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Nedbank Private Wealth Bundle Account Review 2023

Nedbank Private Wealth Bundle Account

The Nedbank Private Wealth bundle account is for the ultra-wealthy and includes a dedicated private banker. The account has the best bank account features among all Nedbank bank account offerings. The Nedbank Private Wealth Bundle Account comes with both a cheque and a credit card.

The account entitles account holders to Nedbank’s Greenbacks rewards program at no charge. Private wealth bundle account holders can earn rewards through the Greenbacks rewards program when they swipe their card, borrow responsibly, save money, and manage their money responsibly. 

The Private Wealth bundle account includes complimentary access to all Nedbank digital platforms. Internet banking and a mobile app are available 24 /7. Moreover, the Private Wealth bundle account comes with its own mobile app also known as the “Nedbank Private Wealth App”.

The Nedbank Private Wealth bundle account includes discounts, travel insurance, and other benefits. We go over these benefits and how the account works in greater detail below.

Nedbank Private Wealth bundle account summary

The Nedbank Private Wealth Bundle account is the bank’s flagship cheque account. Clients must have at least R5 million in investable assets and/or earn at least R1.5 million per year to open the account. The monthly account fee for the Nedbank Private Wealth Bundle account is R500.00.

This account includes a dedicated private banker assigned to the account holder soon after the account is opened. The dedicated private banker is available to the account holder around the clock, and if he or she is unavailable, an alternate private banker will be assigned.

Private Wealth bundle account holders have the option of using an overdraft facility. The monthly facility fee for the overdraft facility is R69.00. When opening the overdraft facility, a one-time initiation fee of R165 plus 10% of the limit value greater than R1000.00 is required.

When you open a Nedbank Private Wealth bundle account, clients receive the following benefits:

  • A current account, 
  • Nedbank Private Wealth Visa Infinite and American Express cheque cards, and
  • Nedbank Private Wealth Visa Infinite and American Express credit cards

The Nedbank Private Wealth bundle account comes with benefits, these benefits are covered below. 

Insurance and cover benefits

The Nedbank Private Wealth Bundle account has the highest monthly account fee of any Nedbank account, as it includes travel insurance and card insurance benefits. Among the insurance benefits are:

  • Lost card protection, 
  • One-year purchase protection with Visa Infinity, 
  • Credit life protection which is available on request, and
  • Extended manufacturer’s warranty on purchases made with Visa Infinite. 

Rewards and discounts 

The Greenbacks rewards program provides rewards and discounts to Private Wealth Bundle accounts. The following benefits are available to Private Wealth Bundle account holders:

  • Double Greenbacks points when using your American Express dual credit and cheque card, 
  • Account holders can swipe their Greenbacks Shop card at any store that accepts American Express,
  • Account holders can redeem their Greenbacks points on the Nedbank banking channels or withdraw them as cash at a Nedbank ATM, and  
  • Earn discounts and deals when using the Avo platform. 

Convenience and control benefits

  • The account comes with free access to the Nedbank Private Wealth app or online banking where an account holder can control the account. 
  • Comes with exclusive investment opportunities at top rates. 
  • An optional overdraft facility at a competitive lending rate. 

Many free transactions and services are included with the Nedbank Private Wealth bundle account. These services are available to clients who have a Private Wealth bundle account, and the free transactions and services are listed below.

List of free transactions and services on the Nedbank Private Wealth bundle account 

  • Card purchases, 
  • Debit orders, 
  • Cash withdrawals at Nedbank ATMs, 
  • Cash withdrawals at a retailer combined with a purchase at the retailer, 
  • Monthly statements, 
  • Cash withdrawals at a retailer without a purchase, 
  • Cheque card replacement, 
  • Certain digital transactions, 
  • Nedbank Greenbacks membership, 
  • Free travel insurance, 
  • Nedbank Greenbacks SHOP card, 
  • eNote subscription, 
  • Self service subscription, 
  • Unlimited domestic airport lounge visits at Bidvest lounges, 
  • Unlimited international airport lounge visits, and 
  • Prepaid data and airtime top-up. 

The Nedbank Private Wealth bundle account charges fees on certain transactions. These fees are tabled below. 

Nedbank Private Wealth bundle account fees 2023

Fee descriptionAmount
Monthly account feeR500.00
Manual payment fee (Nedbank to Nedbank account) R200.00
Manual payment fee (Nedbank to other banks up to R150,000.00)R1,050.00 per payment
Third party instant payment R85.00 + manual payment fee
Manual payment fee (Nedbank to other banks from R150,001 to R4,999,999.99R850.00 per payment
Inter account transfer at a branch R200.00
Cash withdrawal at a branch R80.00 + R2.10 per R100.00 or part thereof 
Cash withdrawal at another bank ATMR12 + R2.50 per R100.00 or part thereof 
International ATM cash withdrawal R60.00 + R2.50 per R100.00 or part thereof 
Cash deposit at a branchR11.35 + R2.10 per R100.00 or part thereof 
Cash deposit at a Nedbank ATM 5 free thereafter R5.68 + R1.05 per R100.00 
EasyPay deposit at a till point R19.95 per R5,000.00 or part thereof 
Cellphone top up at another bank’s ATMR10
Third-party instant payment below R3,000.00 R10
Third-party instant pay above R3,000.00 R49
Balance enquiry at another bank’s ATM R10
Bal enquiry at international ATM R10
Bal enquiry at a till pointR2

Advantages of the account

  • Comes with a free membership to the Greenback rewards program saving clients R25 per month in fees. 
  • The R5 million requirement in investable assets to open the account is reasonable. 
  • The account offers a number of free transactions and services. 
  • Account holders get a cheque and credit cards when opening the account. 
  • There is an optional overdraft facility that can be taken advantage of. 
  • The account comes with a dedicated private banker. 

Disadvantages of the account 

  • Account holders are charged hefty amounts for transacting at a branch. 
  • Dishonoured payments incur a fee of R35 which is high for a black card. 

Requirements of the Nedbank Private Wealth bundle account 

  • Must earn at least R1.5 million per annum or have investable assets worth R5 million. 
  • Be over 18 years of age at the time of application. 
  • Live in South Africa and have a valid South African ID or a valid passport and work permit for foreign nationals  
  • Payslips or stamped bank statements for the past 3 months. 
  • Proof of residence that is not older than 3 months at the time of application. 

Conclusion 

The Nedbank Private Wealth Bundle account is a smart way to bank privately while also providing account holders with benefits at no additional cost. The account is one of the most affordable wealth bank accounts in South Africa and should be considered when opening a private bundled account.

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