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South Africa’s oldest bank, FNB, has introduced a new account for clients with side hustles as part of its strategy to refine customer segments.
The bank unveiled its new pricing strategy on Tuesday, introducing a raft of pricing changes and new earning rules for its eBucks rewards programme.
Read: Five ways to get the most from eBucks
While it has left monthly fees on some accounts unchanged, it has implemented below-inflation increases on others in the wake of sticky inflation, higher interest rates and a weak economy.
The changes to its fees are effective in July and August and are in line with the bank’s fine-tuned segment strategy, servicing customers through its personal and private banking divisions.
Personal and ‘hustle’ focused solution
The bank is introducing what it has named the FNB Solopreneurs bundle account, tapping into the burgeoning side hustles market in the country.
The account, which will not have extra monthly account fees, is aimed at customers who typically manage both their personal and business affairs within their personal bank account.
“Customers … will have the same point of contact for all their needs, and will get the best of both worlds in eBucks benefits,” says FNB.
The account allows customers to manage their money by either paying or getting paid through the bank’s digital channels.
Some of the other benefits include an FNB First Business Zero account and debit card, the ability to get paid on the go with a SpeedeeQR, and turning an Android smartphone into a payment device for contactless card and phone payments.
The Solopreneur account also offers Visa small and medium-sized enterprise (SME) benefits with the FNB First Business debit card.
Motivation for minimal fee changes
Commenting on the fee adjustment’s FNB Personal Segment CEO Lytania Johnson says the changes speak to the bank’s efforts to meet the individual, family, and business needs of its customers.
“The current economic environment is characterised by high inflation and high interest rates. As a result, we are keeping some of our monthly account fees unchanged and limiting increases to below inflation.”
The fee for its Fusion Aspire account was maintained at R99 a month, and the Fusion Premier account fee remains unchanged at R230. Fusion Premier account holders have access to a credit facility that is only charged when more than R200 is used.
For its non-Fusion accounts, the bank has instated sub-inflationary increases in the monthly account fees.
In the family banking segment, a spouse or life partner gets a 50% discount on monthly account fees and no monthly fees for children’s accounts. A spouse or partner also has access to the same benefits as the main account, regardless of their income level.
Exclusive benefits include an up to 40% discount on selected flights booked through eBucks Travel, as well as Netflix and Spotify benefits.
Read: For Netflix, a poorer consumer isn’t necessarily bad
The bank has also introduced new rules for its eBucks rewards programme, which will kick in in August.
It said about 140 000 more customers – its FNB Easy Smart and FNB Aspire account holders – will be eligible for eBucks Rewards, adding to its three-million-member base.
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