Nedbank 4Me is a cheque account for people under the age of 16. The account offers specialized banking for children and is intended to introduce children to banking. Nedbank charges a monthly account fee of R0.00, but there are other transactional fees on the account.
Nedbank 4Me bank account summary
The Nedbank 4Me bank account is a transactional account with a monthly service fee of R0.00. There are no minimum or maximum salary requirements with this account. The account is only available to those aged 16 and under.
The Nedbank 4Me bank account is designed to introduce young children to banking. The ‘Penny Power’ feature of the Nedbank 4Me account teaches account holders the value of money. Penny Power is a series of eight episodes that teach kids how to save for a specific purpose and much more.
Even though there is no monthly fee for the account, there are transaction costs. The majority of digital transactions are free, whereas ATM and branch transactions have the highest fees.
Here are the banking fees for the Nedbank 4Me bank account for 2023.
Nedbank 4Me account Fees 2023
| Fee Description | Amount |
| Monthly Account Fee | R0.00 |
| Cash deposit fee at Nedbank ATM | R1,50 per R100 or part thereof |
| Cash deposit fee at Nedbank Branch | R100 + R2,50 per R100 or part thereof |
| Participating retailers’ point-of-sale devices deposit | R19,95 per R5 000 or part thereof |
| Participating retailers’ point-of-sale devices withdrawal | R2.00 |
| Nedbank ATM cash withdrawal | R10 per R1 000 or part thereof |
| Nedbank branch cash withdrawal | R100 + R2,50 per R100 or part thereof |
| Withdrawal at another banks’ ATM | R12 + R2,50 per R100 or part thereof |
| Withdrawal at an international banks’ ATM | R60 + R2,50 per R100 or part thereof |
| Transfer between Nedbank accounts | Free |
| Digital money transfer to another bank account | R2.20 |
| Instant payment of up to R3000.00 | R10.00 |
| Instant payment of over R3000 | R49.00 |
| Payment a cellphone number between R1 -R5000 | R10.00 |
| Prepaid top up | R1.50 |
| Prepaid top up at other banks’ ATM | R10.00 |
| Nedbank debit order fee via Digital platforms | R5.00 |
| Nedbank debit order fee at a branch | R35.00 |
| Unpaid debit order | R10.00 |
The Nedbank 4Me bank account charges for most transactions, and account holders should be cautious of the platforms they use to transact. Using digital platforms is a smart way to transact on the Nedbank 4Me bank account; therefore, an account holder should avoid ATM and branch transactions to save on transaction fees.
The Nedbank 4Me bank account allows account holders to save and learn about banking by providing the benefits listed in the following section.
What are the benefits of using the Nedbank 4Me bank account?
The Nedbank 4Me bank account includes free transactions and other benefits that the user can take advantage of. The following are the benefits of having a Nedbank 4Me bank account:
- The account includes free swipes.
- The account has no monthly service fee, and inter-account transactions are free.
- The account includes Penny Power educational content that can be accessed for free.
- Access to the Nedbank digital platforms, which include mobile banking, internet banking, and app banking, is provided for free.
- It includes the ability to open virtual card(s), which can be temporarily closed or paused.
- The Nedbank 4Me bank account can be opened and managed online, and account holders can save up to 50% on NuMetro movie tickets, popcorn, and a medium drink.
How to open the Nedbank 4Me bank account
The Nedbank 4Me bank account can be fully opened online. Those who do not yet have the Nedbank Money app can download it from the App Store, Play Store, or App Gallery. After downloading the Nedbank Money app, sign up to begin opening the Nedbank 4Me bank account.
The following information will be required when registering for the Nedbank money app:
- ID number,
- Cell Phone number and email address,
- Consent to process your personal information,
- Physical Address,
- Verification through facial recognition. One must allow the Nedbank money app to access the camera, and
- Reading and accepting the terms and conditions of using the money app.
Through the money app, one can open the Nedbank 4Me account with ease by adding an account. After opening the account the account holder can then transact using the bank account.
Other ways of opening the Nedbank 4Me bank account can be through internet banking or opening the account at a Nedbank branch.
Advantages of the Nedbank 4Me account
- The account doesn’t have a monthly fee,
- There is no minimum income requirement for the account when opening it,
- There are money-saving tools and videos on how to save money,
- Most digital transactions are free, and
- It is easy to open the account as it can be opened online,
Disadvantages of the Nedbank 4Me Account
- ATM and branch fees are high for an account that is meant for kids under 16 years of age.
- The educational content on money is limited and mostly focuses on saving and neglecting other items of banking and investing.
Conclusion
The Nedbank 4Me bank account can be an excellent way for children to begin banking. The account provides free banking before transactions and has benefits that the user can take advantage of. Since the account is still new, it has a good chance of expanding its offerings so that it can compete with similar accounts from other banks.