How to save money as a family

MBOMBELA – Kamal Kalian, the CEO of First National Bank (FNB) premier banking suggested that you should save as a family and look after each other during daily banking.

He explained, “The idea behind family banking is to enable families to get the attractive benefits of banking as a group even though their accounts remain separate. In family banking, your bank account and balance details remain confidential,” says Kalian.

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The key benefits of family banking include:

• Saving on bank fees – For instance, if one spouse or life partner has a Premier, Private Clients or Private Wealth account, the other spouse or life partner will enjoy the same benefits, including access to airport lounges, 40 per cent back on flights and a suitable service model to help them best manage their money.
• Access to credit – If married in community of property, any credit applications are treated according to your prenuptial contract and you will be assessed on joint affordability criteria. This can substantially increase your chances of qualifying for credit such as a home loan. Your affordability is assessed on an individual basis, if you are married out community of property.

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• Enjoy maximum rewards – Each member earns rewards individually. The spouse or main member can use the other person’s discounts and book flights with up to 40 per cent discount for both spouses and the children.
• Help your children manage their money – Children can have their own bank account and card which they can use to enter into transactions. However as the parent or legal guardian of a minor, you have complete control and oversight of what happens on your child’s account.
• Save on telecommunications expenses – The costs associated with data services, accounts for a significant amount of the average family’s expenses. This is why since July 2019, FNB has been providing customers with a free FNB Connect Sim, with a monthly allocation of free data, voice minutes and SMSes to customers who hold qualifying bank accounts and use FNB Connect.

 “Family banking is just another step towards helping families to better manage and save their money that will lead to increased opportunities to achieve more,” Kalian concluded.