Nedbank Monthly Fees
Nedbank currently has over 7 million customers, making them one of the biggest banks in the country. If you are one of the people who bank with Nedbank, or if you wish to join them, you may be wondering at the Nedbank monthly fees. All banks in South Africa charge a monthly maintenance fee. It’s something that you need to be well aware of before choosing a type of accounts.
How much am I charged per month for my Nedbank account?
The table below highlights the Nedbank monthly fees for the different accounts that are offered by the bank;
| Type of Nedbank Account | Monthly Fees |
|---|---|
| Nedbank4Me | R0 |
| MyPocket | R0 |
| Pay-as-you-use | R5 |
| MiGoals | R5 |
| Optimum | R50 |
| Money Market Investment Account | R50 |
| MiGoals Plus | R99 |
| Savvy Plus | R115 |
| Savvy Bundle | R240 |
| MiGoals Premium | R240 |
Why are there differences between accounts?
Those are the fees that you can expect to be charged on different Nedbank accounts. You may be wondering why there are differences between accounts? There are a number of reasons for this.
Like most banks in South Africa, Nedbank offers a wide range of account types. They are designed for various sectors of the market. As an example, if you are a low income earner or an informally employed person, it makes sense to open a Nedbank4Me account or a MyPocket account.
These accounts do not have monthly fees. That makes them accessible to the majority of South Africans. You also don’t get charged when you swipe. However, there are a few shortcomings in terms of what you can do with such an account.
As an example, with a Savvy Bundle account, which is the most expensive in terms of monthly fees, you get a lot of things, including a platinum credit card at R0 per month. You also get 12 visits to domestic airports and much more.
Nedbank joint account requirements
Summary
In this article, we compiled and presented to you the Nedbank monthly fees. It was noted that these fees vary depending on the type of account that you have. There are some accounts where the monthly fee is as little as R0. Then there are other accounts where the monthly fee can be as high as R240 or even higher.
Understanding how much it is going to cost you to run your account is important. It means you will know how much you need to keep in an account for it to remain open. With some banks, if you do not deposit the required monthly fee, your account will be closed. With others, your account will run into a negative, meaning you will owe the bank.
What do foreigners need to open Nedbank accounts?