Nedbank offers a budgeting and savings pocket called MyPocket. This is an overview of how the Nedbank MyPocket works.
Overview
Nedbank MyPocket is a savings pocket that is similar to the TymeBank GoalSave, it’s a way to save money while earning interest. It’s not really a savings account, it’s just a way to budget for something while keeping your money in an environment that earns interest.
Nedbank allows you to create up to 10 pockets, to allow you to save up for different goals. You can save up for holidays on one pocket and use another to save up for December holidays. It’s also similar to the Capitec Flexible savings account.
This account is linked to your transactional account and you can take out your money anytime you want without giving any notice. Interest rate is 3% for any amount between 0 and R9.9k and 2% if the amount is more than R10k.
This account is for people who already have a transactional account. You can’t just open this account only, you have to have a normal transactional account with Nedbank then you will have access to this feature.
Conclusion
This was an overview of how the Nedbank MyPocket works. Do you have any thoughts or questions? Comment below.
