Open an account at Nedbank. As of 17.02.2025 you have access to bank account options. Simplify your finances by choosing the best account for your needs today.
Update 07.11.2024
Nedbank provides a variety of bank accounts tailored to different financial needs, including everyday transactional accounts, high-interest savings, and options for foreigners. Clients can select MiGoals accounts for convenient daily banking or explore tailored solutions for youth, seniors, private clients, and non-residents, each with unique benefits. For savings, Nedbank offers competitive interest accounts, including tax-free savings and fixed-term deposits, allowing clients to grow their funds while retaining flexible access.
Types of Accounts Offered by Nedbank
Checking Accounts
MiGoals. Maintenance fee: R60. This basic everyday account offers free card swipes, unlimited digital transfers, and access to MyPocket for goal-based savings. Users can manage transactions easily via the Money app, making it ideal for everyday banking.
MiGoals Plus. Maintenance fee: R110. Includes additional ATM withdrawals and cashback rewards, plus Greenbacks membership for rewards on spending. Suitable for clients who need moderate banking benefits and rewards without premium fees.
MiGoals Premium. Maintenance fee: R160. Provides unlimited ATM withdrawals, all digital transactions free of charge, and exclusive access to personalized support. This account is geared toward clients over 55 who want comprehensive services.
Nedbank4Me (Kids Account). Maintenance fee: None. Designed for children under 16, this account has no monthly fees and offers basic banking services with free transactions to help kids learn financial responsibility. Features include access to the Money app, where children can view their savings and learn about money management.
MiGoals for Youth. Maintenance fee: R30. For clients aged 16-26, this account offers reduced fees, MyPocket savings, and free card purchases, supporting young clients in managing their finances.
MiGoals for Seniors. Maintenance fee: R30. Available for clients aged 55 and older, with reduced monthly fees and specific benefits for seniors, such as extra support and fee discounts on select transactions.
Private Pay-As-You-Use. Maintenance fee: Pay-as-you-use, with transaction fees based on use. Designed for high-net-worth clients, offering dedicated banking support, exclusive access to private banking services, and a flexible fee structure for occasional transactions.
Private Clients Bundle. Maintenance fee: R450. Includes private advisory services, international banking support, and access to exclusive lifestyle benefits, suited for high-net-worth individuals.
Private One. Maintenance fee: R550. Offers premium international banking, wealth management, and dedicated private banking services, ideal for clients needing complex financial management.
Non-Resident Account. Maintenance Fee: R200 monthly. Tailored for foreign nationals, expatriates, and South Africans abroad, offering access to South African banking, international transfers, and currency exchange support.
Foreign Currency Account. Maintenance Fee: R110 per currency account. Allows clients to hold and manage up to eight major currencies, with LIBOR-linked interest rates, ideal for frequent travelers and cross-border business.
Private Wealth International Banking. Maintenance Fee: R550 per month. Designed for high-net-worth clients, providing wealth management, international advisory, and premium banking benefits for complex financial needs.
Non-Resident Embassy Banking Account. Maintenance Fee: R250 per month. Specifically for diplomats and embassy personnel, offering preferential rates and tailored support for international and embassy-related transactions.
Savings Accounts
JustSave Account. Opening deposit: R0; Interest rate: 6.75% - 8.00%. Provides on-demand access to funds with no monthly fees, ideal for everyday savings.
JustInvest Account. Opening deposit: R500; Interest rate: 6.80% - 8.50% for the first three months. A term deposit offering fixed returns, suitable for short-term investment goals.
Platinum Invest. Opening deposit: R500; Interest rate: 6.80% - 8.50% for the first three months. Offers higher returns for high-value deposits, ideal for clients using Private Wealth services.
Platinum Fixed Deposit. Opening deposit: R10,000; Interest rate: 7.10% - 10.72%. Provides guaranteed returns with a fixed rate, suited for clients looking to lock in funds over a specified term.
Electronic Fixed Deposit. Opening deposit: R1,000; Interest rate: 7.10% - 10.72%. A convenient fixed deposit accessed through digital channels, with fixed returns until term end.
Electronic 32-Day Notice. Opening deposit: R250; Interest rate: 6.20% - 8.55%. Allows access to funds after a 32-day notice, balancing accessibility and higher returns.
Electronic OptimumPlus. Opening deposit: R10,000; Interest rate: 7.10% - 10.48%. A long-term, high-return savings option with access only at maturity.
Tax-Free Savings Account. Opening deposit: R500; Interest rate: 6.75% - 8.00%. Tax-free growth on interest, ideal for long-term, tax-efficient saving without penalty on earnings.
MoneyTrader. Opening deposit: R5,000; Interest rate: Up to 5.50%. A money market account offering liquidity similar to cash, ideal for flexible, short-term savings.
Tax-Free Fixed Deposit. Opening deposit: R1,000; Interest rate: 8.80% - 9.85%. Provides tax-free fixed returns, ideal for long-term growth within government tax-free limits.
EasyAccess Deposit. Opening deposit: R25,000; Interest rate: 6.08% - 7.14%. A high minimum deposit account with flexible access, suited for short-term savings with ease of withdrawal.
PrimeSelect. Opening deposit: R5,000; Interest rate: 5.75% - 6.95%. Linked to the prime rate, providing clients with the potential to benefit from interest rate fluctuations.
32-Day Notice Account. Opening deposit: R250; Interest rate: 6.70% - 8.05%. Provides above-average returns with a 32-day notice requirement for withdrawals, suitable for planned savings.
Fixed Deposit. Opening deposit: R1,000; Interest rate: 6.85% - 10.77%. Traditional fixed deposit with guaranteed returns, suitable for secure, long-term savings.
OptimumPlus. Opening deposit: R5,000; Interest rate: 7.10% - 10.48%. A high-yield, end-of-term account providing exclusive rates with access only upon maturity.
Stokvel Account. Opening deposit: None; Interest rate: 4.75% - 6.50%. Designed for group savings, offering a secure and flexible option with competitive rates for community-based saving.
Club Account. Opening deposit: None; Interest rate: 4.75% - 6.50%. A group savings account allows members to save together with competitive interest and easy access.
Key Features
Daily Accessibility. Nedbank accounts provide users with easy access to manage daily transactions through online and mobile platforms, ensuring convenient banking for everyday needs.
High Interest on Savings. Savings accounts like JustSave and Fixed Deposit offer competitive interest rates, allowing customers to earn more on their balances.
Unlimited Electronic Transfers. Customers can enjoy unlimited electronic transfers between Nedbank accounts, making fund transfers seamless and convenient without extra fees.
Flexible Interest Options. Customers can choose between fixed and variable rates on various savings accounts, providing flexibility to suit different financial strategies.
Tax-Free Savings. Nedbank offers tax-free savings options, allowing clients to grow their investments without incurring tax on the earned interest, maximizing long-term savings potential.
Notice and Fixed-Term Accounts. For clients who prefer a structured saving approach, options like the 32-Day Notice and Fixed Deposit accounts provide higher returns with scheduled access or fixed terms.
Multi-Currency and Foreign Accounts. Nedbank offers accounts specifically tailored for foreigners and those dealing in multiple currencies, making it an excellent choice for international banking needs.
Pros and Cons
Pros
Diverse Range of Account Options. Nedbank provides a broad selection of account types, from everyday transactional accounts to specialized savings and investment accounts, catering to various client needs and financial goals.
Premium Support for High-Net-Worth Clients. Through accounts like Private Wealth and Private Clients, Nedbank offers dedicated advisory services, making it ideal for clients seeking tailored financial support and exclusive benefits.
Extensive Digital and Mobile Services. Nedbank’s mobile and online banking platforms enable clients to manage their accounts efficiently, providing flexibility and control over their finances at any time.
Cons
Monthly Service Fees. Some Nedbank accounts, especially premium options, include monthly maintenance fees, which may not suit clients looking for fee-free banking.
Higher Minimum Deposits for Certain Accounts. Certain high-interest accounts, such as Fixed Deposits, require a substantial opening deposit, which may limit accessibility for clients seeking low-entry savings options.
Complexity in Account Choices. With a wide range of account types, some clients may find it challenging to choose the right account without consulting a bank representative, especially if they have unique needs like multi-currency management or specific investment goals.
How to Apply for a Nedbank Account?
Online or via Mobile App. To apply online, visit the official Nedbank website or use the Nedbank Money app. Select the account you wish to open and click "Apply Now." You’ll be prompted to enter your personal information, upload required documents like your South African ID and proof of residence, and complete identity verification. Once verified and approved, you will receive confirmation and gain access to your new account.
At the Bank’s Branch. Visit the nearest Nedbank branch with the necessary documents, including your South African ID, proof of residence (not older than three months), and proof of income if applicable. A consultant will guide you through the application process, assist with document verification, and finalize account setup. Once completed, your account will be activated for immediate use.
Requirements and Conditions
Requirements
Identification. A valid South African ID or passport is required. Foreign nationals must provide a passport along with a work permit or relevant visa.
Proof of Residence. A recent utility bill or bank statement (not older than 3 months) is needed to verify a residential address. For minors, a guardian's proof of residence is typically accepted.
Proof of Income. The latest payslip or three months of stamped bank statements showing salary deposits are required for account holders aged 18 and above.
Minimum Age. Must be at least 18 years old to open a personal account. Youth accounts are available for clients aged 16 to 26, requiring parental consent for those under 18, while children's accounts are available for applicants under 16, with a parent or guardian's identification and the child’s birth certificate.
Initial Deposit. Certain accounts may require a minimum opening deposit, such as R50 for specific savings accounts.
Conditions
Monthly Maintenance Fees. Monthly fees range from R0 to R550, depending on the account type, with premium accounts generally incurring higher fees due to added benefits.
Interest Rates. Interest rates on savings accounts range from 4.75% to 10.77%, with tiered rates based on balance size, allowing higher balances to earn better rates.
Withdrawal Terms. Some accounts, like the 32-Day Notice Account, require a notice period for withdrawals, while others provide immediate access to funds.
Account Inactivity. Accounts without client-initiated transactions for extended periods may be marked as dormant, and reactivation may be required.
Credit Assessment. For accounts offering credit facilities, a credit check is required as part of the application process.
Service Channels. Accounts can be managed through the Nedbank Money app, Online Banking, and USSD services, providing multiple convenient access points.
Account Closure. Nedbank reserves the right to close accounts if terms and conditions are breached.
Things to Pay Attention to
Monthly Maintenance Fees. Ensure you understand the range of monthly fees associated with each account type, as these can vary significantly from zero-fee options to higher, fixed fees depending on the account's features and services.
Interest Rates on Savings. Review the tiered interest rate structure on savings accounts, where higher balances can yield better returns. Interest rates may range across different account types, so comparing options can optimize earnings on your savings.
Transaction Limits. Check the limits on transactions for specific accounts, especially on cash deposits and withdrawals. Some accounts may offer free transactions up to a certain amount, after which fees apply.
Eligibility for Foreign Nationals. Certain accounts, such as non-resident accounts, may have additional requirements or fees, like an extra maintenance fee for non-residents. Confirm that the account suits your residency status and meets your banking needs.
Access to Digital and Branch Banking. While most accounts provide digital access through the Nedbank Money app and SMS banking *120*001#, some account services may require branch visits, especially for complex transactions or certain international banking needs.
Editorial Opinion
Nedbank’s account range caters to diverse needs, from basic transactional accounts to high-yield savings options, with specialized services for youth, seniors, and foreign nationals. Competitive interest rates on tax-free and fixed-rate savings accounts provide valuable growth potential, while the Money app and USSD banking add flexibility for digital users. High-net-worth clients benefit from exclusive private banking services, and options like MiGoals are ideal for everyday banking. Before choosing, clients should carefully review maintenance fees and account conditions to select the best match for their financial goals.
Can I open a Nedbank account if I live outside South Africa?
Yes, Nedbank offers options like the Non-Resident and Foreign Currency Accounts tailored for South Africans abroad, foreign nationals, and expatriates. These accounts provide international banking services, currency exchange support, and remote account management.
Does Nedbank offer options for joint accounts, and are there any special requirements?
Nedbank allows joint accounts, particularly for family and group savings solutions like the Stokvel and Club Accounts. Each applicant will need to provide individual identification and proof of residence.
Are there specific Nedbank accounts that support student financial needs?
While Nedbank does not have a dedicated student account, youth accounts like MiGoals Youth offer reduced fees and easy access to digital banking, which can be beneficial for students managing their finances.
What happens to a Nedbank account if there are no transactions for a long time?
Accounts with prolonged inactivity may be marked as dormant. Reactivation may require visiting a branch or contacting customer support, depending on the account type and the length of inactivity.
Is it possible to set up an overdraft facility on a Nedbank transactional account?
Certain Nedbank accounts may offer an overdraft facility, depending on the client’s credit profile and the account type. Clients can inquire at branches or through the Nedbank Money app to learn about eligibility and setup.
