Business

FNB launched its zero-fee bank account ahead of Bank Zero - here’s how it compares to other entry levels accounts

Business Insider SA
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  • FNB launched a zero monthly fee bank account Easy Zero on Friday. 
  • The account’s launch is ahead of former FNB CEO Michael Jordaan’s Bank Zero which also promises zero monthly fees. 
  • Business Insider South Africa compared FNB’s Easy Zero offering with existing entry-level bank accounts. 
  • For more stories, go to Business Insider SA.

South Africa’s second-largest consumer bank FNB launched its zero monthly fee bank account Easy Zero on Friday, ahead of the launch of its former CEO Michael Jordaan’s Bank Zero.

Jordaan’s Bank Zero - which also promises zero monthly fees banking accounts - was set to launch by the end of 2019, but the launch was delayed to 2020 in September.

The bank, which was started by mostly former FNB staffers, didn’t commit to a launch date. 

FNB said Easy Zero is a revamped version of its mobile bank account called eWallet eXtra. 

It now includes an FNB branded bank card providing consumers with free card swipes, cost-effective transactional and ATM cash withdrawal fees.

Easy Zero, however, does not allow debit orders. 

FNB Easy CEO Philani Potwana said the bank believes consumers will be able to use the account at virtually no cost or minimal cost, depending on transactional behaviour.

“We see Easy Zero being a digital bank account of choice for customers who do not have a regular income or have limited banking needs,” Potwana said. 

“This is partly the reason debit orders are not allowed on the digital account as customers in this segment have limited debit orders.” 

Business Insider South Africa compared FNB’s Easy Zero offering with existing entry-level accounts South African banks.

The bank account joins African Bank’s myWORLD and TymeBank’s EveryDay as zero monthly fee bank accounts in South Africa.

* This story have been updated to indicate that FNB offers free SMS notifications.

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