Nedbank offers a variety of savings accounts, all which are easy to open. This is a guide on how to open a Nedbank savings account.
Overview
Nedbank offers a variety of investment accounts, including the popular 32-day notice account or the tax-free savings account. You can earn an interest of over 4% when using the above two savings accounts. The minimum deposit ranges between R250 (32-day) and R500 (tax-free).
Here is what you need to do in order to open a Nedbank savings account.
Open a Nedbank account
The first thing you need to do is to open a Nedbank account. You can open the pay as you use account which has no monthly costs. This will make it much easier to save your money without having to pay monthly costs; which might eat into your savings.
You can open your Nedbank account online or you can go directly to any Nedbank branch and open your account. They don’t want a lot of documents; they mostly want your ID and your personal details.
Using the Nedbank Money app
After opening an account with Nedbank; you will be able to use the Nedbank Money app; which you can use to open a savings account. From your Nedbank Money app, do the following.
- Login to your Nedbank Money app.
- Click on “More”.
- Tap on “apply”.
- Click on “grow your investments”.
- Tap on “everyday investments”.
- Select the investment option you want.
- Open a savings account.
The electronic 32-day notice deposit is the only one that allows you to make additional deposits into your account. However, you can choose the tax-free savings account, which you can make monthly contributions into as well.
Instead of choosing “everyday investments” choose “Tax-free investments”. The choose the tax-free savings account, it requires a minimum of R500 and you can access your cash after 24 hours. All interest you earn with this account will not be taxed and you can save up to R36k per year.
Both of these accounts have no monthly fees or commissions. The main drawback is that you will withdraw your money after 32 days when using the 32-day electronic deposit.
Conclusion
This was a guide on how to a Nedbank savings account. Do you have any thoughts or questions? Comment below.
