Financial Presents for Children

Here are tips compliments of FNB for financial presents you can provide your children, in order to benefit them later in life.

  1. Seven and Under

Children in this age group are too young to understand concepts such as finance, saving, budgeting etc, so the onus falls on the parent to act on the child’s behalf. It’s always a good idea to build a bit of a financial nest for your child as soon as possible. This could be for education purposes, or could be an account where you just start to put away savings. You can always decide to move the money to an account of your choice while you decide on the purpose of the savings.

A trend that has become more and popular with baby, toddler and young children’s parties is to not buy a gift for the birthday girl or boy, but to deposit money is a savings account for the child. For the first 2 or 3 years of a child’s life, there are only so many toys that they can accumulate and play with, so why not (if they child has a savings account) deposit some money there instead.

SUITABLE PRODUCTS (Parents need to speak to their financial advisors or bank consultant to understand what the best product would be)

  • Unit Trusts
  • Educational Policies
  • FNB Investment Accounts, e.g.

o   Simply Save

o   FNB 32 Day Interest Plus

o   FNB MyFirstSavings

o   FNB Fixed Depost

  1. Eight to Fifteen

Children in this age group are more aware of money and excited to have it in hand.  They might receive money as birthday presents or in the form of pocket money. It is in this age group where parents can teach them the principles of saving and money management. They could even have their own bank account, and manage it (to some extent) but only under the guidance of their parents.

Teaching children to save isn’t as hard as you might think. Children have an amazing ability to grasp concepts, especially when you turn a concept into a physical action like having a piggy bank. Taking a coin or two and dropping it into a piggy bank regularly, is the first step to educate your child on the importance of saving a portion of their money instead of spending it all.

How to Save: The first thing you will need to do, is to teach your child to put away a percentage of their pocket money. A simple way to start this process is to help define their saving goal; something that they really want. Once your child has become comfortable with depositing a portion of their money into their money box, introduce them to the concept of interest. Explain that at the end of every month, mommy or daddy will give them a certain percentage to add to their money box, depending on the amount that they have saved.  By introducing this element of saving, your child will grasp the concept of interest quicker when they open a savings account of their own.

Saving up: Help your child distinguish between long and short term saving goals. A money box can represent long term goals, whilst an envelope can represent their short term goals.  If the short term goal is to buy a particular toy, paste an image of that toy onto the envelope and give your child an indication of how long it will take to save up for it. Emphasise that it is important to still deposit money into the money box whilst simultaneously saving for the toy.

Budgeting: If your child receives daily or weekly pocket money, educate them to start budgeting for their daily spend. Encourage them to strive to save a portion of their pocket money and agree on a goal to work towards – buying a toy on their birthday, pocket money on holiday, a clothing item, etc. Your child will then learn how to budget from an early age as they will see the benefit of saving in a long run. What a rewarding moment it’ll be when they finally get to use the money for themselves.

Open an account for your child to save: As soon as their money box has reached the minimum amount needed to open a savings account, count the money with your child and take them to the bank to open their first savings account. This way they will be able to earn interest on their money and they can keep adding money into their account as they grow their savings. This will create the excitement on ongoing saving.

SUITABLE PRODUCTS (Speak to your bank or financial advisor to understand what the best product fit would be)

  • FNB Simply Save
  • FNB 32 Day Interest Plus
  • FNB Flexi Fixed Deposit (for your child from as little as R100. They can also add money into their account at any time and there are no monthly fees to erode their savings. FNB’s Flexi Fixed Deposit offers kids most benefits of a fixed deposit with the flexibility to access a portion of their money immediately. The account allows them two free withdrawals of up to 15 percent of their available balance during the term. Kids can add money at any time whilst still earning interest. There are no monthly fees on the account which means that your child is guaranteed their initial investment and all of the interest they earn.

It is important that when you choose a savings account for your child, you find one with no monthly fees as the money your child deposits will be small and these fees end up eroding their capital.

FNB Fluid Account

  • FNB offers children under the age of 18 the Fluid Account, which is a transactional and savings account designed to teach children the principles of day-to-day banking and the benefits of saving.
  • There is no minimum deposit in order to open the FNB Fluid Account.
  • There are no monthly account fees payable on account balances of R500 and over.
  • Free card purchases (no bank fees charged on card swipes)
  • A monthly account fee of R5.80 is charged for balances below R500.
  • Parents do not need to bank with FNB;  however parents will have to accompany children under 16 years of age in order for them to open the account.
  • Children who have a linked parent’s account (FNB Cheque Account linked to a Fluid Account)) do not require full KYC.

Incentives / rewards for children or for parents with the Fluid Account

  • eBucks – 100 points per month for the parents if you have a linked parent account (FNB Cheque Account linked to a Fluid Account)
  • An interest of between 0.25% – 1.80 % can be earned on the savings balance.
  • The Fluid Account can be accessed via ATMs, Online Banking, Cellphone Banking and FNB branches and gives the option to redirected account fees to a parent’s FNB account. In addition to this, the Fluid Account MasterCard debit card can be used for cash withdrawals, purchases as well as free Cash@Till™ withdrawals in most Checkers, Shoprite and Pick and Pay stores. The account is linked to inContact and two debit transactions per month are free.
  1. 16 and Older

By this stage, it is important for your child to have a firm understanding of how money works. It is in this age group that they would want to take ownership of their money and they would want to transact on their own. It is important to chat to your children about the responsibility of having money. Parental guidance is still needed to prepare your child to become a financially responsible individual.

SUITABLE PRODUCTS (Speak to your bank or financial advisor to understand what the best product fit would be

FNB Fluid Account

  • FNB offers children under the age of 18 the Fluid Account, which is a transactional and savings account designed to teach children the principles of day-to-day banking and the benefits of saving.
  • There is no minimum deposit in order to open the FNB Fluid Account.
  • There are no monthly account fees payable on account balances of R500 and over.
  • Free card purchases (no bank fees charged on card swipes)
  • A monthly account fee of R5.80 is charged for balances below R500.
  • Parents do not need to bank with FNB;  however parents will have to accompany children under 16 years of age in order for them to open the account.
  • Children who have a linked parent’s account (FNB Cheque Account linked to a Fluid Account)) do not require full KYC.

Incentives / rewards for children or for parents with the Fluid Account

  • eBucks – 100 points per month for the parents if you have a linked parent account (FNB Cheque Account linked to a Fluid Account)
  • An interest of between 0.25% – 1.80 % can be earned on the savings balance.
  • The Fluid Account can be accessed via ATMs, Online Banking, Cellphone Banking and FNB branches and gives the option to redirected account fees to a parent’s FNB account. In addition to this, the Fluid Account MasterCard debit card can be used for cash withdrawals, purchases as well as free Cash@Till™ withdrawals in most Checkers, Shoprite and Pick and Pay stores. The account is linked to inContact and two debit transactions per month are free.

Easy Account (Over 18 years of Age)

FNB’s Easy Account is South Africa’s best value for money entry-level account with a low monthly fee of R4.20, and offers customers some of the cheapest rates in the market for day to day transactions.  FNB Easy Account customers do not pay bank fees when they pay for goods using their card, to withdraw cash at till points, for FNB debit orders and linked transfers on their account.  ATM cash withdrawal fees are only R4.00 at FNB ATMs (irrespective of the amount withdrawn) and the same for cash or cheque deposits at an FNB ATM.   Subscription to FNB Cellphone Banking and FNB’s messaging service – inContact – is also free.

Free Access to the FNB APP

Unparalleled simplicity and convenience

As a registered Online Banking user, you can access the FNB App

Download the free app for Android,  Apple, BlackBerry and Nokia  Symbian devices.

Using the APP you can:

    • Make and receive Geo Payments
    • Set-up Stop Payments
    • View Transfer and Payment History
    • Send Money
    • Contact your Relationship Banker
    • View accounts and detailed balances
    • Make payments and transfer funds
    • Locate FNB Branches or ATMs
    • Access an FNB Directory
    • Make and receive calls
    • Send and receive messages
    • Buy prepaid products
    • Top up your FNB Connect Accounts
    • Purchase FNB Connect ADSL bundles
    • View foreign exchange rates

For queries please email: fnbappsupport@fnb.co.za
To find out how to link your device call: 087 575 0362

View the software license agreement and remote banking agreement

*Android devices include HTC, Samsung, LG, Motorola, Sony Ericsson and Huawei. BlackBerry devices include the Torch, Storm, Bold and Curve that are OS5 or higher

  • Free subscription to Cellphone Banking

Banking at the touch of a button

Cellphone Banking

Access your money anytime, anywhere using your cellphone

Even without your ATM card you can now do your banking via Cellphone Banking.

As a customer you enjoy the following benefits:

    • Check your balances, transfer money between your own accounts, make payments to individuals, pay monthly accounts, and even pay traffic fines
    • Withdraw cash from your FNB accounts, without the use of an ATM card
    • Buy prepaid airtime, electricity and LOTTO™
    • Free registration and subscription
    • Free inContact with every transaction (above R100)
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