Nedbank offers a lot of investment accounts, among these is the MoneyTrader. How does the Nedbank MoneyTrader really work? This is an overview of how the Nedbank MoneyTrader works.
Overview
The Nedbank MoneyTrader is a money market investment account just like the JustInvest account. The main difference is that you need a lot more money to invest in this account. Nedbank says that the interest rate is linked to the money market conditions.
Going by the Nedbank Money app interest calculator; you would get an interest rate of 3,45% per year for a deposit of R50k (fifty thousand). This is a bit more interest than the one we explored in JustInvest. This interest rate seems to be fixed, even if you deposit R500k you will still get 3,45% per year.
The great thing about the MoneyTrader is that it works more like a savings account and not a fixed deposit. You can made additional deposits of not less than R5000 (five thousand) anytime you want. The MoneyTrader also gives you the option to withdraw your money, as long as you maintain the minimum of R50k in your account.
The minimum deposit you need to open this account is R50k there are no monthly fees or commissions. You can withdraw your money within 24 hours, you don’t have to commit months or years.
You can open a MoneyTrader investment account directly from your Nedbank Money app. Just navigate to the investment section and select “MoneyTrader.
Conclusion
This was an overview of how the Nedbank MoneyTrader works. Do you have any thoughts or questions? Comment below.
