FNB’s Fusion Premier Account named best value for middle-to-upper income clients

FNB has once again emerged as the cheapest, best value banking solution for customers in the middle-to-upper income segment. 

This is according to the Solidarity Research Institute’s recently released 2022 Bank Charges Report, which found FNB’s Fusion Premier Account catered to consumers’ sophisticated banking needs.  

The methodology for this year’s report was adjusted to keep pace with changes in consumer behaviour. The Solidarity Institute adjusted the list of transactions to include fewer cash transactions. 

FNB’s Fusion Premier Account came out tops, with a total cost of R236 for a list of 30 transactions.

Kamal Kalian, CEO of FNB premier banking, says the bank has made a deliberate shift from product-centric to a client-centric approach.

FNB kept pricing fairly flat over the last two years, while not compromising on real value, to help customers through the financial struggles brought on by the Covid-19 lockdowns. 

“What the Solidarity report does is to benchmark your transactional daily banking needs from a bucket perspective and how it stacks up. In addition, while our customers only pay a monthly fee of R219 for their FNB Fusion Premier bundle, there are other value-added services they get without paying anything extra,” he says. 

Though most bank comparisons tend to focus on transacting mechanisms such as how many free card swipes, how many debit orders, or how many free withdrawals you get, Kalian says the value proposition is more significant. 

Here are some of the free benefits FNB Fusion Premier Account clients enjoy: 

• An FNB Connect sim card, which includes free monthly data and airtime, worth between R60 and R160. 
• Two Send Money transactions. 
• The FNB Money Maximiser account, which usually costs R65 a month, where you can earn money market-related fund rates. 
• FNB Shares Zero, where customers have the ability to invest in fractional shares such as Tesla, Netflix and Facebook. There are no minimum balances required to start investing, which means Shares Zero can be used by the beginner investor looking to start their investment journey, or the seasoned investor looking to further diversify their portfolio and to reinvest all money saved on fees.
• A free FNB Global Account if you want to shop on global online platforms or save in foreign currency. 
• A 50% fee reduction for a spouse who comes onto the Premier platform. If the main member is paying R219 for the Fusion bundle, the spouse will only pay R110 for the same bundle and have access to free FNB Accounts for children under 18 years old.
• Switch to FNB Home Loans and earn up to 61,000 eBucks on your first repayment.
• Eight complimentary SLOW Lounge visits for the account holder and one guest.
• If you book your flight on the eBucks platform, the entire family can access the SLOW Lounge. You can also get a discount of up to 40% on flights.

• Earn up to 40% back in eBucks on your subscription to Netflix and Spotify.
• Earn eBucks to the value of up to R8 a litre back on fuel when you fill up at Engen.  
• Switch to FNB Life and get up to 40% of your premiums back in eBucks, every month. 
• Get up to 15% of your FNB Short Term Insurance premiums back in eBucks. And also get a 20% discount on your car insurance premium, if you work from home.

“In general, the banking sector in SA remains incredibly competitive in several areas despite macroeconomic pressures. Banks are increasingly differentiating themselves based on additional services. Yet it takes place in an environment where they are still competing with each other in terms of prices. The independent Solidarity report leaves no doubt that when it comes to value for money, FNB stands head and shoulders above the rest,” says Kalian. 

This article was paid for by FNB.