Opening your first account
Get all you need for grown-up money management with Nedbank.
Turning 16 is a milestone – no-one can call you a kid anymore. You’re officially part of the youth – bursting with potential and getting ready to enter adulthood. So, as you head into this exciting new phase of your life, how do you plan to conquer the world?
That positive attitude is the best way to tackle life, but you’ll learn very quickly that growing up also comes with grown-up responsibilities, like learning to take charge of your own finances. Maybe, growing up, you had a kid’s account, but now it’s time to get a youth account.
What to look for in your first bank account
The first important financial lesson to remember forever: You should always know the cost of anything before you buy it. Unexpected account or service charges that you didn’t plan for can blow your budget. So, know which of your bank accounts and transactions have fees and other costs. Know what those costs are and compare different options to make sure you’re getting the best deal.
Easy access to your money and account info is important, too. What’s the use of an account if you can’t pay at any till point or make digital payments, transfers, or balance enquiries? You need an entry-level current account that you can access through digital and mobile app banking.
Link your accounts to Greenbacks – in return for spending responsibly, you can enjoy special discounts, travel perks, points to spend or redeem, and even cashback
The MiGoals Account is the ideal starting place if you’re looking for a simple account that offers basic banking services.
What you need to open your first bank account
Opening your first account can seem overwhelming, with lots of questions and documents and stamps and fingerprints and processes all happening at once.
Not to worry. You can open an account in minutes digitally, if you don’t want to apply at a branch. Once your account is active, it’ll take 3 to 5 working days for your physical card to be delivered if you requested one.
Get the features and benefits you need with Nedbank and Greenbacks
A second important financial lesson is that your financial needs change as you become older.
You might not need or want a credit card while you’re still studying, but it comes in very handy once your working career starts. It makes sense to reassess your banking needs as your life needs change, so that useful services or special benefits can be added to your accounts as your banking needs evolve.
Don’t forget to check which reward programmes might apply to your account. If you’re a Nedbank client, you can link your accounts to Greenbacks – in return for spending responsibly, you can enjoy special discounts, travel perks, points to spend or redeem, and even cashback.
Are you ready to manage your money, open accounts, save and invest for the future, and protect what matters most to you – all online? Make digital banking easy with the Money app on your smartphone or Online Banking on your computer.
