The Nedbank fees and charges for 2023, which came into effect on 1 January, show price adjustments for various transactions such as cash deposits and withdrawals, debit orders, instant payments and the account fee per month.
The fees vary according to the bank account you use. These include accounts for everyday banking, the youth and pensioners. In this article, we summarise how much does Nedbank charge per month for each of its main accounts, including charges for the most common transactions, in South Africa.
Nedbank fees and charges for 2023
Nedbank Pay-As-You-Use account fees 2023
The fee per month for the Nedbank Pay-As-You-Use account is zero in 2023. If you use this account, you will get free card swipes, free stop orders, free inter-account transfers and free balance enquiries at self-service points.
However, as the name suggests, you will pay fees for all other transactions on your account. These charges are summarised below:
- ATM cash deposit: R1.50 per R100 or part thereof.
- Point-of-sale cash deposit at participating retailers: R19.95 per R5,000 or part thereof.
- Cash withdrawal at Nedbank ATM: R10 per R1,000 or part thereof.
- Cash withdrawal at another bank ATM: R12 + R2.50 per R100 or part thereof.
- Cash withdrawal at point-of-sale (retailers): R2
- Transfers between your own Nedbank accounts: Free
- Transfers to another bank account (EFT): R2.20
- Instant payments up to R3,000: R10
- Instant payments above R3,000: R49
- Pay to cellphone number, also known as cash send (R1 to R5,000): R10
- Debit order fee (internal and external): R3.50
- Prepaid top-up (airtime, data and electricity): R1.50 (if you use another bank’s ATM, the charge is R10).
Nedbank Savvy Plus account fees for 2023
Nedbank charges R115 per month in 2023 for the Savvy Plus account, which comes with the following free transactions:
- Free card swipes.
- Free eNote SMS notifications.
- Free cash withdrawals at participating retailers’ point-of-sale (POS) devices.
- Free cash withdrawals of up to R3,000 at a Nedbank ATM.
- Free cash deposits of up to R3,000 at a Nedbank ATM.
- Free debit and stop orders and inter-account transfers (EFT).
This account type works better if you make many transactions on your account, thus making the Pay-As-You-Use account (where you pay for most transactions) costly.
Nevertheless, there are still some charges that will apply for certain transactions. For instance, if your cash deposits or withdrawals exceed R3,000 in a month, charges will start to apply on the amounts above R3,000.
Some of the fees are indicated below:
- ATM cash deposit (once you exceed R3,000): R1.50 per R100 or part thereof.
- Point-of-sale cash deposit at participating retailers: R19.95 per R5,000 or part thereof.
- Cash withdrawal at Nedbank ATM (once you exceed R3,000): R2.50 per R100 or part thereof.
- Cash withdrawal at another bank ATM: R12 + R2.50 per R100 or part thereof.
- Instant payments up to R3,000: R10
- Instant payments above R3,000: R49
- Pay to cellphone number, also known as cash send (R1 to R5,000): R10
- Prepaid top-up (airtime, data and electricity): R1.50 (if you use another bank’s ATM, the charge is R10).
Nedbank Savvy Bundle account fees for 2023
In 2023, Savvy Bundle account holders will pay a monthly fee of R240. Benefits include:
- A Nedbank platinum credit card (R0 monthly service fee).
- A monthly overdraft facility fee included.
- Nedbank Greenbacks membership included.
- Domestic airport lounge access.
- Free card swipes.
- Free cash withdrawal at participating retailers’ point-of-sale devices.
- Free cash withdrawals of up to R4,000 at a Nedbank ATM.
- Free cash deposits of up to R4,000 at a Nedbank ATM.
- Free debit and stop orders and inter-account transfers.
- Free eNote SMS notifications.
Fees will nevertheless still apply for certain transactions, such as cash deposits and withdrawals after the R4,000 bundled limit has been exceeded.
These fees include the following:
- ATM cash deposit (once you exceed R4,000): R1.50 per R100 or part thereof.
- Point-of-sale cash deposit at participating retailers: R19.95 per R5,000 or part thereof.
- Cash withdrawal at Nedbank ATM (once you exceed R4,000): R2.50 per R100 or part thereof.
- Cash withdrawal at another bank ATM: R12 + R2.50 per R100 or part thereof.
- Instant payments up to R3,000: R10
- Instant payments above R3,000: R49
- Pay to cellphone number (R1 to R5,000): R10
- Prepaid top-up (airtime, data and electricity): R1.50 (if you use another bank’s ATM, the charge is R10).
Nedbank MobiMoney fees and charges for 2023
If you have a Nedbank MobiMoney account, you will pay zero fees per month to maintain it in 2023. However, charges will apply for certain transactions as indicated in the screenshot below:
Nedbank4Me account fees 2023
The Nedbank4Me account is aimed at the youth in South Africa. Holders will pay zero monthly maintenance fees in 2023 and will enjoy free card swipes, free stop orders, free inter-account transfers and free balance enquiries at self-service channels. However, they will pay transactions fees as indicated below:
- ATM cash deposit: R1.50 per R100 or part thereof.
- Point-of-sale cash deposit at participating retailers: R19.95 per R5,000 or part thereof.
- Cash withdrawal at Nedbank ATM: R10 per R1,000 or part thereof.
- Cash withdrawal at another bank ATM: R12 + R2.50 per R100 or part thereof.
- Cash withdrawal at point-of-sale (retailers): R2
- Transfers between your own Nedbank accounts: Free
- Transfers to another bank account (EFT): R2.20
- Instant payments up to R3,000: R10
- Instant payments above R3,000: R49
- Pay to cellphone number (R1 to R5,000): R10
- Debit order fee (internal and external): R3.50
- Prepaid top-up (airtime, data and electricity): R1.50 (if you use another bank’s ATM, the charge is R10).
Nedbank fees for pensioners 2023
The 2023 Nedbank fees for pensioners is R45 per month if you hold the Optimum account, which is dedicated to seniors.
The following transaction charges also apply on this account:
- ATM cash deposit: R1.50 per R100 or part thereof.
- Point-of-sale cash deposit at participating retailers: R19.95 per R5,000 or part thereof.
- Cash withdrawal at Nedbank ATM: R10 per R1,000 or part thereof.
- Cash withdrawal at another bank ATM: R12 + R2.50 per R100 or part thereof.
- Cash withdrawal at point-of-sale (retailers): R2
- Transfers between your own Nedbank accounts: Free
- Transfers to another bank account (EFT): R2.20
- Instant payments up to R3,000: R10
- Instant payments above R3,000: R49
- Pay to cellphone number (R1 to R5,000): R10
- Debit order: R5 for internal and R19 for external.
- Prepaid top-up (airtime, data and electricity): R1.50 (if you use another bank’s ATM, the charge is R10).
Last word
You can view the full details of Nedbank fees and charges for 2023 in this PDF pricing guide prepared by the bank. You can also download the document to your device for ongoing reference.
Happy banking!