Posted on Jan 3, 2021 by Staff Writer
________________________
Savings are what keeps the wealth creation cycle alive. Informing South Africans about available savings accounts options like the FNB Savings account, Capitec savings account, Absa savings account. This will help get more people into the saving habit.
Nedbank 32 Day Notice Account Summary
The Nedbank 32 Day Notice Account is an investment-savings account offered by Nedbank, targeted at low income earners. It has no monthly fees or commissions. The minimum deposit is R250.00.
Even though the number of households saving money is still low, the effects of COVID-19 have left most South Africans with an interest in saving money.
In this article, we make known the features of the Nedbank 32Day Notice Account. The 32Day notice account is one of the secure methods of saving money at competitive interest rates.
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
The minimum amount you can start your investment with is R250. Once your account has been opened and confirmed, Nedbank will require that you deposit a minimum of R250.00 into your account.
The minimum deposit will ensure that your account remains active and can start earning interest.
From thereafter, you can choose to increase your capital by making weekly or monthly stop orders from your current account.
The monthly or weekly stop orders from your Nedbank current account are free; however, the minimum stop order amount is R100.
Cash deposits can also be made from a non Nedbank account, however, there will be cash deposit fees charged.
The fees charged are competitive; actually Nedbank is considered one of the affordable banks in South Africa in terms of the account fees.
Cash withdrawals
There is a 32 days’ notice needed when ever you are making a withdrawal from the account, this is why its called “32Day Notice Account”.
Meaning, you will have to apply and make the bank know about your intended withdrawal 32 days before you can actually make the withdrawal.
Withdrawal should be at least R100 or more.
32Day Notice Account Interest rates
Interest is calculated on your daily account balances and paid out to you every month.
The interest rate on your account is variable and linked to market conditions and the prime lending rate.
However, the interest rates you will be offered are subject to confirmation when Nedbank has received your account funds.
Nedbank’s offers tiered interest rates on your savings account. Therefore, the higher your account balance, the higher the interest rate.
You have an option to receive your interest earnings every month, paid directly to your current account. Or else you can have your interest capitalized so as to enjoy high rates.
If the interest is paid out to you monthly, your savings will yield interest at a nominal rate. While the capitalized interest makes your savings to yield interest at an effective rate.
Your account can be linked to your electronic banking profile and get to transact or maintain it using digital channels.
32Day Notice Account Fees and rates
There are no monthly fees or commissions charged on your account. Monthly stop orders from your Nedbank current account to your 32Day Notice account are free of charge.
However, there may be deposit fees incurred when making a deposit from a different account or when using a different method other than a set stop order.
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
We really need to encourage the habit of putting money aside as savings among all South Africans.
One of the ways to do that is to spread the word on available savings accounts options to save money and people will choose one that best suits their saving plans.
Nedbank’s pay-as-you-use account along with the Nedbank’s 32Day Notice savings account provides convenience to its client.