1 reviews | Active since Jul 2022
Misleading Advertising: FNB still promoting Savings account up 8.08% rate from 3 years ago
I am extremely disappointed with FNB as a first time customer. My mother and I are both looking to change banks and wanted to move a combined sum of nearly R1.1mil in savings. After checking your website, I saw this transactional savings account advertising an interest rate of up to 8.08% for a balance of over R100k: https://www.fnb.co.za/rates/TransactionalAccounts.html (click on the savings account button on the far right). I have also taken a screenshot incase you remove this. I actually visited my local FNB branch yesterday before opening an account to make sure this account existed and I was told that it is a savings pocket that can be linked to an Aspire current or Fusion account. Today I went to the branch with my mom and brought all of the relevant paperwork to open a Fusion Aspire account for myself and an Encore account for her.
Firstly, your system declined my Fusion Aspire application. Apparently not having any debt (i.e a mediocre credit score) is grounds for immediate disqualification by your algorithm for credit application even though I have a qualifying salary, plenty of disposable income, almost R300k in my current bank balance, paid off vehicle finance ahead of schedule 5 years ago, and never defaulted or been blacklisted. Surely a human being could be asked to review my paperwork to see that I clearly can handle my finances responsibly and should qualify for this account.
Secondly, I then opened a regular Aspire account and an Encore account for my mom, only to be told that the savings account that we want to link to it only earns ~6% and the best FNB can offer is a money maximizer account with 7% - a far cry from the advertised 8.08% on the aforementioned link. I was told we had to transfer funds from my current bank account immediately as that is a requirement to opening an account with FNB.
This is a clear breach of the Treating Customers Fairly (TCF) principles. I expect FNB to either honour the advertised rate or provide a significant goodwill gesture for this blatant misrepresentation.
I'm super happy with the service and resolution that FNB has provided particularly from the branch manager at Southdale Sundesh Singh as well as his staff. They went above and beyond to rectify the issue.
I'm super happy with the service and resolution that FNB has provided particularly from the branch manager at Southdale Sundesh Singh as well as his staff. They went above and beyond to rectify the issue.
