Nedbank Private Wealth Pay As You Use account review 2023

Published by
Lethabo Ntsoane

The Nedbank Private Wealth Pay As You Use account is a more affordable wealth account option. The account includes additional benefits at no additional cost. These include travel, transactional, investing, and savings benefits.

The Nedbank Private Wealth Pay As You Use bank account is an excellent choice, as we will discuss further below.

Nedbank Private Wealth Pay As You Use bank account summary

The Nedbank Private Wealth Pay As You Use is a cheque account that has a monthly account fee of R200.00. Only those with an annual income of R1.5 million or investable assets of R5 million or more are eligible for the account.

Banking with the Private Wealth PAYU account entitles the account holder to a private banker who is available 24 /7. The private banker is there to assist with the client’s banking needs. What distinguishes the account is that it comes with its own mobile app, the “Nedbank Private Wealth” mobile app.

The Nedbank Private Wealth PAYU account includes the option of an overdraft facility.

 A monthly facility fee of R69.00 is charged for an overdraft facility. Furthermore, when the facility is opened, a once-off initiation fee of R165.00 plus 10% of the limit value is charged.

Account holders can also get a free multi-currency cash passport travel card. The card charges a 1.50% commission on the transaction value and an R161.00 initiation fee. The account also charges a 4% cross-currency conversion fee.

Other transaction and service fees are charged per transaction and monthly for the Nedbank Private Wealth Pay As You Use account. We cover the account fees in the table below.

Nedbank Private Wealth Pay As You Use account fees 2023

Fee descriptionAmount
Monthly account feeR200
Annual cheque card service feeR185
Monthly overdraft facility feeR65
Annual garage debit card feeR185
Cash withdrawal at a branchR80.00 + R2.10 per R100.00 or part thereof
Cash withdrawal at another bank’s ATMR12 + R2.50 per R100.00 or part thereof
International ATM cash withdrawal R60 + R2.50 per R100.00 or part thereof
Cash withdrawal at a retailer without purchaseR2
Cash withdrawal combined with purchase at a retailerR6.30
Easy Pay deposit at tillpointR19.95 per R50,000.00 or part thereof
Cash deposit at a branch R11.35 + R2.10 per R100.00 or part thereof
Cash deposit at a Nedbank ATM R5.68 + R1.05 per R100.00 or part thereof
Balance enquiry at another bank’s ATM R10
Bal enquiry at international ATM R10
Bal enquiry at tillpointR2
Card purchases R4.30
Fuel transaction feeR4.30
Declined transaction at another bank’s ATM or tillpointR10
Internal Debit order feeR3.50
External debit order feeR19
Cell Phone top up via private wealth appR1.50
Cellphone top up at another bank’s ATM R10
Third-party instant payment below R3,000.00 R10
Third-party instant payment above R3,000.00 R49
Lotto payment feeR2 + notification fee
Third-party payment using digital channels R8.35

The perks that Nedbank Private Wealth Pay As You Use account holders get

  • Lost card protection,
  • One-year purchase protection with Visa Infinity,
  • Credit life protection which is available on request, and
  • Extended manufacturer’s warranty on purchases made with Visa Infinite.
  • Double Greenbacks point when using your American Express dual credit and cheque card,
  • Account holders can swipe their Greenbacks Shop card at any store that accepts American Express,
  • Account holders can redeem their Greenbacks on the Nedbank banking channels or withdraw them as cash at a Nedbank ATM, and
  • Discounts and deals when using the Avo platform.
  • Free access to the Nedbank Private Wealth app or online banking where an account holder can control the account.
  • Exclusive investment opportunities at top rates.
  • An optional overdraft facility at a competitive lending rate.

Advantages of the account

  • The account includes complimentary membership in Nedbank’s Greenbacks rewards program, which saves account holders R25 per month.
  • There are free monthly statements available.
  • Cheque card replacements are provided at no cost.
  • Account holders can apply for an overdraft facility.
  • The account includes free access to the Nedbank Private Wealth mobile app.
  • The Private Wealth Credit Card can be opened separately, as can the AmEx Platinum Credit Card.
  • Account holders can take advantage of travel benefits at no additional cost.
  • Withdrawals at Nedbank ATMs are free of charge.
  • The account includes a dedicated private banker who assists the account holder with his or her banking needs.

Disadvantages of the account

  • The account is not suitable for someone that transacts frequently as the cost of transacting can be very high.
  • Branch transactions are penalized with heft fee per transaction.
  • The currency conversion fee can be up to 4% for those with a multi-currency cash passport.

Requirements of the Nedbank Private Wealth Pay As You Use bank account

  • Must be over the age of 18 at the time of application.
  • You need to live in South Africa and have a valid South African ID book or Smart card or a valid passport and a work permit.
  • Have an annual personal income of more than R1.5 million or investable assets over R5 million.
  • Proof of residence that is not older than 3 months at the time of application.
  • Payslips or stamped bank statements for the past 3 months.

Conclusion

The Nedbank Private Wealth Pay As You Use account is a wise choice for someone looking for a private banking account but who does not transact frequently. The account contains insurance, travel, and spending rewards. Account holders also have access to a dedicated private banker, but what makes the account even more unique is that it has its own award-winning app.

Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo