FAQ

An investment is a way to grow your money by putting it into financial products like money market accounts, stocks, property, or savings accounts. The more money you invest and the longer you invest, the higher your return on your initial investment will be. 

Nedbank savings and investment accounts don't charge maintenance fees or commission, but transaction fees may apply.

The only investment you can link to a transactional card is the Nedbank Money Market Investment Account. 

Log in on the Money app or Online Banking and select Transactions in the main menu, and then Statements.

You will see preloaded statements, or you can select the type of statement you wish to view or download.

Yes. We will issue you an income tax certificate (IT3) after February every year. You will get a certificate only once you have earned a minimum amount of interest, as the South African Revenue Service (SARS) prescribes from time to time. The tax certificate will show your interest earned during the year, whether we have paid it out or whether it is still accruing in your account. Your tax requirements are unique to your profile, and we recommend that you seek advice from a qualified tax or financial consultant for expert guidance. 

The exception to the above is our range of tax-free products where you pay no tax on the interest earned. 

Yes, you’ll get a statement for each investment you have with us. View or download them for free on the Money app or Online Banking – just register for a Nedbank ID. This lets you manage your investments online easily.

If we do not have your consent to reinvest your money or if there are no payout details on record, we will automatically reinvest your capital into a notice deposit at the rate applicable at the maturity date. 

Yes, you can receive your statements by email each month. Please contact the contact centre on 0800 555 111 to request this.

You can use Online Banking, the Money app or a self-service kiosk if you have an existing Nedbank digital banking profile. 

You can also apply through our contact centre on 0800 555 111.

If you're over 16, you need your South African ID (or passport if you're a foreign national).

If you're under 16, you need your parent’s or guardian’s South African ID (or passport if they're a foreign national) and your birth certificate.

A tax-free savings account lets you invest money without paying tax on the interest, as long as you stay within the annual limit* of R36 000 and the lifetime limit of R500 000.

* Annual means from 1 March of one year to the last day of February the following year.

There are legislated limits on how much you may invest. At present, you can contribute up to R36,000 per tax year (from 1 March to the last day of February). The total lifetime limit that you may contribute is R500,000. 

You can withdraw from your tax-free savings account, but you can’t replace the withdrawn amount.

For example, if you invest R36 000 and withdraw R10 000, you can’t put that R10 000 back without exceeding the annual limit, which could lead to penalties from SARS.

You can transfer the money in your tax-free savings account held with another institution. Simply complete the electronic form and email it to us or visit your nearest Nedbank branch for assistance. Transfers can take up to 10 business days to complete.

This account is similar to our tax-free savings account, but instead your money is invested for a fixed term. Fixed-term investments usually offer better rates, so you’ll earn more interest by the end of the term.

It depends on the product. Fixed-term deposits like the Electronic Fixed Deposit and OptimumPlus don’t allow extra deposits or withdrawals. The EasyAccess Deposit lets you withdraw without penalties during the term. The PrimeSelect Investment Account allows both additional deposits and withdrawals.

To see what your investment allows, visit our investment product page.

We may release money early subject to a penalty fee. To apply, visit a branch with your supporting documents. To deposit amounts up to R50 000, you can just call our contact centre on 0800 555 111. 

You can get more information here. 

SARS will penalise you when you submit your tax returns. The penalty is currently 40% of the amount of the excess contribution.

For example, if you contribute R36,100 for the year, you will be penalised on the R100 that exceeds the limit. The penalty will be 40% of the R100, which is R40. 

The limit is applied to you as an individual and not to each account. In other words, if you open multiple TFSAs at one bank, or at various banks and financial institutions, you are still allowed to invest only R36,000 per year collectively in your various tax-free savings and as well as fixed-deposit accounts. 

If you invest in a TFSA or tax-free fixed deposit account, you will receive a tax certificate at the end of the financial year for that specific account. 

No. We can pay out the interest monthly or you can choose to have it capitalised (added to the investment amount). If you choose to capitalise your interest, it will not be considered as part of your contributions. 

You can view your tax statements on the Money app and Online Banking. They are also available for download. 

You can get more information here. 

The Electronic Fixed Deposit is available only through our digital channels and offers special rates. You can choose a fixed term between 1 and 60 months. Other digital-only accounts include Electronic OptimumPlus, for those 55 and over, and the Electronic 32Day Notice.

• A flat interest rate applies to the Nedbank MoneyTrader regardless of the balance in the account, unlike the tiered rates on a JustInvest (where you earn more if you invest more).
• The minimum opening deposit for a Nedbank MoneyTrader is R50,000 whereas the minimum opening deposit for a JustInvest is R5,000. 
• Stop orders on a Nedbank MoneyTrader may only be processed monthly while stop orders for JustInvest can be processed weekly or monthly. 
• The minimum additional deposit on a Nedbank MoneyTrader is R5,000 and the minimum additional deposit on a JustInvest is R500. 
• The minimum withdrawal amount on a Nedbank MoneyTrader is R5,000 and the minimum withdrawal allowed on a JustInvest is R500. 

An umbrella that covers several types of secured transactions, which vary according to the needs of the lender and borrower.

A money market account is an interest-bearing account at a bank. Most money market accounts pay a higher interest rate than regular savings accounts and often include debit card privileges. 

The interest rate is always expressed as a yearly rate, so the first step to calculate interest on a money market account is to divide the yearly rate by 52 (the number of weeks in a year) to find the interest percentage that will be paid for the week.

Medium term is a holding period that is intermediate in nature. The exact period of time that is considered medium term depends on the investor's personal preferences.

In the fixed-income market, bonds that have a maturity period of 2 to 10 years are considered to be medium-term bonds.

A core investment strategy is by definition low-risk. Core investors tend to take a very long-term approach towards real estate investment, viewing real estate as a bond substitute with some diversification and inflation-hedging characteristics. They generally do not view real estate as a way to maximise returns. In the property markets, core strategies generally encompass the direct ownership of high-quality, fully leased assets located in primary markets that are well-diversified economically and that offer significant liquidity. 

Growth investing is an investment style and strategy that is focused on increasing an investor's capital. Growth investors are likely to invest in growth stocks, that is, small companies whose earnings are expected to increase at an above-average rate compared to their industry sector.

Any situation where you have the option of buying something that has a chance to gain value in the future. The key to making money through investing is knowing which opportunities to take advantage of and how to manage them.

Your investment plan should outline what you’re planning to use the money for, how long you’re willing to leave it invested and what vehicles you put your money into to achieve your goals.

When it comes to savings, the rules are different for everyone. The general rule of thumb is to allocate at least 15% of your pre-tax income to retirement savings. After you have done this, you can then consider the following spending guidelines for your after-tax income:

• 60% for necessities (housing, food, utilities)
• 30% discretionary (entertainment and luxuries)
• 10% into discretionary savings (e.g. for education, emergency fund, holidays)

Check our savings and investments options to see what works for you. 

A stokvel is a savings group where members contribute a set amount each month. The group decides how to use the money, either through monthly or yearly payouts. Each member benefits equally from the pooled money. Stokvels are expected to register with the National Stokvel Association of South Africa if they hold more than R100 000 in pooled savings.

This is a standard group savings account with extra benefits, including:

• R10 000 funeral cover per member for R25 per month.

• Discounts on groceries and school supplies at selected Nedbank partners, based on the account’s balance at the end of October each year.

New Nedbank client

If you’re a new Nedbank client, you and your main stokvel signatories need to visit a branch to open a new account. Bring these documents:

• A copy of the valid South African ID of each signatory.

• A copy of your stokvel constitution.

• A copy of the minutes of the meeting in which the decision was made to open a stokvel account.

• Proof of your stokvel's registered address. 

• Proof of address for each member (for example a phone bill not older than 3 months).

Existing Nedbank client

If you're an existing Nedbank client, dial *120*001# and follow the instructions.

Funeral cover

For the funeral cover that goes with the Stokvel Account, simply complete and sign the Stokvel Insurance Declaration along with the member form and the Stokvel Account terms and conditions. This can be done in a branch or through the contact centre. You will need to submit all your members' details (including their names, surnames, identity numbers, cellphone numbers and physical addresses) at the branch. 

You will receive a Stokvel Account welcome pack and all members will receive an SMS to confirm that their policy is active once your application has been approved. 

No, you will need to dial *120*001#, visit a branch or call our toll-free number on 0800 555 111.

Call the Nedbank Contact Centre at 0800 555 111 and mention you have a stokvel query. They will connect you to the Stokvel Account Team.

No, this is a bundled offering.

The R25 premium per member is debited from the Stokvel Account.

No, the funeral cover is only for direct members of the Stokvel Account.

We will pay the money into the Stokvel Account. Your stokvel leadership will pay out the R10,000 to your family. 

Stokvel members need to be between the ages of 18 and 65 to qualify for the funeral cover. 

Yes, we do. 

No, there is no need for a medical examination.

We do not cover suicide within the first 12 months. 

No, to benefit from the funeral cover, you must be part of a stokvel. If a member leaves, they lose the cover.

For individual funeral cover, contact Nedbank Insurance. The premium may be higher.

Yes, but the premium will be quoted individually and may be higher. Call the Nedbank Insurance Contact Centre at 0860 333 111 for assistance.

There are no risks to you. All money invested in these accounts is treated the same as any other bank-guaranteed investment account.

Yes, there is a 6-month waiting period for natural death and it's 12 months for suicide. Accidental death is covered from the first premium payment.

We can cover an unlimited number of stokvel members.

You can be covered under up to 3 stokvels that have a Stokvel Account with Nedbank, and the maximum payout is R30 000.

The monthly premium of R25 per member will be debited from the Stokvel Account. If the total premium isn’t available, we’ll deduct a double premium the next month. If that fails, we’ll cancel the policy. Stokvel leaders must ensure there’s enough money in the account for each monthly premium.

To reinstate the funeral cover, stokvel leaders must visit a branch. All waiting periods will apply since a new policy will be issued.

We will make the payout to the Stokvel Account within 24 to 48 hours after receiving the required information. To submit a claim, a member of the stokvel leadership must call the Nedbank Contact Centre or visit a Nedbank branch. They need to provide the following:

• Name and surname of the deceased

• Identity number of the deceased

• Cause of death

• Date of death  

• Name and account number of the stokvel

The stokvel will receive the payout in cash in the Stokvel Account. The stokvel leadership must pay the money to your family members according to the governing rules of the stokvel.

You qualify for a discount at selected Nedbank partners based on your account balance on 31 October each year. The discount percentage depends on the closing balance of the Stokvel Account. Discount tiers (or levels) are as follows:

You qualify for rewards once a year if you deposit at least R1 000 into your account every month between January and October. Rewards may change and may be in the form of, but not limited to, digital vouchers or discount vouchers with various reward partners, and cash deposits into your account. 

Note: Rewards vouchers are valid for 3 months only.

A Nedbank ID is a unique username and password that gives you online access to all our products and services and provides a secure way of interacting with us. With a Nedbank ID you can:

• use the same username and password across all your Nedbank products and services, such as Online Banking, which means you don’t have to remember multiple login details;
• access services that you would normally have to go into the branch to get done;
• get an integrated view of your accounts when you interact with us online; and
• enjoy a safer banking environment using Approve-it technology.

Yes, you can – simply follow these steps:

1. Go to the Nedbank ID page.
2. Log in using your existing credentials.
3. You will see your name in the top right-hand corner with a drop-down arrow next to it. Click on the arrow, select Change username and follow the instructions.

Once your username is changed, you will automatically be logged out and will need to log in again with the new username.

You need a Nedbank ID to access any of the Nedbank digital channels.

On the login screen, click on Forgot your details?

If you have forgotten your username

Click on Forgotten your username?, complete the details and follow the instructions. Please have your cellphone with you.

If you have forgotten your password

Click on Forgotten your password?, complete your username, insert a new password and follow the instructions. Please have your cellphone with you.

To change your password, simply follow these steps:

1. Go to the Nedbank ID page.
2. Log in using your current username and password.
3. You will see your name in the top right-hand corner with a drop-down arrow next to it. 
4. Click on the arrow, select Change password and make your changes.

Your password will be revoked after three unsuccessful attempts.

If you have forgotten your password, click on Forgotten your password?, complete your username, insert a new password and follow the instructions. Please have your cellphone with you.

Some of your personal details may be outdated. For help please call our contact centre on 0800 555 111.

If you are having trouble accessing your account using your Nedbank ID username, please follow these steps to check that your personal details are correct:

1. Go to the Nedbank ID page.
2. Log in using your current username and password.
3. You will see your name in the top right-hand corner with a drop-down arrow next to it. Click on the arrow, select Your details and update your details if necessary. 

(If your details are all correct but you have trouble accessing your account, please contact the Nedbank ID helpline on 0860 555 125.)

Yes, you can.

1. Go to the Nedbank ID page.
2. Log in using your existing credentials.
3. You will see your name in the top right-hand corner with a drop-down arrow next to it. Click on the arrow, select Your details and update your details as required.

If you are a South African resident, we cannot pay into a non-South African bank account. We can pay to a non-South African bank account only if you are a non-resident client.