Many South Africans still don’t have a bank account – you might even think you don’t really need one. But what if you land your first job and your employer pays employees only via their bank accounts, not in cash? What if you own a small business? Even if your customers prefer to pay in cash, where do you store that cash, and how do you keep it safe from criminals?

These days, a bank account is a necessity for your day-to-day economic activities – especially for payments that are inconvenient or impossible to make in cash. Fortunately, banks offer a range of accounts and services designed for different client budgets, so they’re accessible to everyone – and digital banking on a cellphone or smartphone makes managing your money even easier.

The benefits of a bank account

A bank account helps you manage your finances and gives you convenient access to other banking services that you’ll need to reach your career and income goals. It can simplify your life and improve your peace of mind. For less than the cost of boerie roll each month, you can open an entry-level account that gives you banking basics.

There are 6 immediate benefits when you open a bank account:

• Security
  Your money is kept safe from theft, fire, or loss. It’s true that cybercrime can be an issue, but your money can’t be physically stolen, lost, or destroyed by fire like cash can be.
  
  
• Convenience
  You can send and receive payments digitally, pay bills online, and pay with your card so you don’t have to carry cash around in public.  
  
  
• Budgeting tools
  You’ll be able to manage your expenses more effectively with access to financial planning features on digital platforms.  
  
  
• Affordability
  Entry-level accounts have lower monthly fees and include some free digital banking options – like card swipes, statements, and partner discounts. If you need other services, pay-as-you-use (PAYU) features enable you to pay only for what you need.
  
  
• Saving made easier
  Digital banking makes it easy to transfer money into a savings account every month – you can do it on your smartphone. Even better, if you set up a monthly debit order to make the transfer after you receive your salary every month, saving will become an automatic habit that you don’t even have to think about. You can start small, from as little as R50 a month, with simple savings options that earn interest while still allowing you access to your money.  
  
  
• Cashless payments
  Pay in-store with a card or tap-and-go technology, to save time and reduce the amount of cash you need to carry.  

If you’re worried about fees, entry-level accounts are very affordable. The Nedbank MiGoals Account, for example, has a monthly maintenance fee of only R7 and offers you a free MyPocket savings account where your money will earn interest. It gives you all the basics, plus extra PAYU features when you need them, without stretching your budget.  

Upgrade as your needs change

As your career and income develop, so do your financial needs. Soon, you’ll be saving for a car, buying your first home, or planning to raise a family. More flexible banking solutions could help you achieve these goals.  

At this stage, a mid-tier account helps you balance everyday needs with long-term financial plans, offering more value and convenience.

The following products and services are helpful additions at this level:  

• Credit facilities
  You can apply for an overdraft facility and a credit card, which should give you smoother cash flow. A personal loan can be a good money choice – responsible borrowing can help build a better life for you and your family.
  
  
• Loyalty rewards
  You can earn reward points when you have more products with your bank and pay for shopping, services, fuel, and travel with your qualifying bank cards at designated stores. Many reward programmes also give you access to regular promotions and discounts with their retail partners. You may have to pay a membership fee to link your account to a rewards programme at entry level, but membership is included as a free perk in higher-level, bundled accounts – for example, if you open a Nedbank MiGoals Plus Account, you’ll enjoy free Greenbacks membership. You can redeem Greenbacks in several ways – like paying for goods or services at retail partners, paying your monthly account fees, or even withdrawing them as cash.  
  
  
• Investment options
  As your income grows and you have more to save, you need to consider investment options that deliver higher interest rates, like notice accounts, fixed deposits, or money market funds. Invest in an account that will make it difficult for you to withdraw money impulsively. It’s a practical way to build the financial discipline you’ll need to grow your wealth.
  
  
• Perks included in the service fee
  Before you choose an account, check the value you get, including free services and other benefits, for your monthly account fee. Paying a higher monthly fee for a mid-tier account can save you money if the perks include free use of features that would otherwise be PAYU. For example, a monthly maintenance fee of R240 for a Nedbank MiGoals Premium Account means that you don’t pay an extra fee for a credit card facility, and gives you access to unlimited free electronic payments, debit orders, prepaid purchases, transfers between accounts, digital statements, tax certificates, Greenbacks membership, and cash withdrawals at participating retailers. You’ll also get up to 30% discounts on flight tickets, and 12 free domestic lounge visits a year.  Terms and conditions apply.

Relationship banking services  

If you earn a steady income, manage your money responsibly, and take care to build a savings and investment portfolio that targets goals over the short, medium, and long term, you’ll reach a stage where you won’t just need a bank – you'll need a partner to help build your wealth. 

Relationship banking accounts like a Nedbank Private One Account offer more than everyday banking – they help you optimise your finances and unlock more investment opportunities. 

Their benefits include:

• Tailored support
  Access to a dedicated banker who can explain your financial options, resolve queries, and manage your credit applications.  
  
  
• Superior credit facilities
  Competitive interest rates on home loans and vehicle finance, and higher credit card limits with tailored interest rates.  
  
  
• Expanded investment options
  The chance to build wealth with professional financial planners who can explain everything you need to know about investments like unit trusts and high-yield savings accounts.  

• Travel benefits
  Access to airport lounges, automatic travel insurance, and global concierge services.  

Managing serious wealth

At the highest income levels, you need a financial partner who understands that your banking needs are now about investment strategies, wealth preservation, and tax and estate planning. Private Wealth banking services are designed to help you protect and grow significant wealth. If you earn more than R2 million a year, you need a bank that can offer exclusivity and attention to detail when explaining your options to grow your wealth.

The benefits include:  

• Personal wealth management
  Dedicated wealth advisers to help you plan your investments, retirement funding, and estate management.  
  
  
• Global investment opportunities
  Access to professional stockbrokers, treasury desk services, and personalised strategies for investments that will maximise your returns.
  
  
• Sophisticated perks
  Exclusive invitation-only networking events.
  
  
• Tailored financing
  Customised credit solutions for large-scale property deals, businesses, or investments.  
  
  
• Estate planning
  Access to services such as drafting your will and managing your estate, so you can leave a legacy for your loved ones.

Ready to start?  

No matter what stage of your life you are at, Nedbank has an account designed to meet your needs and grow with you. Explore your banking options and take the next step towards financial security and success.