This comprehensive guide covers everything you need to know about FNB’s student savings and transactional accounts, including fees, features, eligibility requirements, and how to get the most value from your banking.
Managing your finances as a student can feel overwhelming, especially when you are juggling tuition, textbooks, accommodation, and social activities all on a limited budget. First National Bank (FNB) offers a range of student-friendly accounts designed to make banking affordable, convenient, and rewarding for young South Africans.
FNB Savings Account For Students: The Complete Guide
What Is the FNB Student Account?
FNB provides a dedicated Student Account, known as the FNBy account, which is specifically designed for full-time students aged 18 to 25 who are studying towards a recognised degree or diploma at a tertiary institution. The account is available to both South African citizens and international students with valid study permits.
Unlike traditional bank accounts that charge monthly fees regardless of usage, the FNB Student Account is structured to minimise costs for students who are typically living on tight budgets. There are two pricing options available: the Unlimited option and the Pay-As-You-Use option.
Pricing Options for the FNB Student Account
Unlimited Pricing Option
This option is best if you transact regularly and want predictable monthly fees.
| Fee Description | Cost |
|---|---|
| Monthly Account Fee | R5.00 (rebated if you maintain a minimum balance of R500 at all times) |
| Free Features | Card purchases, Cash@Till withdrawals, Cellphone Banking, FNB Banking App transactions |
| Electronic Channel Fees | R1.00 for prepaid purchases, R3.30 for transfers, R7.00 for payments |
This option is ideal if you use your card frequently for purchases, pay multiple debit orders, and rely heavily on electronic banking. You get unlimited qualifying electronic transactions for a fixed monthly fee, which makes budgeting easier.
Pay-As-You-Use Pricing Option
This option is designed for students who do not transact regularly and prefer to pay only for what they use.
| Fee Description | Cost |
|---|---|
| Monthly Account Fee | R5.00 (rebated if you maintain a minimum balance of R500 at all times) |
| Free Features | Card purchases, Cash@Till withdrawals, Cellphone Banking, FNB Banking App transactions |
| Electronic Channel Fees | R1.00 for prepaid purchases, R3.30 for transfers, R7.00 for payments |
The Pay-As-You-Use option is ideal if you mainly use the FNB app for banking and do not have many recurring transactions. The R5 monthly fee is waived if you keep at least R500 in your account at all times.
FNB Youth Account (Under 18)
If you are younger than 18, you may qualify for the FNB Youth Account instead of the Student Account.
| Age Group | Account Type | Requirements |
|---|---|---|
| 0–16 | FNB Youth Account | Must be opened by a parent or guardian, who is solely responsible for all transactions |
| 16–18 | FNB Youth Account | Can open and operate the account independently |
| 18–25 | FNB Student Account | Must be a full‑time student at a recognised tertiary institution (degree or diploma, minimum 3 years) |
The FNB Youth Account comes with a monthly fee of approximately R10 and includes:
– Unlimited internal (FNB to FNB) debit orders, electronic payments, and transfers
– Unlimited card swipes
– Free FNB Banking App subscriptions
– Access to a library of educational videos
You can also earn FNB Connect Youth Rewards—data bundles—when you buy airtime, data, or SMS bundles using your Youth Account. The rewards range from 50MB for monthly spend between R50 and R100, up to 1GB for spend over R1,500.
FNB Islamic Youth Account
FNB also offers an Islamic-compliant youth account called the FNBy Islamic Transact Account, available for youth under 18. This account:
– Has no monthly fees
– Earns a monthly profit share
– Includes a yCard with contactless features and online shopping capabilities
How to Apply for an FNB Student Account
Eligibility Requirements
To qualify for the FNB Student Account, you must meet the following criteria:
– Be between 18 and 25 years old
– Be a full-time student (not permanently employed)
– Be studying towards a recognised degree or diploma (minimum duration of 3 years)
– Provide proof of registration at a recognised tertiary institution
– Be a South African citizen OR a foreign student with a valid study permit
Application Process
You can apply online or at an FNB branch. You will need the following documents:
– Valid South African ID (or passport and valid study permit for international students)
– Proof of registration or acceptance at a recognised tertiary institution
– Proof of residence (not older than 3 months)
Important Note for International Students
If you are an international student, you must visit an FNB branch in person to complete your application due to South Africa’s Financial Intelligence Centre Act (FICA) requirements. You will need:
– Your valid passport (at least 6 months validity)
– Your valid study visa
– An official, stamped letter from your university confirming your registration
– South African proof of residence (not older than 3 months)
If you are over 25, you will not qualify for the FNBy Student Account. Instead, you can open an FNB Easy Account or FNB Aspire Account, which have higher monthly fees ranging from R5 to R100+ depending on the tier.
FNB Savings Options for Students
While the Student Account is primarily transactional, FNB also offers savings options that can help students build financial discipline.
MyFirstSavings Account
This account is designed for children and youth under 16 to encourage saving habits. Features include:
– Minimum opening deposit of R100
– Competitive interest rates
– No monthly or transactional fees
– Access to funds after placing notice (5 days for full withdrawal)
– 100% guaranteed capital
Easy Account Savings Option
FNB Easy Account holders can open a linked savings account with competitive interest rates and the option to “Bank your change”. This is a useful way for students to set aside small amounts of money towards specific goals.
Additional Student Banking Benefits
Free FNB Connect SIM Card
FNB Student Account holders can receive a free FNB Connect SIM card with data and airtime benefits, making it easier to stay connected without incurring high mobile costs.
eBucks Rewards
FNB Student Account holders earn eBucks rewards on their spending, which can be redeemed for shopping, travel, and more. eBucks can be accumulated quickly, especially when using the FNB app for everyday transactions.
InContact Notification Service
FNB offers inContact, a free SMS and email notification service that helps you manage your finances by alerting you to account activity, low balances, and upcoming payments.
Student Account Fee Comparison
The table below compares FNB’s student offering with other major South African banks:
| Bank | Monthly Fee | Minimum Opening Deposit | Eligibility |
|---|---|---|---|
| FNB FNBy | R0 | R0 | 18–25, full‑time tertiary student |
| Standard Bank Student | R0 (full‑time) | R0 | 16–24, proof of tertiary registration |
| Absa Student | R0–R5 | R0 | 16–27, proof of tertiary registration |
| Nedbank Student | Varies | R0 | 16–26, proof of tertiary registration |
Frequently Asked Questions
Q: What is the FNB Student Account monthly fee?
A: The FNB Student Account has no monthly fee (R0) for the FNBy account, provided you meet the eligibility criteria. However, there are two pricing options: Unlimited (R23.50/month) and Pay-As-You-Use (R5/month, rebated if you maintain R500 balance).
Q: What age is the FNB Student Account for?
A: The FNB Student Account is available for students aged 18 to 25. If you are under 18, you qualify for the FNB Youth Account.
Q: Do I need a study permit to open a student account?
A: Yes, if you are an international student, you need a valid study permit. South African citizens require a valid South African ID.
Q: Can I open an FNB Student Account online?
A: South African citizens may apply online, but international students must visit an FNB branch in person due to FICA requirements.
Q: Does FNB offer savings accounts for students?
A: Yes. The Student Account is transactional, but you can open a linked savings account or the MyFirstSavings account for children under 16.
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Face The Facts
FNB offers a comprehensive and student-friendly banking solution with the FNBy Student Account. With no monthly fee for eligible students, a range of free transactions, and valuable rewards like eBucks and FNB Connect data, it is an excellent choice for managing your finances while studying. Whether you choose the Unlimited or Pay-As-You-Use pricing option, you can bank affordably and conveniently through FNB’s award-winning digital app.
For the most current information on fees and features, visit the FNB website or contact their client care centre directly.
Disclaimer: Fees and features are subject to change. Always verify current information on the official FNB website or by contacting FNB directly before opening an account.