Nedbank Private One bank account review 2023

Nedbank Private One account

The Nedbank Private One account offers travel perks and rebates for those over the age of 55. The account includes a dedicated private banker at no extra charge. A private banker can provide financial advice, answer any of your questions regarding your banking services, and handle credit applications.

Account holders can apply for various types of credit through a private banker, including but not limited to home loans, vehicle finance, and credit cards. Account holders can also consult with wealth advisors through their dedicated private bankers.

Wealth advisors offer financial advice as well as professional stock brokerage services. Wealth advisory stock brokers can manage the account holder’s share portfolio for more specialized trading.

The Nedbank Private One account, as a specialized bank account, offers wealth management services. Account holders receive tailored rates on investments exceeding R250,000.00. Private One account holders who invest more than R10 million have access to Nedbank’s treasury desk.

The Nedbank Private One bank account has some of the best features in South Africa for a black card. The following sections examine the features and rates of the Nedbank Private One bank account.

Nedbank Private One bank account summary 

The Nedbank Private One bank account is a private cheque account with a R380.00 monthly account fee. The account pays interest on positive balances at a rate of 0.75% per year. With the Private One account, account holders can obtain credit with a minimum credit facility of R10,000.00.

The Nedbank Private One bank account includes free ATM withdrawals and deposits of up to R40,000.00 per month. Free swipes, eNotes, electronic transactions, and debit orders are also available. Account holders save R150.00 per card replaced because card replacements are free.

The Nedbank Private One bank account credit facility offers interest-free credit for up to 40 days. A dedicated private banker from Nedbank Private One can introduce account holders to a wealth advisor.

Holders of Nedbank Private One account over the age of 55 are eligible for special rebates. A certain percentage of the monthly account fee is rebated when investing R300,000 in a 32-day notice, money market, call, fixed, or term investment.

Account holders receive the following rebates: 30% back for those aged 55 to 64, 40% back for those aged 65 to 74, and 50% back for those aged 75 and up.

Travel benefits are also included with the Nedbank Private One account. The following travel benefits are available through the Nedbank Private One account:

  • Unlimited access to the Bidvest premier airport lounges when departing from South Africa. 
  • 10 international Airport lounges plus one guest per visit with Visa Signature, 
  • Automatic medical emergency insurance for international flights when purchasing with a Private One Credit card

Nedbank Private One bank account fees 2023

Fee descriptionAmount
Monthly Account feeR380.00 
Nedbank ATM cash depositR11.35 plus R2.10 per  R100.00 or part thereof 
Nedbank branch cash depositR11.35 plus R2.10 per  R100.00 or part thereof 
Cash deposit at participating retailers’ point of sale devicesR19.95 per R5,000.00 or part thereof
Nedbank ATM cash withdrawal Free
Nedbank branch cash withdrawalR80.00 plus R2.10 per R100.00 or part thereof 
Withdrawals at participating retailers’ point of sale device Frer
Cash withdrawal at other banks’ ATM R12.00 plus R2.10 per R100.00 or part thereof 
Cash withdrawal at international bankR60.00 plus R2.50 per R100.00 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 enquiry at a Nedbank ATM Free 
Balance enquiry at a Nedbank branch R10.00 
Bank statement at an ATMFree
Bank statement at a branch R40.00 per page
Card replacement feeFree
Local transaction voucher copy requestR165.00 per voucher 
International transaction voucher copy requestR200.00 per voucher 

Advantages of the Nedbank Private One bank account 

  • The account includes a personal private banker.
  • The account comes with some travel benefits.
  • Card replacements are provided at no cost.
  • Access to will-writing services.
  • Educational planning for children, estate planning, and retirement planning are all available.
  • Monthly account fee rebates for those over the age of 55.
  • The account includes R40,000.00 in free deposits and withdrawals per month.
  • Free use of Nedbank’s digital platforms. 

Disadvantages of the Nedbank Private One bank account 

  • There is no free access to the Nedbank Greenbacks rewards program with this account.
  • Account holders under the age of 55 are not eligible for monthly fee rebates, which are available for other black cards from other banks in South Africa.

Requirements of the Nedbank Private One bank account 

  • Must have a valid South African ID book or Smart card or a passport with a work permit for foreign nationals, 
  • Proof of residence that is not older than 3 months at the time of application, 
  • 3 months’ bank statement or recent payslips. 
  • Must be over the age of 18 at the time of application, and
  • Must earn a minimum income of R750,000.00 per annum. 

Conclusion 

The Nedbank Private One account offers a banking account that comes with a dedicated private banker and has a number of benefits to enjoy. The account is available for South Africans and foreign nationals. With a monthly fee of R380.00 per month, the account offers a reasonable monthly service fee for a black card since most black cards charge a monthly fee of over R400.00. 

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