Achieving financial stability and security depends critically on saving. Regularly putting away a certain amount, though, might be difficult, particularly for people who are not used to saving. By rounding up debit card purchases to the closest rand amount, FNB’s “Bank Your Change” (BYC) function provides an easy and efficient method to save money. We’ll go into what is BYC Debit and its advantages for consumers in this blog article.
What is BYC Debit
The FNB service Bank Your Change preserves a percentage of the change from debit card transactions automatically. It functions as follows:
Link Your Accounts: Your FNB debit card and Savings Pocket must be linked in order to utilize BYC. Both visiting a branch and using the FNB app are options for doing this.
Select Your Round-Up Total: Your transactions may be rounded up to whatever amount you specify. Round up to the closest R5, R10, or R20, for instance.
Rounding Up Transactions Your associated debit card purchases are rounded up to the closest selected amount. The purchase of anything for R99.50, for instance, will be rounded up to R100 if you have selected to round up to R5.
We Save Change: Your Savings Pocket is funded with the difference between the rounded-up and original transaction amounts.
Benefits of BYC
Customers that utilize Bank Your Change gain from a number of advantages:
straightforward Savings: BYC facilitates simple and straightforward saving. Neither regular fixed amount setting away nor active management of your funds are required. This function handles your saving for you.
2. Consistency: BYC makes sure you save regularly even in the absence of a defined sum to put away. This encourages saving and over time helps you create a safety net.
3. Flexibility: The functionality may be customised to suit your financial objectives and requirements by letting you select the amount by which you want your transactions to be rounded.
4. No costs: Since BYC has no costs, saving money is made affordable.
5. Enhanced Financial Discipline: BYC motivates you to make wise spending choices, which helps you to build financial discipline. Knowing that your change will be stored will probably make you think twice before making a purchase.
How to Get Started with BYC
Starting BYC is simple:
Open the FNB App: Get the FNB app on the Google Play or App Store.
Link Your Debit Card: Using the app, link your FNB debit card to your Savings Pocket.
Select the Round-Up Amount: Select the rounding up amount you would like your transactions to be.
Get Saving: Once you begin using your connected debit card to make transactions, BYC will save the change for you.
The main features of Bank Your Change (BYC) offered by FNB are:
Automatic savings: BYC moves any difference between debit card transactions and the closest rand number the consumer selects into their associated FNB Savings Pocket.
Round-up value is adjustable; clients can round up to the closest R2, R5, R10, R20 or R50.
Fees: There are none while using BYC.
Competitive interest rates: BYC-accumulated savings yield annual interest rates of around 3.8%. Customers of FNB have used BYC to save approximately R6.6 billion in the last four years.
Weekly transfers of the rounded-up sums are made to the customer’s associated FNB Savings Pocket account.
Top-up: Every purchase allows customers to decide to save an extra sum.
Overdrawn accounts: If a customer’s FNB bank account is not in good standing—overdrawn, past due, in default, or under legal process—BYC is instantly terminated.
How Much Is Saved on BYC Debit
Now that you know what is BYC debit, here is how much you actually save:
Through the FNB service Bank Your Change (BYC), consumers may automatically save little sums of money by rounding up their debit card purchases to the closest rand number they select. Although the round-up quantity selected will affect the amount saved, the following are some broad approximations:
Rounding up to the closest R2 allows you to save R2 for each R2 spent. You may therefore save R240 a month or R2,880 a year.
Rounding up to the closest R5 allows you to save R5 for each R5 spent. You may therefore save R600 a month or R7,200 a year.
Rounding up to the closest R10 allows you to save R10 for each R10 spent. You may therefore save R1,200 a month or R14,400 a year.
R20 round-up: For every R20 you spend, you may save R20 if you decide to round up to the closest R20. You may therefore save R2,400 a month or R28,800 a year.
R50 round-up: For each R50 you spend, you can save R50 if you decide to round up to the closest R50. You may so save R6,000 a month or R72,000 a year.
See also: Advantages and disadvantages of a 32 day notice account
Conclusion
Understanding what is BYC debit can help you save money. FNB’s debit card is made easy and efficient with Bank Your Change. Rounding your purchases to the closest rand value allows you to save regularly and form a saving habit. Easy savings, regularity, flexibility, no fees, and better financial discipline are just a few of the advantages of the feature. To use BYC, download the FNB app, attach your debit card, select your round-up amount, and begin saving right now.