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2023-03-05 11:40 AM

Nedbank 32-Day Notice Savings Account Review 2023

By Parddon Khumalo

The Nedbank 32Day Notice Deposit Account is a savings account that requires a notice period of 32 days to make a withdrawal. The account requires a R250.00 minimum investment.

On deposits of less than R2,500.00, the Nedbank 32day notice account pays 5.95% interest. Account balances ranging from R2,500.00 to R24,999.00 earn 6.70% interest.

Investments in the Nedbank 32Day Notice Account of R25,000.00 to R49,999.00 earn a 6.85% interest rate. Deposits of R50,000.00 to R99,999.00 earn a 7% interest rate.

The Nedbank 32 Day Notice Account pays 7.20% interest on investments ranging from R100,000 to R249,999.00. The account offers the highest interest rate of 7.30% for investments of R250,000.00 or more.

When withdrawing funds from the 32 Day Notice Account, the account holder must make a minimum withdrawal of R100.00. Stop orders can be auctioned on the account, with a R100.00 minimum allowable stop order.

Application

Existing clients

If you already have a transactional account with Nedbank, then you only need your ID or passport to open the 32Day Notice Account.

New clients

For new Nedbank clients, you can open an account with the bank to access the 32Day notice offer. To open an account you will need:

  • Your South African ID or a passport (for non-residents)
  • Proof of residence (not older than three months)

Cash deposits

After your account has been opened and confirmed, Nedbank will require you to deposit a minimum of R250.00. The minimum deposit keeps your account active and allows you to start earning interest. 

Following that, you can choose to increase your capital by placing weekly or monthly stop orders with your current account.  Monthly or weekly stop orders from your Nedbank current account are free; however, the minimum stop order value is R100.

Cash deposits from non-Nedbank accounts are also possible, but there will be fees. The prices are reasonable; in fact, Nedbank is one of South Africa’s most cost-effective banks in terms of account fees.

Cash withdrawals

When you make a withdrawal from the account, you must give 32 days’ notice, which is why it’s named a “32Day Notice Account.” A minimum of R100 should be withdrawn.

Nedbank 32Day Notice Account Interest rates

Account BalanceNominal Interest Rates
R100.00 – R2,500.005.95%
R2,500.00 – R24,999.00 6.70%
R25,000.00 – R49,999.006.85%
R50,000.00 – R99,999.00 7%
R100,000.00 – R249,999.07.20%
R250,000.00 +7.30%

Every month, interest is calculated and paid on your daily account balances. The interest rate on your account varies depending on market conditions and the prime lending rate. 

However, the interest rates you’ll be offered are subject to confirmation after Nedbank activates your account. As the table indicates,  Nedbank offers tiered interest rates on savings accounts. As a result, the higher the interest rate, the higher the balance in your account.

Account holders can choose to have your interest earnings deposited directly to your current account every month. Individuals could also have their interest capitalized to take advantage of higher rates. 

If the interest is paid out monthly, funds will earn a nominal rate of interest. While capitalized interest allows account holders to earn a higher rate of return on your investments. 

You can link your account to your electronic banking profile and transact or maintain it through digital channels.

Competitive Advantages of the Nedbank’s 32Day Notice Account

  • There are free weekly or monthly stop orders
  • you have a choice to have your interest paid out monthly or capitalized
  • there is a free monthly statement sent to you when your balance is over R5 000
  • You can do maintenance on additional deposits, partial withdrawals and manage stop orders by merely linking the account to your electronic banking profile
  • There are no fees or commissions charged

Competitive Disadvantages of the Nedbank’s 32Day Notice Account

  • Nedbank reserves the right to charge a fee for cash deposits exceeding R5 000 in any calendar month.

Conclusion

All South Africans need to develop the habit of putting money aside for savings. One method to do this is to inform people about the various savings account alternatives available, so they may select the one that best meets their needs. Clients will appreciate the ease of Nedbank’s pay-as-you-go account and Nedbank’s 32Day Notice savings account.

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Parddon Khumalo

Tags: Nedbank