As a customer can open the investment via their banking app, there is no need for paperwork. There are no administration or advice fees, although the underlying fund will have an asset management fee.While there are a range of available funds, the FNB Core Balanced Fund has a total expense ratio of 0.3%, which makes it one of the most cost-effective investments on the market. It is a multi-asset fund that has exposure to both local and offshore shares, as well as cash and bonds.
The investment also adds to the rate of eBucks earned. According to FNB, if a client has a balance of a specific amount in their tax-free unit trust, they will get a portion of their banking fees back in eBucks.Furthermore, clients who have a minimum debit order or make a once-off lump sum investment of R36 000 into their tax-free unit trust are rewarded in eBucks points, which allows them to move up a reward level.
FNB already offers other tax-free solutions such as a tax-free cash deposit and tax-free shares account, also available via the FNB app.In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month.