The Nedbank Savvy Plus bank account is designed for those seeking an entry-level cheque account with a variety of features and benefits. This review explores the latest updates for 2024, including fee structures, account features, and the benefits offered to account holders. We will also compare the Savvy Plus account to industry standards to provide a comprehensive view for prospective customers.
Account Overview
The Nedbank Savvy Plus account is a gold cheque account with a monthly service fee of R115. For non-resident clients, an additional monthly fee of R48 applies. The account provides a range of benefits and features designed to cater to everyday banking needs.
Key Features and Benefits
- Gold Cheque Card: Account holders receive a Nedbank Gold Cheque Card, which offers unlimited free card swipes.
- Cash Withdrawals and Deposits: Enjoy unlimited free cash withdrawals at participating retailers’ point-of-sale devices and unlimited free cash deposits at Nedbank ATMs.
- Digital Banking: Free access to Nedbank’s digital platforms, including online and mobile banking.
- SMS Notifications: Unlimited free SMS notifications keep you updated on your transactions.
- Savings Pockets: The account includes a savings pocket feature, allowing for multiple savings pockets at no additional cost.
- Overdraft Facility: Available for a monthly fee of R49, providing extra financial flexibility.
Transaction Fees
Understanding the fees associated with the Nedbank Savvy Plus account is crucial. Below is a detailed breakdown of the transaction fees for 2024:
| Transaction Type | Fee |
|---|---|
| Monthly Account Fee | R115 |
| Non-resident Fee | R48 |
| Cash Deposits at Nedbank ATMs | Free |
| Cash Deposits at Nedbank Branches | R80 + R2 per R100 |
| Cash Deposits at Participating Retailers | R6.50 + R2 per R100 |
| Cash Withdrawals at Nedbank ATMs | R2.20 per R100 |
| Cash Withdrawals at Nedbank Branches | R80 + R2.20 per R100 |
| Cash Withdrawals at Other Banks’ ATMs | R10.50 + R2.20 per R100 |
| Cash Withdrawals at International Banks | R55 + R2.20 per R100 |
| Instant Payment Up to R2,000 | R10 |
| Instant Payment Over R2,000 | R49 |
| Payments to Other Banks (Branch) | R150 |
| Payments to Another Nedbank Account (Branch) | R150 |
| Debit Order (Internal) | Free |
| Debit Order (External) | Free |
| Stop Order | Free |
| Stop-Payment Instruction | R5 |
| Cheque Card Swipes | Free |
| Balance Inquiry at Nedbank ATM | Free |
| Balance Inquiry at Nedbank Branch | R15 |
| Bank Statement at ATM | Free |
| Card Replacement Fee | R145 |
Advantages of the Nedbank Savvy Plus Account
- Low Monthly Fee: At R115, the account is competitively priced for the features it offers.
- Free Transactions: Numerous free transactions, including cash withdrawals at participating retailers and deposits at Nedbank ATMs.
- Digital Banking: Access to Nedbank’s digital platforms without additional fees.
- Savings Pockets: Ability to create multiple savings pockets without extra charges.
- Affordable Overdraft: Low monthly fee for an overdraft facility.
Disadvantages of the Nedbank Savvy Plus Account
- Additional Non-resident Fee: Non-residents incur an extra R48 monthly fee.
- Limited Travel Benefits: The account does not offer travel-related benefits.
- Greenbacks Program Fee: Enrollment in the Greenbacks rewards program incurs an additional R24 per month.
- High Card Replacement Fee: The card replacement fee is higher compared to some other banks.
Requirements for Opening an Account
To qualify for the Nedbank Savvy Plus account, applicants must meet the following criteria:
- Age Requirement: Must be over 18 years old.
- Identification: A current South African ID book or smart card, or a valid passport and work permit for foreign nationals.
- Income: A minimum monthly income of R3,000 before taxes is required.
- Credit Rating: Must have a good credit rating.
- Documentation: Recent payslips or bank statements for the last three months and proof of residency dated within the last three months.
Conclusion
The Nedbank Savvy Plus account offers a comprehensive suite of features for an entry-level cheque account. With a competitive monthly fee and numerous free transactions, it provides value for those who primarily use digital banking and do not require extensive international travel benefits. However, prospective customers should consider the additional fees for non-residents and the Greenbacks rewards program when evaluating the account.