How does FNB savings pocket work in South Africa? This is a familiar question among FNB users in the country? Read through this guide to learn if you are also wondering the same.
FNB has launched a savings account for their customers, taking South Africa by storm.
Half of all new personal Cheque account clients deposit money into a linked savings pocket.
Why FNB Savings Pocket
This is an additional bank account with FNB that saves by rounding off change every time you swipe using your Bank Card.
The account is available for clients with Smart, Gold, Platinum, Private clients, Islamic or business cheque accounts.
The FNB savings pocket means that you can save while still spending.
The purchase amount gets rounded up every time you purchase something, and the difference is transferred to your linked savings account.
This is why you need an FNB Savings pocket in South Africa.
What You Need To Know About FNB Savings Pocket
The FNB savings pocket is linked to your FNB personal cheque account so that you can transfer money between the two freely.
You can transfer money as often as you want using various methods such as ATM, FNB Online or Cellphone Banking.
You cannot withdraw cash directly out of the savings pocket account.
The account pays competitive interest rates and helps you save by keeping funds separate from funds used daily.
These are the key things to note about FNB Savings Pocket in South Africa.
How Does FNB Savings Pocket Work In South Africa
Every time you swipe your FNB Cheque card, the amount gets rounded up to the nearest R2, R5, R10, R20 or R50.
You get to choose the amount you want it to be rounded to.
The difference or the change is then placed in a separate savings account.
The savings are readily available anytime you need them as the savings pocket is linked to your Cheque account.
The savings pocket is a clever way to build up cash for the things you need later in the future without realizing that you are saving.
You also earn a nominal interest rate on the balance of your FNB Savings pocket.
This is how the FNB Savings pocket works in South Africa.