For entry-level banking in South Africa, FNB Easy Zero and Capitec Bank Global One are popular options. Both accounts offer unique benefits and cater to different needs. This article compares the features, fees, benefits, and drawbacks of these accounts to help you make an informed decision.
Benefits of FNB Easy Zero
FNB Easy Zero is designed for individuals seeking a cost-effective banking solution with no monthly fees. Here are the key benefits:
- No Monthly Account Fee: FNB Easy Zero does not charge a monthly fee, making it an attractive option for budget-conscious users.
- Quick Account Opening: You can open an FNB Easy Zero account in less than five minutes without any paperwork.
- Free Cash Deposits: Deposit up to R1,000 per month at an FNB ATM at no additional cost.
- Free Virtual Card: Use the FNB Virtual Card on the FNB App or cellphone banking for safe and secure transactions.
- Unlimited Card Swipes: Enjoy unlimited card swipes with no additional fees.
- Free InContact Notifications: Receive notifications about your account activity at no charge.
- Convenient Money Transfers: Send and receive money easily using the FNB App or by dialing 120321#.
Benefits of Capitec Bank Global One
Capitec Bank Global One offers a versatile and user-friendly banking experience. Here are the key benefits:
- Low Monthly Fee: The account charges a nominal monthly fee of R7.50.
- International Payments: Make international payments to over 50 countries using the Capitec app for a flat fee of R175.
- Digital Wallets: Add your card to Apple, Garmin, Google, or Samsung Pay for easy, fast, and safe payments.
- Cash-Free Transactions: Use various digital payment methods, including scan to pay and virtual cards.
- Live Better Rewards: Earn cash back, immediate discounts, and other rewards simply for banking, saving, and spending better.
- Easy Account Switching: Switch to Capitec easily with the help of their app, including salary and debit order transfers.
- Free Capitec Connect SIM: Save up to 80% on prepaid data, airtime, minutes, and SMS bundles.
Comparison of Fees
| Fee Type | FNB Easy Zero | Capitec Bank Global One |
|---|---|---|
| Monthly Account Fee | R0 | R7.50 |
| Cash Withdrawal (FNB ATM) | R10 per R1,000 (up to R1,000) | R10 per R1,000 |
| Cash Withdrawal (Non-FNB ATM) | R12 + R2.60 per R100 | R10 per R1,000 |
| Deposit Cash (FNB ATM) | Free up to R1,000, thereafter R1.60 | R10 per R1,000 |
| Send Money to eWallet | R10 | – |
| Immediate Payment to Other Banks | R0.65 per R100 (capped at R19.50) | R6.50 |
| Airtime Purchase | R0.50 | Free |
| Electricity Purchase (App/Online) | R0.50 – R3 | R1 |
| Card Replacement Fee | R160 | – |
| International Payment Fee | – | R175 |
| Digital Payments (Capitec Pay, etc.) | – | Free |
Pros and Cons
FNB Easy Zero
Pros:
- No monthly account fee.
- Free cash deposits up to R1,000 per month.
- Unlimited free card swipes.
- Quick and paperless account opening.
Cons:
- Charges for cash withdrawals at non-FNB ATMs.
- Limited international payment options.
- Higher fees for certain services like card replacement.
Capitec Bank Global One
Pros:
- Low monthly fee.
- Extensive digital payment options.
- International payments available.
- Live Better Rewards program for cash back and discounts.
Cons:
- Monthly fee, although minimal.
- Charges for cash withdrawals at all ATMs.
- Higher fee for international payments compared to local transactions.
Conclusion
FNB Easy Zero and Capitec Bank Global One offer distinct advantages for different banking needs. FNB Easy Zero is ideal for those who prefer a fee-free account with basic services. On the other hand, Capitec Bank Global One caters to users who value digital payments, international transactions, and rewards programs. Consider your banking habits and financial goals to choose the account that best suits your needs.