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FNB favours the over 55 market

15 May 2008 FNB

The prevailing high interest rate climate is having an adverse impact on the consumer market, including the over 55s.

To alleviate them from this plight and assist them to better leverage their pension and alternative forms of income, FNB has a special package for the over 55 market which helps them save money.

This offer includes favourable banking fees, better rates on savings and investments, as well as other discounts,” says Brett Erasmus, FNB’s Head of Segment Marketing.

Known as the Encore Portfolio, the package is a bundle of financial and insurance services tailored to meet the needs of the over 55s.

The main benefit of Encore Portfolio is that in it the over 55 market can reduce monthly fees on their cheque account.

“The main attraction of this package is that we put back some money back into the pockets of the over 55 market. These savings, we believe, will go a long-way in hedging them against the existing risks of high food prices and soaring fuel prices,” said Erasmus.

Erasmus said substantial savings are available through waived transaction fees, discounts on annual credit card fees and discounts on household and car insurance.

This market also benefits from a higher interest rate on a 12 months-plus fixed deposits. This helps them to maximise the return on their savings.

Banking fees have been blamed for eroding consumer’s money. Therefore, savings in the form of reduced banking fees under the prevailing economic conditions can do a lot for households.

 

To qualify and enjoy the benefit of the Encore Portfolio, a customer will have to either maintain a minimum balance of R6 000 in their Encore Cheque Account or a minimum investment of R10 000 in any FNB Fixed, Notice, Money Market or Call Account.

“Should you have a monthly balance of less than R6 000 and not have a R10 000 investment with FNB, you can still enjoy the benefits offered by the Encore Portfolio for a flat monthly Cheque Account service fee, which includes 5 free transactions per month,” said Erasmus.

Other benefits of the Encore Portfolio include:

  • Customers only pay 50% of the annual credit card fee
  • Large discounts on short term insurance
  • Premium interest rates on fixed deposits
  • Free subscription on internet, telephone & cellphone banking
  • Two free bank cheques per month
  • Free over the counter statements
  • No commission on the first 2 stop orders set up on your account per month
  • All the cash withdrawals that take place over the counter are exempt from cash handling fees
  • free cheque books
  • free debit order switching
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