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FNB has announced the launch of a new FNB Shares Zero investment account, which lets users invest in stock markets without the need to pay monthly account fees or brokerage fees.
The account lets customers buy any FNB or Ashburton exchange-traded products, according to the bank.
The product is meant to make shares investment more accessible to South Africans.
“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,” Sizwe Nxedlana, CEO of FNB Wealth and Investments and Ashburton, said in a statement.
The launch of the investment account follows the introduction of exchange traded notes (ETNs) to the FNB App in 2020.
This feature allowed South Africans to buy shares in major companies for as little as R10.
With the FNB Shares Zero account, users can also invest directly in companies in the JSE ALSI Top 40 index. However, these transactions will have a brokerage charge of 0.25% of the transaction value.
What to know about the FNB Shares Zero account
Like other accounts, you can manage an FNB Shares Zero account through the FNB App.
You don’t need a minimum balance to open an account.
You can apply for a Shares Zero account on the FNB website or through the FNB App.
The zero monthly account fees apply to exchange-traded notes (ETFs), ETNs, as well as Top 40 shares. Meanwhile, the zero brokerage fees apply to FNB ETFs and ETNs.
Through the account, you can invest in both local and international markets, according to FNB.
To find out more, visit the FNB Shares Zero website.
Featured image: Megan Ellis/Memeburn