FNB has launched its new ‘Easy Smart Option’ bank account for consumers who earn between R1,000 to R7,000 per month. With a bunch of new banking options coming this year — like Bank Zero, Discovery Bank and the already launched TymeBank — are the Easy Smart benefits enough?
The Easy Smart path
Easy Smart gives account holders 24-hour telephonic medical advice, basic financial advice, debt management and counselling, and legal advice. But it’s the financial bits we’re really interested in.
Some of the banking upstarts are touting low- or no-fee systems (like TymeBank and, if the name is anything to go on, Bank Zero), and that’s what the big four are going to have to compete with. The FNB Easy Smart account costs R65 a month, arguably a big ask (around 1% of their income) of customers who only make around R65k a year.
Other ‘free’ benefits of the account include R3,000 worth of deposits and withdrawals at FNB ATMs, R15 of airtime each month, free card swipes, a free savings account, 10 free online purchase transactions and use of FNB’s online banking and mobile app.
Let’s look at the competitors
|FNB Easy Smart||TymeBank EveryDay acc||Bank Zero||Discovery Bank|
|Prescribed Earnings||R1,000 – R7,000 monthly||None||None||None|
|ATM Withdrawals||Free up to R3,000 at FNB ATMs||R8 per R1,000 at any ATM||TBA||TBA|
|Other Benefits||Medical, financial, debt and legal advice||GoalSave – savings aid, Smart Shopper points, Free WiFi at Pick n Pay||Digital platforms only, no hidden costs||Vitality Money benefits|