How Much to Open Nedbank Account?

How much does it cost to open a Nedbank account? That’s something that you will be wondering about if you wish to join the over 7.4 million people who bank with Nedbank in South Africa. Nedbank offers a wide range of accounts. Each of these is tailored to meet the requirements of different parts of the country’s community. So, what is the minimum deposit requirement for those looking to open accounts with Nedbank?

How much do I need to open a Nedbank account?

The amount of initial deposit that you need when opening an Absa account depends on the type of account that you have chosen. You don’t actually need any money when opening your account. You can do so online within a few minutes. However, that account will not be active until you have put in the minimun required initial deposited. The following table outlines this fee for different Absa accounts;

Absa account	Initial depost
MobiMoney	R50
Pay-as-you-use	R50
Nedbank4Me	R50
Business accounts	R300 – R500

Monthly fees

That’s the answer to the question how much do you need to open a Nedbank South Africa account. The amount that you pay depends on the nature of the account that you have opted for.

Note that some accounts also have monthly fees that are charged by the bank. They are for maintaining the account. So, you will need to keep this in mind when choosing your account.

As an example, the Pay-as-you-use account has Zero monthly fees. Meanwhile, the Nedbank Private Wealth Bundle account has a monthly fee of R500.

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Summary

That’s the answer to the question, how much does it cost to open a Nedbank account. On transactional accounts, the initial deposit is R50. On business accounts, you are charged between R300 and R500 as an initial deposit when you open an account.

Note that you also need to account for monthly fees when choosing your account. Some accounts have R0 monthly fees, while others charge different amounts.

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