Converting Your FNB Home Loan to a FNB One Account

FNB allows you to convert your FNB home loan to a One Account, but many people do wonder why they should do this. One Account is a cheque account that has a large overdraft that is secured by a residential property.

Your borrowing limit is your facility and this means that you do not need an extra bank account and a FNB home loan account. The One Account replaces all accounts by combining them. The overdraft is reduced monthly over the term of the facility. This way, you only pay one account’s fees and not multiple, almost like having all eggs in one basket, but saving on bank charges. With every swipe of your FNB cheque card, you also earn eBucks, making this account work for you.

Reasons why this account is more affordable include

The interest rate is calculated daily but capitalised monthly, so if you make more deposits and have more money in the account, the less the interest charges.
The interest rate is lower than any typical short-term loan.
You can pay off your facility over 20 years, which means you have more money to use.

When you convert your FNB home loan to a One Account you will

Save on your bond registration attorney fees
Obtain a discount for an early termination
Make deposits
Be able to transfer funds
Withdraw funds
Pay your bills at any ATM
Do not have to carry cash because you would be able to shop at most stores
Earn eBucks

If you want to apply for this fascinating method of saving money, you need to

Earn a minimum of R350 000 per annum
Be able to afford repayments. If you are married in community of property, joint income will be taken into consideration.
Have a clear and good credit record.
You must be a citizen of South Africa with a valid South African ID.