In 2024, South Africa’s banking landscape offers various entry-level accounts designed to provide cost-effective and accessible banking solutions. This article compares two popular options: the FNB Easy Zero and TymeBank Everyday accounts. We’ll examine their benefits, fees, pros, and cons to help you make an informed decision.
Benefits of FNB Easy Zero Account
The FNB Easy Zero account aims to simplify banking with no monthly fees. It is ideal for those looking to minimize costs while accessing essential banking services. Key benefits include:
- No Monthly Fees: You won’t pay any monthly maintenance fees.
- Free Deposits: Deposit up to R1,000 per month at FNB ATMs without incurring additional costs.
- Cash@Till® Service: Withdraw cash at selected retailers (Shoprite, Checkers, Pick n Pay, Boxer, and Spar) for free.
- Virtual Card: Use your FNB Virtual Card for secure online and mobile transactions.
- Unlimited Card Swipes: Swipe your card at no cost.
- Free SMS Notifications: Receive notifications about account activity without charges.
- eWallet Services: Send money to any valid South African cellphone number easily using eWallet.
Benefits of TymeBank Everyday Account
TymeBank Everyday account offers a blend of convenience and cost-effectiveness, emphasizing low fees and digital banking. Key benefits include:
- No Monthly Fees: Like FNB Easy Zero, TymeBank charges no monthly maintenance fees.
- Free Transactions: Many banking activities, such as balance inquiries, EFT payments, and initial Visa debit card issuance, are free.
- Wide Withdrawal Network: Withdraw cash at over 15,000 retail locations including Pick n Pay, Boxer, and some spaza shops.
- Low Withdrawal Fees: Withdraw cash at ATMs for a nominal fee.
- Online and App Banking: Manage your account online or through the banking app without additional charges.
- In-App Notifications: Receive free notifications through the app.
Fee Comparison
| Fee Type | FNB Easy Zero | TymeBank Everyday |
|---|---|---|
| Monthly Account Fee | R0 | R0 |
| ATM Withdrawal Fee | R10 per R1,000 up to R1,000, thereafter R14 per R1,000 | R10 per R1,000 |
| Retailer Withdrawal Fee | R1.50 at Cash@Till® | R3 at Pick n Pay, Boxer |
| Cash Deposit Fee | No charge up to R1,000, thereafter R1.60 per R100 | R7 per R1,000 |
| Balance Inquiry Fee | No charge online and mobile | R3 at ATM |
| EFT Payments | R1 | Free |
| Prepaid Airtime Purchase | R0.50 | R0.50 |
| Prepaid Electricity | R0.50 – R3 | R3 |
| Card Replacement Fee | R160 | R70 |
| Immediate Payment Fee | R0.65 per R100 (capped at R19.50) | R7 per R1,000 |
| In-App Notifications | Free | Free |
| Declined Transaction Fee | R8 | R3 |
Pros and Cons
FNB Easy Zero Account
Pros:
- No monthly fees.
- Free deposits up to R1,000 per month.
- Wide range of free services (e.g., card swipes, notifications).
- Secure virtual card for online transactions.
Cons:
- Higher ATM withdrawal fees compared to TymeBank.
- Fee for incorrect eWallet send reversal.
TymeBank Everyday Account
Pros:
- No monthly fees.
- Extensive free transaction options.
- Wide cash withdrawal network including spaza shops.
- Lower card replacement fee.
Cons:
- R3 fee for retailer withdrawals.
- R7 fee per R1,000 for cash deposits.
Conclusion
Both FNB Easy Zero and TymeBank Everyday accounts offer compelling features for entry-level banking. FNB Easy Zero is advantageous for those who frequently use ATM and retailer withdrawals due to its extensive free options. TymeBank Everyday stands out for its simplicity, extensive free transaction list, and lower replacement card fee. Evaluate your transaction habits and choose the account that best fits your banking needs.