Nedbank offers multiple investment accounts; all these accounts are targeted at different kinds of investors. This is an overview of how Nedbank investment accounts work.
Overview
Like any other commercial bank, Nedbank has investment accounts, ranging from savings accounts to money market accounts and fixed deposit accounts. What happens is that you put your money in one of the accounts, agree to terms and earn interest.
Some accounts have a minimum amount and a minimum period of time you need to invest before requesting a withdrawal. There are accounts that are geared for the short, medium and long term. The longer you invest, the more interest you earn.
Here is a brief overview of some of the investment accounts offered by Nedbank.
Nedbank Electronic 32Day notice account
It’s a deposit account that requires you to give a notice of 32 days before withdrawing your money. The minimum amount of money you can invest is R250. Interest rates range from 2.45% to 4.05%, you need to invest at least R250k before getting an interest rate of 4%. The 2.45% interest rate is for small accounts, with R2.4k invested or less.
As the name suggests, this account is exclusively online.
Nedbank 32Day notice account
It works pretty much the same as the above account, the only difference is that it’s not exclusively online and interest rates are not the same. The highest interest rate you can get with this account is 3.55% and that’s if you have invested R250k.
Electronic fixed deposit
The electronic fixed deposit account is exclusively available online. You can fix your money for anywhere between 1 month and 60 months. Interest rates vary, depending on how much money you have invested.
Nedbank tax-free deposit
This is a tax-free deposit account, you can invest a maximum of R36k in a year. You won’t have to pay tax on the interest that you earn. The minimum amount of money that you can deposit is R1000.
Conclusion
These are not all the investment accounts offered by Nedbank. To see all of them; you need to go to the official Nedbank website. Do you have any thoughts or questions? Comment below.
