Students need all the help they can get. They face so many challenges with the mental and psychological demands of their academic work, and many others have to fight through personal issues, financial issues, and so on. Banking does not have to be difficult; it should make students’ lives easier, not add to their problems. FNB Student Account is an answer to the needs of students who need a type of account that is easy to operate, good for their day-to-day expenses, and will not charge them excessively for the service.
Don’t forget that this bank is the oldest and most experienced bank in South Africa- their services are expected to be top quality; the product is designed to provide maximum benefit for customers, and that is why it is steadily growing in popularity.
In this post, I answer questions about the FNB student account, including how does the FNB student account works? What are the requirements to open the FNB student account? What is this FNB student account? We will also provide some general information about the charges and fees involved in this account.
What is the FNB Student Account?
The FNB Student account is a special product designed for young people actively pursuing their academics. The ideal operators of this account should be young people between the ages of 18 and 30 years, and currently studying for their diploma or degrees. The bank allows people who have graduated not more than three years. This account is designed to help these graduate students manage their finances to better their future, and to embrace saving culture.
How Do I Open an FNB Student Account?
You open an FNB Student Account in the same manner that you open all other accounts. The easiest way is that you just walk into any branch of FNB bank, and talk to a customer care attendant, telling them that you need to open an FNB Student account.
You can also choose to start the process online, you can visit the bank website and select open an account, and then make sure you choose the FNB Student account which is the particular account that you want to open. From there you can proceed to provide your personal information: name, address, and so on.
After you have provided your personal information online, you may still need to go to a nearby FNB branch in order to present the documentation that shows that you meet the requirements necessary for opening the account.
Requirements for Opening FNB Student Accounts:
The bank requires you to prove that you are studying a course and will graduate after a minimum of three years. This could be a diploma or degree course. You can easily prove this by presenting your academic papers, other transcripts, or certificate.
The bank requires you to prove that you are between the ages of 18 and 25 years for you to be allowed to open this account. You can easily prove this by presenting your green bar-coded South African ID Book, passport with a work permit, or permanent residence permit.
The bank requires you to provide proof of address. This is another must-have document to qualify for an FNB student account. You can scale this by providing the following documents: this could be resident certificates, utility bills, electricity bills, or telephone bills. If the bills are not made out in your name, the owner of the bill should assist you with an affidavit.
With those details and documentation, you should easily open your FNB student account without any hassles. There is no minimum deposit required when the account, and also there is no minimum monthly account balance that is required for you to maintain in order to keep the Student account active.
How Does the FNB Student Account Work?
The FNB student account requires you to pay a monthly fee of R.100.00, but for that small monthly fee you will be able to enjoy many great benefits.
Benefits such as low Deposit charges:
Cheque Deposit at the Branch R30.00
Cheque Deposit at the ATM R30.00
Cash Deposit at the Branch R1.65/R100.00 (minimum R50.00)
Cash Deposit at the ATM R0.70/R100.00 (minimum R5.50)
Low Charges for Cash Withdrawals
When at Branch counter R50.00 + R1.65/R100.00
When at Own Bank ATM 4 Free, R3.95 + R1.30/R100.00 thereafter
When at Other Bank ATM R10.45 + R1.30/R100.00
When using Point Of Sale/Till R3.95 + R1.30/R100.00
When using Overseas ATM R50.00 + 2% of the transaction value
Low Charges on Point Of Sale Transactions
Debit using POS (Point Of Sale) – local R0.00
Debit using POS – Overseas R0.00
Debit using Prepaid R1.10
Account Payments
When you use any of the following value added services, you pay very little:
ATM R0.00
Branch Counter R50.00
Internet R0.00
Cellphone R0.00
Telephone Advisor R50.00
Internal Debit Fees:
It is possible to make debit orders, requesting the bank to debit your account, making recurrent payments on your behalf.
Internal Debit Orders R0.00
External Debit Orders R0.00
Stop Orders R5.00
Funds Transfer Fees:
This account also affords you the opportunity to make funds transfers from your account to your friends, family members and associates, for very little charges.
ATM R0.00
Branch Counter R50.00
Internet R0.00
Phone Advisor R50.00
Cell-phone R0.00
Balance Enquiries
You can make balance enquires at any time of your convenience for very little fees:
When made at an ATM R0.00
When made at Other Bank ATM R5.00
When made at a POS R5.00
When made at a Branch counter R5.00
When made on the Internet, Cell-phone R0.00
When made on Overseas ATM/POS R5.00
Statement of Accounts
With this account type, you can receive your statement of account quickly upon request. Remember that statements of account are official documents that can have real legal consequences.
When requested at a Branch R13.00 per page
When requested at an ATM R4.00
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Conclusion:
This FNB student account is a great account for young people and college students. With this account, you will be able to monitor your spending, pay your bills automatically, make payments for online purchases, and carry out all sorts of financial transactions. The most important part is that this account will help you imbibe a saving culture. No wonder it has been growing in popularity.