How Much Interest Does Nedbank Give?
How much interest does Nedbank give? It’s a question that many and prospective Nedbank South Africa customers ask themselves at one point of the other. Nedbank is one of the major financial players in the country. They offer a wide range of products. But what do you get when you open an account with Nedbank? What are the Nedbank interest rates across the various accounts that are offered by the bank?
Nedbank MyPocket interest rates
Nedbank MyPocket is linked to your transactional account. The Nedbank MyPocket interest rates are given in the table below;
| Account Balance | Nominal Interest Rate per annum |
|---|---|
| R 0 – R9 999 | 6.00% |
| > R10 000 | 5.00% |
Nedbank 32 day notice account interest rates
The table belows shows interest rates for the Nedbank 32 day notice account;
| Balance | Nominal Rate / annum |
| R0 – R2 500 | 6,45% |
| R2 500 – R24 999 | 6,95% |
| R25 000 – R49 999 | 7,10% |
| R50 000 – R99 999 | 7,25% |
| R100 000 – R249 999 | 7,70% |
| R250 000+ | 7,80% |
As you can see in the above table, the Nedbank 32 day notice account interest rates range from 6.45% to 7.0%. The more money you are going to save in your account, the more the interest that you are going to earn at the end of the year.
If you only have small amounts of cash saved up in your account, the interest rates may actually be rather meaningless. As an example, if you have R2 500 in your account, you will earn R161 as interest per year. It means you will be earning about R13 per month.
Meanwhile, if you have R250 000 in your account, you will earn R16125 from it by the end of the year. That amount can be divided by 12 to get R1343.75 per month as interest. So, those are the interest rates that you can expect to earn on the Nedbank 32 day notice account.
Nedbank fixed deposit interest rates
The table below highlights the Nedbank fixed deposit interest rates;
| Balance | Period of Investment | Nominal | Effective Annual Rates |
| R5 000 – R24 999 | 1 month | – | 4,90% |
| 3 months | 5,40% | 5,42% | |
| 6 months | 7,50% | 7,61% | |
| 12 months | 7,85% | 8,13% | |
| 18 months | 7,85% | 8,30% | |
| 24 months | 7,95% | 8,58% | |
| 36 months | 8,00% | 9,00% | |
| 60 months | 8,70% | 10,85% | |
| R25 000 – R249 999 | 1 month | – | 5,10% |
| 3 months | 5,90% | 5,92% | |
| 6 months | 8,00% | 8,13% | |
| 12 months | 8,35% | 8,67% | |
| 18 months | 8,05% | 8,52% | |
| 24 months | 8,15% | 8,81% | |
| 36 months | 8,20% | 9,26% | |
| 60 months | 9,20% | 11,62% | |
| R250 000 – R999 999 | 1 month | – | 5,30% |
| 3 months | 6,00% | 6,03% | |
| 6 months | 8,10% | 8,23% | |
| 12 months | 8,45% | 8,78% | |
| 18 months | 8,15% | 8,63% | |
| 24 months | 8,25% | 8,93% | |
| 36 months | 8,30% | 9,38% | |
| 60 months | 9,30% | 11,78% | |
| R1 000 000+ | 1 month | – | 5,50% |
| 3 months | 6,10 | 6,13% | |
| 6 months | 8,20% | 8,34% | |
| 12 months | 8,55% | 8,89% | |
| 18 months | 8,20% | 8,69% | |
| 24 months | 8,30% | 8,99% | |
| 36 months | 8,35% | 9,45% | |
| 60 months | 9,40% | 11,94% |
The Nedbank fixed deposit account is designed for people who are below the age of 55. If you are over 55, you will have to choose the Nedbank Optimum Plus account. See below for details.
Interest rates on the Nedbank fixed deposit account depend on the amount that you have invested and on the duration of your investment. The longer you keep the money in your account, the more interest you are going to earn.
Note that these interest rates are annual interest rates. If you keep an investment of over R1 million in your account, you will earn up to 11,94% interest.
Nedbank Optimum Plus interest rates
The table below shows the Nedbank optimum plus interest rates;
| Investment amount | Investment period | Nominal | Effective Annual Interest Rates |
| R5 000 – R24 999 | 1 month | – | 5,25% |
| 3 months | 5,75% | 5,77% | |
| 6 months | 7,60% | 7,72% | |
| 12 months | 7,85% | 8,13% | |
| 18 months | 8,05% | 8,52% | |
| 24 months | 8,15% | 8,81% | |
| 36 months | 8,20% | 9,26% | |
| 60 months | 9,56% | 12,19% | |
| R25 000 – R249 999 | 1 month | – | 5,75% |
| 3 months | 6,25% | 5,77% | |
| 6 months | 8,10% | 8,23% | |
| 12 months | 8,35% | 8,67% | |
| 18 months | 8,25% | 8,75% | |
| 24 months | 8,35% | 8,05% | |
| 36 months | 8,40% | 9,51% | |
| 60 months | 9,76% | 12,51% | |
| R250 000 – R999 999 | 1 month | – | 5,85% |
| 3 months | 6,35% | 6,38% | |
| 6 months | 8,20% | 8,34% | |
| 12 months | 8,45% | 8,78% | |
| 18 months | 8,35% | 8,86% | |
| 24 months | 8,45% | 9,17% | |
| 36 months | 8,50% | 9,64% | |
| 60 months | 9,86% | 12,67% | |
| R1 000 000+ | 1 month | – | 5,95% |
| 3 months | 6,45% | 6,48% | |
| 6 months | 8,55% | 8,89% | |
| 12 months | 8,45% | 8,78% | |
| 18 months | 8,40% | 8,91% | |
| 24 months | 8,50% | 9,22% | |
| 36 months | 8,55% | 9,70% | |
| 60 months | 9,96% | 12,84% |
The Nedbank Optimum Pus account is a fixed deposit account. It’s tailor made for people who are older that 55. What you earn depends on the amount of investment that you have made into the account.
Effective annual interest rates can be aas high as 12.84%. This account is great for those who are looking to put their retirement next to good use. Your money can earn interest with this account while you are winding down on your years of work.
Here is how to cancel your Nedbank credit card
Nedbank4Me Interest Rate
The Nedbank4Me interest rate is 2% per annum on any positive balance. It’s designed for children under the age of 16.
Summary
In this article, we showed you the Nedbank interest rates on different accounts. We covered the Nedbank fixed deposit account and the Nedbank optimum plus account. We also gave you Nedbank fixed deposit interest rates. The article was dedicated to answer the question how much interest does Nedbank give.
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