FIRST National Bank (FNB) today announced the launch a new Shares Zero investment account with no monthly account fees and with a brokerage charge of 0.25 percent of the transaction value.
Raj Makanjee, the chief executive of FNB Retail, said the growing interest in investments was evident across the bank’s income segments.
“Despite the financial challenges of Covid-19, we have seen a year-on-year increase in customers who open new investments accounts with us, with approximately a 41 percent increase in share trade values. The launch of our FNB Shares Zero investment account further accelerates our efforts to broaden our suite of investment solutions and minimises the cost for customers to manage their money for short and long-terms goals,” he said.
Sizwe Nxedlana, the chief executive of FNB Wealth and Investments and Ashburton, said: “FNB Shares Zero has come at precisely the right time for South Africans, many of whom have been wanting to invest in global stock markets, but have been excluded by high brokerage fees and financial constraints. We urge customers to take advantage of new solution to start their journey of share ownership. This is another way we are helping our customers to unlock their wealth creation journey, through investing in shares.”
FNB Shares Zero account holders pay zero monthly account fees and zero brokerage fees when buying any FNB or Ashburton exchange-traded products.
FNB was also offering valuable education to guide new investors along their investment journey, with ongoing access to real-time trading tips, market and share insights, and expert opinions and guidance.
Nxedlana said FNB Shares Zero aligned with their recognition that investment in shares can, and should, be a valuable component in any effective money management strategy.
“Given the important role that investment plays in building a financially secure future, we have worked hard over the years to educate customers on the benefits and value of investing in shares, while also making such investment readily available to as many South Africans as possible, and the launch of Shares Zero is, in many ways, the pinnacle of these efforts, because it makes it possible for almost anyone to start, or expand, their personal investment journey.”
Nxedlana said having an FNB Shares Zero account also allowed you to invest directly in the companies represented in the JSE Top 40 index, which were some of the biggest and best-known brands in South Africa.
BUSINESS REPORT