FNB launches investment account with no monthly fees
FNB has launched a new investment account with no monthly account fees, called Shares Zero, in hopes of meeting the growing interest in investing in local and international stock markets.
The bank said account holders will pay no monthly account fees and brokerage fees when purchasing ETF or Ashburton exchange traded products.
It will also offer training to guide new investors with ongoing access to real-time trading advice, market information and sharing, as well as expert opinions and advice.
The Shares Zero account will operate in conjunction with ETF’s Exchange Traded Note (ETN) program.
They are global investment vehicles that allow South Africans to invest in many of the world’s largest and most successful companies, including Microsoft, Netflix, Apple, Tesla and Coca Cola.
A Shares Zero account allows clients to invest for free in a range of Ashburton exchange-traded funds (ETFs), including the Ashburton Global 1200 ETF which tracks the performance of the world’s 1200 largest companies.
Having a Shares Zero ETF account also allows clients to invest directly in companies represented in the JSE ALSI Top 40 index. These Top 40 investments are charged a brokerage fee of 0.25% of the trade value, a indicated the bank.
“ETF Shares Zero came at the right time for South Africans, many of whom wanted to invest in global stock markets but were excluded by high brokerage fees and financial constraints,” said Sizwe Nxedlana, Managing Director of FNB Wealth and Investments and Ashburton.
Read: Standard Bank to open branches in Pick n Pay stores in South Africa