The past few years have seen a lot of changes in the banking industry. Fintech companies have emerged with incredible banking products that have increased the number of people signing up to formal banking. This has thrust the big traditional banks into offering more innovative products with competitive features. This must be good news for the consumers because maintaining a bank account has for a long time been a challenge for most South Africans.
In 2019 a lot of people signed up for a new bank account with digital banks like TymeBank. These fin techs have managed to increase the number of people signing up for a bank account for the first time. However, traditional banks have also taken steps to increase the new sign-ups by offering products that would attract new clients. The Nedbank Ke Yona Bundle account is for clients who are just starting out in banking. It is an ideal introduction for starters in banking.
When you open a Ke Yona Bungle account, you are automatically covered for a funeral up to R2000. You are not required to apply for life insurance because it is included in the account’s bundle offer. Monthly premiums will not be necessary to retain the cover, as the R62 charge covers everything. Your Ke Yona account can be linked to a Nedbank MyPocket savings account, allowing you to earn interest on your savings.
MyPocket is a savings account that allows you to start saving with as little as R1 and still earn interest. You can withdraw funds from your MyPocket account at any moment without having to serve a withdrawal notice period. Along with Nedbank’s 32-day Notice savings account, they are savings accounts that offer with a slew of convenient features for simplified savings banking.
You will be paying R62 monthly fee to keep the account active. The account can also be accessible from Nedbank’s digital banking which is free for the Ke Yona account holders.
The monthly R62 also includes 10 transactions that you can make without any cost in the course of the month. These transactions include:
Within the monthly fee, you can make cost-free cash deposits of up to R3 000 a month at Nedbank. Should cashdeposits exceed R3 000, an extra R1 for every R100 fee will apply.
You can send cash using imali of up to R2 500 to any South African phone number and the receiver can collect it from any of the Nedbank ATMs. Sending an amount of less than R1 000 costs R10 while amounts from R1 000 to R2 500 costs R14.
Prepaid purchases like airtime and electricity can be performed even without airtime credit on your phone. This is unlike other banks who do not allow you to do cellphone banking with R0.00.
When using the Nedbank Money App, you can make some payments even without using your card. If you happen to lose or misplace your card, you can be making payments by scanning the QR code while waiting for a replacement.
Scanning for payments will still earn you the Greenbacks and membership reward points just as it does when swiping your card.
Its primarily meant for low-income banking, therefore, poses some limitations on how much you can transact using the account
Apart from the credit card and access to an overdraft facility, bundled accounts are also characterised with a fixed monthly fee. This makes it easy to budget using these accounts as you already know your banking costs.