Check the FNB business money on call account review in this guide.
Chances are you have heard about the FNB business Money on-call account.
Do you know how it works?
What are the qualifications and documents needed to open the account?
These are among the questions I’ll be answering in this FNB business Money on-call account review.
The FNB business money on-call account works like a savings account, but you can have access to the savings anytime you would.
It is a type of account meant to help access your savings when you have an emergency or unplanned expenses.
The account comes at no monthly fee, and there is the payment of interest to the savings in your account.
There are no penalties when you withdraw the savings.
You can also use the account to make regular transfers or scheduled transfers from the account.
Documents needed to open FNB Business Money on Call account
The following are the essential documents you need to have to be allowed to open this account.
You need to present these documents in person at the bank.
1. Proof of residence
The bank requires you to present documents that prove your current address.
These documents are not supposed to be more than three months old.
Some of the documents that you can use include utility bills and bank statements.
2. Identity proof
The second documents are the ones that prove your identity.
You can use a South Africa ID or green book.
The foreigners can use the study or work permit.
Additionally, the bank will request your passport.
3. Company Documents
The bank may also request you to have company documents as this is a business account if you run a business.
4. Income Tax Number
The other document is income tax detailing your income tax number.
Besides these documents, you are required to have a minimum deposit of R5 000 when opening the account.
Failure to maintain R5 000 balance in your account the bank will not pay the interest of your savings.
First National Bank Money On Call Benefits
There are advantages to this type of account if you don’t like to keep your money in a fixed savings account.
These advantages include:
1. Guaranteed capital
FNB grantees to pay you the interest earned after making the savings even if you withdraw the money.
Additionally, the bank keeps your original deposit safe for you.
2. Flexibility
You can access your account anytime you need the money and withdraw it.
Besides, you can use the account to make transfers.
That was our FNB Business Money On Call Account Review.
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