FNB launches own smart phone and unlimited calls package

First National Bank (FNB) has launched its own branded FNB smartphone, claiming it wants to fully integrate banking and customer mobility.

“For FNB, mobile banking is more than just having the best banking app,” says Jan Kleynhans, CEO of the FNB Consumer Segment. “For us, true mobile banking is enabling customers to bank anywhere, anytime using smartphone technology at very affordable prices for our customers.”

What phones are on offer? 

Customers have a choice of two smartphones, the ConeXis A1 and the X1. The A1 is pitched at the price-sensitive Easy bank account holder, who now has access to possibly their first high quality smartphone at an affordable price of only R59 per month with 15 minutes airtime and 50MB of data included. 

Gold and Premium (Premier, Private Clients and Private Wealth) customers also have access to the higher specification X1 at R150 per month with 25 minutes and 100MB of data included.

So what’s the catch? 

Well for starters, you have to be an FNB customer. The A1 and the X1 are available to customers who have a banking transactional account. They will require an FNB Connect Sim but there is no credit check.

However, a refundable deposit amount after 24 months will be requested by the bank. For the X1 the deposit requested will be R1,500 and for the A1, R500 will be taken. 

The money is then parked in a Linked Savings Account and returned with an interest rate of 5.5% and will be returned to the customer, with interest, after the 24 month period when the phone is paid off. 

The smartphones, which are made by ZTE, and accessories are so far only available in black and come with a 12 month warranty. 

A phone for ‘free’ 

There will be ways to reduce the cost of your cell phone bill through FNB’s rewards system. The bank offers up to a 100% rebate on the X1 monthly instalments depending on your eBucks Rewards level. Gold customers on eBucks Rewards levels of 3, 4, and 5 will be rebated R60, R90, and R150 (100%) on the monthly repayment respectively. Premium customers will be rewarded from level 1.

Premium customers’ rebates will be as follows:

• Level 1 – R15
• Level 2 – R30
• Level 3 – R60
• Level 4 – R90
• Level 5 – R150

FNB has integrated the ConeXis smartphone offering with its rewards and banking programme which incentivises customers with cellular discounts. 

FNB-banked customers can earn up to 40% on their monthly cellular spend dependent on their eBucks Rewards level. “The FNB offering is also structured to encourage a savings culture through the use of convenient and cost-effective savings platforms,” added Kleynhans.  

Unlimited calls package for R399

The smartphone launch follows the FNB Connect cellular offering launched in 2015, which integrates customer’s financial and mobile accounts on a single banking platform.

FNB also announced the introduction of the FNB Connect Unlimited Calls offer, which allows subscribers to make unlimited local calls to any network for only R399 per month. The new Unlimited Calls offer can be taken up together with the FNB ConeXis smartphone deal or any other branded mobile phone. 

The Unlimited offer is available to customers from 24 August 2016 while the FNB ConeXis smartphones will be available at selected FNB branches from 1 September 2016. 

When taking up the smartphone offer, customers will be taken through the unique features and benefits, including how they can manage their cellular costs. 

FNB has zero-rated calls when FNB Connect customers make calls to FNB’s Banking Call Centre, thus providing another means to bank anywhere using FNB Connect.

Will other banks jump on the bandwagon?

For now it seems unlikely that FNB’s competitors will offer something similar. When asked FNB said it was not aware of the likes of Standard Bank, Absa and Nedbank offering a smartphone and phone package to customers. In fact, FNB believes it’s the first bank on the African continent, if not the world to offer this to customers. 

At the time of writing Standard Bank, Absa and Nedbank were unable to provide comment as to whether this will be something they intend to offer their own clients in the future. But Justmoney certainly expects them to watch the market closely to see if this will, in fact, be a game changer. 

Handy tip: If you don’t like what your bank is offering you, you can always switch. Click here to compare bank accounts on Justmoney.