Things to consider when choosing your first bank account
Look for value for money
If you plan to swipe your card or withdraw and transfer cash often, choosing an account that offers all the benefits at a set monthly fee can save you money. If you’ll only be transacting every now and then – you might prefer a zero monthly fee account where you pay only for what you use.
Lifestyle and other benefits
Keeping your money safe is very important when it comes to gaining financial freedom, so when comparing bank accounts we recommend you look at the security features on offer. It’s also a good idea to consider the lifestyle benefits - like easy access to your account or any shopping, entertainment and travel rewards.
Understanding your bank fees
You can open your account any time, but keep in mind that you’ll need to make an initial deposit before you can make use of its banking services and benefits.
Some of our accounts come with a set monthly fee that secures you full access to a range of banking benefits. Our Zero monthly fee options are Nedbank4Me, Unlocked.Me, Nedbank Pay-as-you-use, and the MobiMoney wallet.
Third-party service fees
You’ll be charged a service fee whenever you use your card at another bank’s ATM or point of sale. This fee is taken directly from your account and the amount you'll need to pay depends on the service provider.
This type of fee is charged to process bank transactions that you make, such as payments and transfers, withdrawals, deposits and ATM balance enquiries.
This fee is charged if you don’t have enough money in your account to cover a debit order or electronic payment. The bank incurs a charge for every transaction processed, including such returned payments.
Paper statement fees
To avoid the costs of printed bank statements, simply register for the Money app – where you can view and download your statements in a preferred format.
Ways to save on bank fees
Use our digital banking channels, like the Money app, Online Banking and Cellphone Banking.
It's safer not to carry cash, but if you really need to withdraw money the cheapest way to do it is at a shop's tillpoint.
Choose a Nedbank ATM to avoid paying higher service fees when using other bank ATMs.
Check your statements and account balances to see where most of your fees are coming from.
Bank accounts you might be interested in