For South Africans seeking affordable entry-level banking solutions, FNB Easy Zero and Absa Transact Debit accounts stand out. Both accounts offer unique features and benefits tailored to meet everyday banking needs without the burden of high fees. This article provides a detailed comparison of these two accounts to help you make an informed decision.
Benefits Comparison
| Feature | FNB Easy Zero | Absa Transact Debit |
|---|---|---|
| Monthly Account Fee | R0 | R5.50 |
| Account Opening | Less than 5 minutes, no paperwork required | Open without a payslip, minimum balance R20 |
| Cash Deposits | R0 up to R1,000 per month | R2.50 per R100 |
| Card Swipes | Unlimited | Unlimited |
| Cash Withdrawals at Tills | Cash@Till® at major retailers | Selected retailers |
| Virtual Card | Available via FNB App or cellphone banking | Not specified |
| Airtime and Data Purchases | No charge via FNB Connect | R1.50 |
| Savings Account | Linked no-fee savings account | Not specified |
| Life Cover | Up to R100,000 with FNB Funeral Plan | R5,000 lump sum life cover included |
| Send Money | eWallet | CashSend |
| Online/Mobile Banking | Available | Free Absa Online, mobile, and telephone banking |
| Balance Enquiries | Free via mobile and online | Unlimited at Absa ATMs and selected tills |
Fees Comparison
| Transaction Type | FNB Easy Zero | Absa Transact Debit |
|---|---|---|
| Monthly Administration Fee | R0 | R5.50 |
| Cash Withdrawals (ATM) | R10 per R1,000 up to R1,000, thereafter R14 per R1,000 | R10 + R2.50 per R100 (Saswitch ATM/Post Office) |
| Cash Withdrawals (Retailers) | R1.50 | No charge at selected retailers |
| Cash Deposits | R0 up to R1,000 p.m., thereafter R1.60 per R100 | R2.50 per R100 |
| EFT Payments | R1 | R1.00 (Absa), R7.50 (Other banks) |
| Prepaid Airtime/Data Purchases | R0.50 | R1.50 |
| Account Payments | R8 (Pay and Clear) | R7.50 |
| Balance Enquiries | Free via mobile and online | R10.00 (Saswitch ATM/Post Office) |
| Statement Fees | R4.25 (ATM mini statement) | R10.00 (Mini statement) |
| Card Replacement Fee | R160 | Not specified |
Pros and Cons
FNB Easy Zero
Pros:
- No monthly account fee.
- Easy and quick account opening process.
- No-fee linked savings account.
- Free balance enquiries and low-cost transactions.
- Extensive ATM and till point network for deposits and withdrawals.
Cons:
- Limited free cash deposits (up to R1,000 per month).
- Higher fees for non-FNB ATM withdrawals.
Absa Transact Debit
Pros:
- Low monthly fee (R5.50).
- Unlimited card swipes and free ATM withdrawals at Absa.
- R5,000 lump sum life cover included.
- Comprehensive online, mobile, and telephone banking with no subscription fee.
- No minimum income requirement to open an account.
Cons:
- Charges for cash deposits and certain ATM withdrawals.
- Higher fees for prepaid purchases and Saswitch ATM transactions.
Conclusion
Both FNB Easy Zero and Absa Transact Debit offer significant advantages for budget-conscious customers. FNB Easy Zero stands out with its zero monthly fees and easy account management, making it ideal for those who want a cost-effective banking solution with minimal charges. On the other hand, Absa Transact Debit offers a low monthly fee with added benefits like life cover and comprehensive digital banking services, which may appeal to customers seeking a broader range of services.