Choosing the right entry-level bank account is essential for managing your finances efficiently. This article compares two popular options in South Africa: the FNB Easy Zero Account and the Old Mutual Money Account. We’ll examine the benefits, fee structures, and pros and cons to help you make an informed decision.
Benefits of FNB Easy Zero Account
The FNB Easy Zero Account offers several features designed to provide convenience and cost savings:
- No Monthly Fees: The account has zero monthly fees, making it an affordable option for everyday banking.
- Easy Account Opening: You can open an account in less than five minutes without any paperwork.
- Free Cash Deposits: Deposit up to R1,000 per month at FNB ATMs without additional costs.
- Cash@Till® Service: Withdraw cash at selected retailers like Shoprite, Checkers, Pick n Pay, Boxer, and Spar at no extra charge.
- Free Transactions: Enjoy unlimited card swipes and no charges for receiving account activity messages.
- Virtual Card: Use the FNB Virtual Card on the FNB App or cellphone banking for safe and secure transactions.
- Mobile and Cellphone Banking: Access banking services through the FNB App or by dialing 120321#.
- Savings Options: Open a savings account from as little as R1 and benefit from various savings solutions, including the 32-Day Flexi Notice Account and tax-free cash deposits.
Benefits of Old Mutual Money Account
The Old Mutual Money Account provides a range of features to simplify your banking experience:
- Mobile App Access: Manage your account conveniently through the Old Mutual Mobile App, offering self-service options like Quick Pay and account balance management.
- Swipe & Save: Set a percentage (1% to 15%) of your card purchases to automatically transfer to your savings account.
- Focused Save: Automate monthly transfers to your savings account on a date of your choice.
- Free Transactions: Enjoy free card purchases, mobile app access, and internet banking.
- Security Features: Switch your card on and off for added security and manage account limits and settings via the mobile app.
- Rewards Program: Sign up for the Old Mutual Rewards program to earn points on your transactions.
Fee Comparison
| Fee Type | FNB Easy Zero | Old Mutual Money Account |
|---|---|---|
| Monthly Account Fee | R0 | R5.25 |
| Cash Withdrawal at Tillpoints | R1.50 | R2.30 |
| Cash Withdrawal at ATM | R10 per R1,000 | R15 per R1,000 |
| Deposit Cash at ATM | No charge up to R1,000; R1.60 per R100 thereafter | R12.00 |
| Card Purchase | R0 | Free |
| Balance Enquiry | Free (mobile and online) | Free |
| EFT Payments | R1 | R1.20 |
| Debit Order | N/A | R3.50 |
| Third Party Beneficiary Payment | N/A | R1.20 |
| Prepaid Airtime/Data Purchase | R0.50 | R1.00 |
| Prepaid Electricity Purchase | R0.50 to R3.00 | R1.00 |
| Statement Printing | R4.25 per page | R5.50 per page |
| Real-time Payments (Payshap and Instant Payment) | R0.65 per R100 (capped at R19.50) | R6.00 |
| Card Replacement Fee | R160 | R90.00 |
| Declined Transactions | R8 | R1.20 |
Pros and Cons
FNB Easy Zero Account
Pros:
- Zero monthly account fees.
- Easy account opening process.
- Free cash deposits up to R1,000 per month.
- Unlimited card swipes.
- Extensive mobile and cellphone banking options.
Cons:
- Charges for ATM withdrawals after the first R1,000.
- Higher fees for non-FNB ATM withdrawals.
- Limited savings interest rates compared to dedicated savings accounts.
Old Mutual Money Account
Pros:
- Low monthly account fee.
- Free card purchases and mobile app access.
- Automated savings options (Swipe & Save and Focused Save).
- Comprehensive rewards program.
- Strong security features with card management.
Cons:
- Higher ATM withdrawal fees.
- Fees for prepaid purchases.
- Monthly account fee, albeit low.
Conclusion
Both the FNB Easy Zero and Old Mutual Money Account offer unique benefits for entry-level banking customers. FNB Easy Zero is ideal for those who prioritize zero monthly fees and convenient banking services. In contrast, the Old Mutual Money Account is suitable for users looking for automated savings features and a rewards program despite a small monthly fee. Assess your banking needs and preferences to choose the account that best suits your lifestyle.