Spending to Save

Aug 03, 2018 in Company Post

We all love the idea of saving but we never get to it, there is always that excuse of not having enough money to save.

FNB has come up with a new product called Bank Your Change. Now spending your money will actually help you save more. Here is how it works:

For every purchase you make on your transactional account your purchase value will be rounded off to the nearest Rand, thereby transferring the difference into your Savings account. It gets better as you can choose to top up this transfer by amounts of R2, R5, R10, R20 or R50. Each swipe adds that amount from your transactional account to the cents you’ve saved on your purchases, into your Savings Account. It’s free to activate and no additional monthly fees are charged.

When I activated my savings pocket a two months ago I was a bit doubtful as I thought the total monthly savings would not be material. To my surprise two months later I have managed to pile up a respectable amount.

So if you have any short term financial goal and looking for returns on your savings, this product will benefit you. You will save without planning to save.