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 description | Amount |
| Monthly Account fee | R380.00 |
| Nedbank ATM cash deposit | R11.35 plus R2.10 per R100.00 or part thereof |
| Nedbank branch cash deposit | R11.35 plus R2.10 per R100.00 or part thereof |
| Cash deposit at participating retailers’ point of sale devices | R19.95 per R5,000.00 or part thereof |
| Nedbank ATM cash withdrawal | Free |
| Nedbank branch cash withdrawal | R80.00 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 bank | R60.00 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 branch | R200.00 |
| Branch payment and transfer to another Nedbank account | R200.00 |
| Stop order fee | Free |
| Internal debit order fee | Free |
| External debit order fee | Free |
| Cheque card swipes | Free |
| Balance enquiry at a Nedbank ATM | Free |
| Balance enquiry at a Nedbank branch | R10.00 |
| Bank statement at an ATM | Free |
| Bank statement at a branch | R40.00 per page |
| Card replacement fee | Free |
| Local transaction voucher copy request | R165.00 per voucher |
| International transaction voucher copy request | R200.00 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.