Family Banking
Terms and conditions
1. Definitions
| child or children | The child or children younger than 27 of the main member and spouse. |
| Family Banking | A client value proposition that enables families to create family groups. |
| family group | A group of family members. |
| family member(s) | The main member, their spouse, and/or their child or children younger than 27 years. The main member nominates these individuals to participate in Family Banking. |
| good standing | Good standing means that your transactional account is not overdrawn, in arrears, in default, or subject to any legal process with Nedbank. |
| main member (you) | The individual who initiates and creates the family group. The main member must already be a Nedbank client with a qualifying Nedbank transactional account. |
| Nedbank (we) | Nedbank Ltd Reg No 1951/000009/06. Licensed financial services and registered credit provider (NCRCP16). |
| rebate | A partial refund of monthly account maintenance fees. |
| spouse | The main member's partner in terms of a civil or customary union recognised under the laws of South Africa. |
| Life partner | A person with whom the main member has a permanent, committed relationship, similar to a marriage, whether formally registered or not, and recognised under South African law. |
2. General
These terms and conditions apply to our Family Banking offer.
3. Family Banking offer
3.1 Your spouse will receive a rebate of up to 50% of their monthly account maintenance fee each month, paid into their qualifying Nedbank transactional account.
3.2 To qualify for Family Banking benefits, you and your spouse must confirm your relationship via the Nedbank Money app or Online Banking. If this step is not completed, your spouse will not be eligible for Family Banking.
4. Qualifying criteria for spousal rebates
4.1 To qualify for the spousal rebate, you and spouse must:
4.1.1 both be members of the same family group; and
4.1.2 both have a qualifying Nedbank transactional account within the same qualifying account category.
4.2 Qualifying account categories for spousal rebates
4.2.1 Private Clients: A Private One Bundle or a Private Bundle Account
4.2.2 MiGoals: A MiGoals Plus or a MiGoals Premium Account
4.2.3 Savvy: A Savvy Plus or a Savvy Bundle Account
4.3 Your and your spouse's qualifying transactional accounts must always be in good standing.
4.4 Minimum deposits and transactions
Your spouse must ensure that a minimum monthly deposit is paid into their transactional account:
4.4.1 R5,000 for Savvy Plus, Savvy Bundle and MiGoals Plus Accounts; and
R15,000 for MiGoals Premium Account; and
R5,000 if your spouse has a Private Bundle or a Private One Bundle Account, they must also ensure that a minimum of 3 money-out transactions are made from their account every month.
4.5 Age requirements
4.5.1 MiGoals Plus and MiGoals Premium Accounts: Your spouse must be between 27 and 54 years old to qualify for a spousal rebate. Spouses who are between 21 and 26 (youth) or 55 and older (seniors) already receive a 50% discount on account maintenance fees, so they do not qualify for this additional rebate.
4.5.2 Savvy Plus, Savvy Bundle, Private Bundle, and Private One Bundle Accounts: Your spouse must be 18 years or older to qualify for a spousal rebate.
5. Qualifying criteria to create a family group
5.1 Only main members who are 18 years and older with one of the following qualifying transactional accounts can create a family group:
- Savvy: A Savvy Bundle or Savvy Plus Account
- Nedbank: A Nedbank Pay-as-you-use Account
- MiGoals: A MiGoals Account, a MiGoals Premium, or a MiGoals Plus Account.
- Private Clients: A Private Bundle, a Private One Bundle, a Private Pay-as-you-use, a Young Private Bundle, or a Young Private One Bundle
5.2 You, as the main member, can create a family group via the Nedbank Money app or Online Banking, at a Nedbank branch, or by calling the Nedbank Contact Centre on 0800 555 111 or Private Clients on 0800 55 22 22.
5.3 You can then invite one spouse and all your children to join the family group.
5.4 The family members will receive the invitation via an SMS and in-app notification. They can then accept or decline the invite.
5.5 The invite expires after 85 days from the date it has been sent.
5.6 You can automatically add minor children (under 16 years old) if the child's MiGoals Account is linked to your banking profile.
6. Removing family members
6.1 You can remove any family member from the family group.
6.2 Once a family member has been removed, they cannot rejoin the family group, unless you invite or add them to the group again.
7. Termination of or withdrawal from the family group
If you terminate or close the family group, all family members will automatically be removed from the family group and will no longer receive any benefits.
8. Termination of or withdrawal from the spousal rebate
8.1 If you and your spouse are divorced, or if you are separated from your spouse or life partner, such spouse or life partner shall no longer qualify for the spousal rebate with effect from the date of divorce or separation.
8.2 You and your spouse agree to notify us should you become divorced and or separated.
8.3 If your and/or your spouse's transactional accounts are not in good standing, your spouse will no longer qualify for the spousal rebate.
8.4 If you no longer have a qualifying transactional account, your spouse will no longer qualify for the spousal rebate.
