FNB has launched Shares Zero, a new investing account with no monthly account fees, in response to rising interest in local and international equities markets.
When buying any FNB or Ashburton exchange-traded product, account users will pay no monthly account fees and no brokerage costs, according to the bank.
It will also provide continued access to real-time trading advice, market and share information, and expert comments and coaching to new investors.
FNB’s exchange-traded notes (ETNs) scheme will complement the Shares Zero account.
These are international investment vehicles that allow South Africans to invest in some of the world’s greatest and most successful companies, such as Microsoft, Netflix, Apple, Tesla, and Coca-Cola.
Customers with a Shares Zero account can invest for free in a variety of Ashburton exchange-traded funds (ETFs), including the Ashburton Global 1200 ETF, which monitors the performance of the world’s 1,200 largest corporations.
Customers with a FNB Shares Zero account can also invest directly in the firms that make up the JSE ALSI Top 40 index.
The brokerage cost for these Top 40 investments is 0.25 percent of the transaction amount, according to the bank.
“FNB Shares Zero has arrived at the ideal time for South Africans, many of whom have wanted to invest in global stock markets but have been unable to do so due to hefty brokerage costs and financial constraints,” remarked Sizwe Nxedlana, CEO of FNB Wealth & Investments and Ashburton.