In the realm of entry-level bank accounts, FNB Easy Zero and Discovery Gold Account are two prominent choices for South Africans seeking affordable and feature-rich options. This article delves into the benefits, fees, pros, and cons of each account, providing a comprehensive comparison to help you make an informed decision.
Benefits of FNB Easy Zero Account
The FNB Easy Zero Account is designed for simplicity and affordability. With no monthly account fee, it offers cost-effective banking. Key benefits include:
- No Monthly Account Fee: The FNB Easy Zero Account charges zero monthly fees, making it an economical choice.
- Easy Account Opening: You can open an account in less than 5 minutes with no paperwork required.
- Free Deposits: Deposit up to R1,000 per month at FNB ATMs without any charges.
- Cash@Till®: Withdraw cash at major retailers such as Shoprite, Checkers, Pick n Pay, Boxer, and selected Spar and Usave tills.
- Unlimited Card Swipes: Make unlimited card swipes at no extra cost.
- Free InContact Notifications: Receive notifications about account activity at no additional cost.
- Mobile and App Banking: Use the FNB App or cellphone banking for transactions, with free airtime and data purchases via 120321#.
Benefits of Discovery Gold Account
The Discovery Gold Account offers a bundle of services for a single monthly fee, targeting customers who want more than just a transaction account. Key benefits include:
- Bundled Fees: Pay a fixed monthly fee of R135 for a range of transactions, including third-party debit orders and EFT payments.
- Savings Accounts: Open multiple free savings accounts with attractive interest rates.
- Vitality Money Rewards: Earn Discovery Miles for spending responsibly, driving well, and maintaining good health, redeemable for various rewards.
- Dynamic Interest Rates: Benefit from up to 2.5% interest on positive balances and up to 7.25% on demand savings accounts.
- Travel Discounts: Access significant discounts on local and international flights, accommodation, and car hire through Vitality Travel.
- Advanced Banking App: Manage accounts, make payments, and access various features through the intuitive Discovery Bank app.
Fee Comparison
| Feature | FNB Easy Zero | Discovery Gold Account |
|---|---|---|
| Monthly Account Fee | R0 | R135 (includes R110 account fee + R25 Vitality Money premium) |
| Cash Withdrawal (FNB ATM) | R10 per R1,000 (first R1,000 free) | R10 per R1,000 |
| Cash Withdrawal (Non-FNB ATM) | R12 + R2.60 per R100 | R10 + R2.60 per R100 |
| Cash Deposit (FNB ATM) | R0 up to R1,000 p.m., R1.60 per R100 thereafter | R1.60 per R100 |
| Cash@Till® Withdrawal | R1.50 | Free |
| EFT Payments | R1 | Free |
| Balance Enquiry (Mobile/App) | Free | Free |
| Prepaid Airtime/Data Purchase | R0.50 | Free |
| International ATM Withdrawal | Not specified | R60 per transaction |
| Card Replacement Fee | R160 | R160 |
| Real-Time Payments (Instant Pay) | R0.65 per R100 (capped at R19.50) | Free |
Pros and Cons
FNB Easy Zero Account:
Pros:
- No monthly account fee
- Easy and quick account opening
- Free cash deposits up to R1,000 per month
- Unlimited card swipes and free inContact notifications
Cons:
- Fees for certain transactions such as ATM withdrawals and EFT payments
- Limited rewards and travel benefits
Discovery Gold Account:
Pros:
- Bundled fee includes multiple transactions
- Attractive interest rates on savings
- Extensive rewards program with Discovery Miles
- Significant travel discounts and benefits
Cons:
- Monthly account fee of R135
- Additional fees for certain optional services
- Complex reward and interest structure
Conclusion
Choosing between the FNB Easy Zero and Discovery Gold Account depends on your banking needs and lifestyle. If you prioritize no monthly fees and simplicity, the FNB Easy Zero Account is a great choice. However, if you seek more comprehensive benefits, rewards, and travel discounts, the Discovery Gold Account offers excellent value for its bundled fee. Consider your banking habits and financial goals to make the best decision for your needs.