For a long period of time, the banking sector has charged exorbitant fees for its services. This industry has only recently seen competition. This has prompted banks to develop novel products with competitive fees. Nedbank has a Pay-as-You-Use Account that is more deal for individuals who are not regular bank account users. There are people in South Africa who can go months without touching their bank accounts.
As a result, it is unjust for banks to continue charging these clients set monthly fees for their accounts. I’m sure you’re familiar with the frustration of seeing a debit balance on an account you haven’t used in months. Only to discover that the bank has been collecting monthly bank charges from your account despite the fact that you have never used their services. If you are not a frequent user of a bank account, opening a pay-as-you-go account with Nedbank will provide you with a no-frills banking experience.
There are no monthly maintenance fees. Normally, banks charge a monthly maintenance fee for having an account with them.
The Nedbank Pay-as-you-use account only charges fees on the transaction you make.
If you don’t transact for the whole month, then you don’t have any bank fees for that particular month.
The internal transfers are free, provided you are using the Nedbank ATM or their online banking platform.
Banks have made self-service options cheaper, hence saving you money on bank fees rather than having to visit one of their branches.
The Nedbank Money app does not use data, meaning the transactions you make using the app will also save you data.
South Africa is still one of the countries with the most expensive data fees in Africa; therefore an app that can save you data is what you need.
The Nedbank Pay-as-you-use account can also be linked to Nedbank’s MyPocket saving account.
MyPocket is a savings account that allows you to save from as little as R1 and still earn interest on the savings.
The funds you transfer to MyPocket can be accessed anytime with no need of serving a withdrawal notice period.
The ‘send imali’ feature is also available on your Nedbank Pay-as-use account. Meaning you can still send cash to individual phone numbers and they can collect the money from a Nedbank ATM.
The account can be fully managed from the Nedbank’s Money app. This eliminates the need for multiple apps on your phone.
The Money app allows you to scan most QR codes in South Africa that include Masterpass, Snapscan and Zapper.
In case you have blocked and replaced your card, you can still make payments by the ‘scan to pay’ while you are waiting to get your replacement card.
Transfers between your Nedbank accounts costs R80 when made from the branch teller, while transfers made online or in the ATM are free.
The fee rises to R125 from the branch teller and R2.20 online whenever the transfer is made to a third party bank account.
Instant online payments up to R2 000 cost R10 while amounts over R2 000 have an R49 fee.
The account can send up to R2 500 per day. Sending amounts from R1 to R1 000 costs R10 and any amount above R1 000 costs R14.
Internal debit orders are free of charge, while external debit orders cost R5.50.
Purchases made by swiping your card are free, while the garage card transaction cost R4.30. Prepaid airtime and data purchases cost R1, prepaid electricity purchases cost R2 and LOTTO purchases are R2.60.
It has a limit of the amount you can keep in the account
Depending on the amount of transactions you make, the pay-as-you-use account becomes less affordable if you use your card more regularly.
The Nedbank pay-as-you-use account is a good way of introducing people who have never used a bank account into the system of banking their money with banks. Nedbank’s bank accounts have proved to be convenient to its clients, the Pay-as-you-use account and the Nedbank’s 32 Day Notice savings account are of great efficiency to its clients.