One of South Africa’s largest banks, FNB, has announced that its customers have saved a remarkable R6.6 billion over the past four years using the Bank Your Change® feature. This feature is available through the FNB app and allows customers to automatically save small amounts from their transactional account into a linked savings account.
The Bank Your Change® feature works by rounding up every transaction made with an FNB debit card to the nearest rand value chosen by the customer. The difference between the rounded amount and the original transaction amount is then deposited into the customer’s linked FNB savings account.
According to FNB, customers have saved R6.6 billion by using this feature, with the saved amounts ranging from R2 to R50 over the past four years. This innovative saving feature has played a significant role in helping FNB customers save effortlessly and build financial safety nets for emergencies or unexpected expenses.
Himal Parbhoo, the CEO of FNB Cash Investments, highlights the success of this automated saving approach and emphasizes the importance of giving consumers more control over their financial management. The Bank Your Change® feature aligns with FNB’s commitment to assist customers in developing positive money habits and addressing the challenge of building a savings culture in the country.
FNB aims to continue providing advice-led solutions to its customers, helping them unlock their savings potential in their day-to-day financial activities. “We are delighted to see that our customers continue to see the value of taking advantage of our simple but effective savings solution despite the prevailing economic conditions that continue to put pressure on household income. The upside of consistently saving is that our customers also earn competitive interest rates on their savings, which could go a long way in a high interest rate environment,.“
In South Africa, July is designated as Savings Month.
