The Nedbank Savvy Plus bank account is an entry-level cheque account that includes a free Gold Cheque account. The account provides account holders with free access to the Greenback rewards program. Account holders can also use the Nedbank digital platforms for free.
The account comes with a savings pocket, to which account holders can add up to 10 additional savings pockets. Savings can be made on these multiple savings pocket accounts at no additional cost to the account holder.
The Nedbank Savvy Plus bank account offers a one-of-a-kind banking experience and some of the best features for an entry-level cheque account. The following is a summary of the Nedbank Savvy Plus bank account and the fees associated with each transaction made with the account.
Nedbank Savvy Plus Bank Account Summary
The Nedbank Savvy Plus bank account is a gold cheque account with an R115.00 monthly service fee. Account holders can enroll in the Greenbacks rewards program for a monthly fee of R25.00. The Greenbacks reward program allows account holders to earn points on specific purchases and receive additional discounts.
Benefits of the Nedbank Savvy Plus account include a 50% discount on NuMetro movie tickets and a 50% discount on a medium soda and popcorn combo. Account holders also receive a 25% discount on VIP and extreme movie tickets from NuMetro.
The Nedbank Savvy plus account allows account holders to open an overdraft facility for a monthly fee of R49.00. Account holders can also open virtual cards, which can be fully managed online. Furthermore, the Nedbank Savvy Plus bank account allows you to open an unlimited number of virtual cards.
Account holders can enjoy free transactions and benefits with the Savvy Plus account. The account comes with a number of free transactions and benefits that includes:
- a free gold debit card,
- free card swipes,
- free eNote SMS notifications,
- free cash withdrawals at participating retailers’ point-of-sale 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, and
- Unlimited debit and stop orders and inter-account transfers.
Out-of-bundle costs for the Nedbank Savvy Plus bank account are billed per transaction. These expenses are detailed in the table below, along with the free transactions that come with the account.
Nedbank Savvy Plus bank account fees 2023
|Monthly Account Fees||R115.00|
|Nedbank ATM cash deposit||R1,50 per R100 or part thereof|
|Nedbank branch cash deposit||R100 + R2,50 per R100 or part thereof|
|Cash deposit at participating retailers’ point-of-sale devices||R19,95 per R5 000 or part thereof|
|Nedbank ATM cash withdrawal||R2,50 per R100 or part thereof|
|Nedbank branch cash withdrawal||R100 + R2,50 per R100 or part thereof|
|Withdrawals at participating retailers’ point of sale device||Free|
|Cash withdrawal at other banks’ ATM||R12 + R2,50 per R100 or part thereof|
|Cash withdrawal at an international bank||R60 + R2,50 per R100 or part thereof|
|Instant payment up to R3,000.00||R10.00|
|Instant payment over R3,000.00||R49.00|
|Payment and transfer to another bank at a branch||R200.00|
|Branch payment and transfer to another Nedbank account||R200.00|
|Stop order fee||Free|
|Internal debit order fee||Free|
|External debit order fee||Free|
|Cheque card swipes||Free|
|Balance inquiry at a Nedbank ATM||Free|
|Balance enquiry at a Nedbank branch||R20.00|
|Bank statement at an ATM||Free|
|Card replacement fee||R150.00|
Advantages of the bank account
- Considering the monthly fee, the account offers a substantial number of free transactions.
- The account has a fairly low monthly fee.
- Every month, there are free deposits.
- The monthly overdraft fee is low.
- ATM bank statements are free of charge.
- Withdrawals at a point of sale are free of charge.
- Card swipes are free of charge.
Disadvantages of the bank account
- The account does not include any travel benefits.
- The Greenbacks program has an entry fee.
- When compared to other banks, such as Capitec Bank, the card replacement fee is excessively high.
Requirements of the Nedbank Savvy Plus bank account
- At the time of application, you must be over the age of 18.
- You must have a current South African ID book or smart card, or a valid passport and work permit if you are a foreign national.
- Earn at least R3,000 per month before taxes and have a good credit rating.
- Payslips or bank statements for the last three months.
- Proof of residency that is less than three months old at the time of application
The Nedbank Savvy Plus account is a smart way to bank for those who don’t transact much in a month. The account includes a number of free transactions. Enrollment in the Nedbank Greenbacks rewards program has its own fee that must be paid for membership, which is a disadvantage for an account that charges a monthly account fee of more than R100.00.