free cash withdrawals at shop counters.

Pretorius emphasizes, “We are dedicated to delivering cost-effective and accessible solutions that prioritize our customers’ needs. Our automated savings tool, Bank Your Change®, demonstrates our commitment to assisting consumers regardless of their income level. Whether customers seek everyday banking convenience or comprehensive saving and investing services, FNB offers a range of innovative features to meet their financial and lifestyle requirements.”