Money Market Account

Interest rates and fees 

Effective date: 20 May, 2022

 

R40 monthly fees 

By maintaining a minimum balance of R20,000 or more and having a debit transaction of R500 or more each month, you get:

 

  • No monthly fee;
  • Free card swipes;
  • Free account payments (including debit and stop orders), interaccount transfers and balance enquiries at self-service(1) channels; and
  • 50% off branch cash deposit fees.

Account interest rates

0.00%

2.00%

2.35%

2.45%

2.75%

3.25%

* Nominal rate per annumThis is the annualised interest rate that you will earn daily and is capitalised monthly. This rate does not take into account the compounding interest effect.
   Annual Effective Interest rate Annualised interest rate that takes into account the compounding interest effect for one year assuming interest is  not withdrawn.

Transaction fees

-

R1,30 per R100

R80 plus R2,30 per R100

-

R19,95 per R5000

-

-

R2

-

-

R2,30 per R100

R80 plus R2,30 per R100

-

R11 plus R2,30 per R100

-

R55 plus R2,30 per R100

Free

Free

R165

R2,20

-

R150

R10

-

-

R49

-

-

R10

-

-

R15

-

-

R5

-

-

R19

-

-

R19

-

-

R5

-

R68

-

Free

-

-

R4,30

-

R1,50

R1,50

-

-

R10

-

R1,50

-

-

R12,50 per month

-

-

R1

-

-

R1

-

-

R20

-

-

R10 per SMS

-

-

-

Free

R20

Free

R10

-

Free

R10

-

Free

R10

R35 per page

Free

One free per billing cycle, thereafter R10

R35

R10

R35

-

-

-

-

-

R35

R35

-

-

R35

R10

-

R35

-

Free

-

-

R8,50

-

-

R8,50

-

R40

-

-

Free

-

-

R5

-

R35

 

We reserve the right to vary any fee, cost or charge at any time and from time to time after giving reasonable notice.

 

Notes

 

1.  This fee applies at all stores where the cash-at-tillpoint service is offered.

2.  Self-service channels include Nedbank ATMs, Cellphone Banking, Online Banking and the Nedbank Money app.

3.  An additional monthly fee of R48 is applicable to non-resident clients.

4.  Excludes rates charged by network providers.

5.  An international currency conversion fee of 2% (based on the rand value of the transaction) applies to all transactions outside South Africa. For example, if you swipe your card overseas for the rand equivalent of R500, the fee will be R10.

6.  Send money quickly and securely to any South African cellphone.

7.  A billing cycle runs from the third-last business day of the month to the fourth-last business day of the following month. Your transaction list will show the fees for all transactions that you in the previous billing cycle. In other words, you are billed one month in arrear.

8.  Facility fees, while prescribed by the National Credit Act, may differ for internal banking segments.

9.  A dishonouring fee is charged when we can’t process a payment on your account because there is not enough money in the account.

10.  The No-funds Alert SMS will help you to avoid this fee by letting you know that there is not enough money and giving you the opportunity to put money in your account. Cost for SMS will be charged at R10. For more information, please visit nedbank.co.za

Transparent fee structures

We use plain, simple language, because we’re committed to making our fee structures clear and easy to understand.

See fee terms

Bank digitally and save on fees

Bank whenever, wherever with our digital banking tools that are secure and cheaper than visiting a branch or ATM. Find the channel that fits your lifestyle.

Learn more

Ask our bank fees specialists

If you have any questions about fees, call the Nedbank Contact Centre where our fees specialists will help you.  

Call 0860 555 111.

Ombudsman for Banking Services

If you are not happy with our service and have followed our complaint’s procedure but are still not satisfied, you can contact the Ombudsman for Banking Services.

Call 0860 662 837

Visit obbsa.co.za

Tax

Income tax

During tax season, SARS requires you to submit an income tax return (ITR12). We will provide a tax certificate IT3(b) and/or IT3(s) for your investment accounnt for each tax year, on or before the end of June to enable you to complete your tax return.

An IT3(b) will give you a summary of any interest and dividend, both local and foreign, that you would have earned by having money invested.

Should you have a Tax-Free Savings Account with us, you will also receive IT3(s). This certificate will give you a summary of all the details about your Tax-Free Savings account such as interest and dividends.

You will need these certificates for when you complete your Tax Return.

We will provide one free tax certificate each year, if any additional tax certificates are required please find the fees below:

 

Tax free accounts

You don’t have to pay income tax, dividends tax or capital gains tax on the returns from a Tax-Free Savings account. The interest that you accumulate in this type of account will not be taxed. However, with this type of account you can only invest up to R36,000 a year, and up to R500,000 in your lifetime. The Tax-Free Investment account works best as a long-term option, which allows you to take advantage of compound interest.

Some savings accounts will require a minimum balance to avoid monthly fees, while others will have no minimum balance requirement.

Your IT3(b) and IT3(s) must be sent to SARS even if the interest paid or earned is the same or more than the interest prescribed by SARS from time to time.

Tax

Income tax

During tax season, SARS requires you to submit an income tax return (ITR12). We will provide a tax certificate IT3(b) and/or IT3(s) for your investment accounnt for each tax year, on or before the end of June to enable you to complete your tax return.

An IT3(b) will give you a summary of any interest and dividend, both local and foreign, that you would have earned by having money invested.

Should you have a Tax-Free Savings Account with us, you will also receive IT3(s). This certificate will give you a summary of all the details about your Tax-Free Savings account such as interest and dividends.

You will need these certificates for when you complete your Tax Return.

We will provide one free tax certificate each year, if any additional tax certificates are required please find the fees below:

 

R35