Nedbank Savvy Plus Bank Account Review 2023

Nedbank Savvy Plus Bank Account

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

Fee DescriptionAmount
Monthly Account FeesR115.00
Nedbank ATM cash depositR1,50 per R100 or part thereof
Nedbank branch cash depositR100 + R2,50 per R100 or part thereof 
Cash deposit at participating retailers’ point-of-sale devicesR19,95 per R5 000 or part thereof
Nedbank ATM cash withdrawal R2,50 per R100 or part thereof
Nedbank branch cash withdrawalR100 + 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 bankR60 + 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 branchR200.00 
Branch payment and transfer to another Nedbank account R200.00 
Stop order feeFree
Internal debit order feeFree
External debit order feeFree
Cheque card swipes Free
Balance inquiry at a Nedbank ATM Free 
Balance enquiry at a Nedbank branch R20.00 
Bank statement at an ATMFree
Card replacement feeR150.00

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

Conclusion

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.

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