AfrifinHub / Nedbank
Nedbank: Accounts & fees
Accounts & fees explained using the existing Nedbank coverage on AfrifinHub. Review the sections below and use the bank navigation to explore related topics.
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Nedbank Bank Accounts: Compare MiGoals, Private Clients & Fees
Source: existing AfrifinHub article. Original WordPress modification: 2026-09-20. This is not a new fact-check date.
Compare Nedbank’s everyday accounts
| Account | Monthly fee | Best for |
|---|---|---|
| MiGoals | R8 | Low, occasional transaction volumes |
| MiGoals Plus | R99 (R49.50 for 55+ or 18–26) | Regular transactors wanting free Greenbacks membership |
| MiGoals Premium | R250 (50% off for 55+ or 18–26) | Customers who want a bundled fee-free credit card and overdraft |
| MiGoals4Kids | R0 | Children under 18 |
Everyday account details
MiGoals
The base MiGoals account charges a low R8 monthly maintenance fee, covering the account itself — you then pay only for the transactions you make on top of that. It includes a free MyPocket savings feature with up to 10 interest-earning savings pockets. Greenbacks rewards membership can be added for a R35-a-month linkage fee. It's a gold cheque account aimed at customers who bank infrequently or want to keep costs to the absolute minimum, with savings available by using digital channels rather than branches or ATMs.
MiGoals Plus
MiGoals Plus costs R99 a month, or R49.50 for customers 55 and older or aged 18–26. It comes with a free Platinum debit card, free Greenbacks rewards membership, a linked MyPocket savings account, free card purchases, free digital payments and inter-account transfers, free debit and stop orders, and limited free monthly ATM withdrawals and deposits at Nedbank ATMs. Nedbank refunds the monthly maintenance fee in full the following month if the account maintains a minimum daily balance of R20,000.
MiGoals Premium
MiGoals Premium costs R250 a month, discounted by 50% for customers 55 and older or aged 18–26. It adds a MiGoals Premium Credit Card with no additional monthly maintenance or credit facility fees, a discount on overdraft facility fees, up to 12 domestic airport lounge visits a year, and access to a dedicated 24/7 Premium Banking desk, on top of all MiGoals Plus benefits.
MiGoals4Kids
MiGoals4Kids is a fee-free account designed for children 16 and younger, intended to help build early money-management habits.
Private Clients and Private Wealth accounts
| Account | Monthly fee | Notes |
|---|---|---|
| Private Pay-as-you-use | R190 | Lower monthly fee, pay per transaction |
| Private Bundle | R470 (R235 for under-30s with a 4-year degree) | Optional credit card and overdraft facility |
| Private One | R470 (R235 for under-30s with a 4-year degree) | Pays interest on the account; up to 40 days interest-free credit |
| Nedbank Private Wealth Bundle | R600 | For income over R2 million/year or R5 million in investible assets |
Private Bundle Young and Private One Young offer under-30s with a four-year or honours degree fast-tracked entry into Private Clients at a 50% reduced monthly fee (R235 a month instead of R470).
Youth and seniors banking
Nedbank offers discounted MiGoals, MiGoals Plus and MiGoals Premium accounts for customers aged 18–26 and for seniors aged 55 and older. Youth MiGoals Plus and Premium accounts are priced the same as the seniors versions — R49.50 and R125 respectively — while both youth and seniors versions of MiGoals Premium offer a path to a zero monthly fee if a R20,000 daily balance is maintained.
Savings and investment accounts
Separate from everyday transactional banking, Nedbank offers a full range of savings and investment accounts, grouped by how quickly you can access the money.
| Account | Access | Notes |
|---|---|---|
| JustSave | On demand | Day-to-day savings account with immediate access, designed to complement an everyday account |
| Stokvel and Club Account | On demand | For stokvels, societies and group savings (burial, school, property, business); minimum opening deposit R100; can be linked to a member's MiGoals account |
| JustInvest | Within 24 hours | Promotional rate up to 7.60% for the first 3 months on new/switched/reinvested funds (promo valid to 31 October 2026); minimum additional deposit R100 |
| Platinum Invest | Within 24 hours | Promotional rate up to 7.70% for the first 3 months (promo valid to 31 October 2026); available to Private Clients, Small Business and Private Wealth clients |
| Tax-Free Savings Account | Within 24 hours | Proceeds are tax-free. SARS annual contribution limit is R46,000 (raised from R36,000, effective 1 March 2026), with a R500,000 lifetime cap and a 40% penalty on excess contributions |
| MoneyTrader | Within 24 hours | Minimum additional deposit R5,000; stop orders processed monthly only |
| 32-Day Notice | 32 days' notice | Higher rate in exchange for a 32-day withdrawal notice period |
| Fixed Deposit / Tax-Free Fixed Deposit / Platinum Fixed Deposit | End of term | Funds locked until maturity for a guaranteed rate |
A stokvel holding more than R100,000 in pooled savings is expected to register with the National Stokvel Association of South Africa. As a general savings guideline, Nedbank suggests allocating at least 15% of pre-tax income to retirement savings before setting other savings targets.
Older Nedbank accounts (no longer sold)
Nedbank retired its older Savvy and Pay-as-you-use (PAYU) branded accounts in favour of the MiGoals suite. If you still hold one of the following, it remains valid but is no longer sold to new customers, and Nedbank encourages switching to a current MiGoals or hybrid account: Nedbank Pay-as-you-use, Savvy Plus, Savvy Bundle, Nedbank4me Account, N-5000 Account, Nedbank Optimum Account, Nedbank current account, Ke Yona Bundle Account, Unlocked.Me, Nedbank Everyday, Transactor, and Go Banking. Pricing for these discontinued accounts is still published annually in Nedbank's fees guide for existing holders. If you're on one of these, it's worth comparing its fees against the current MiGoals range, since account pricing and included benefits have moved on since these were last sold.
How to open a Nedbank account
You don't need to visit a branch to open most Nedbank accounts. What you'll typically need: a valid South African ID or passport, proof of address, and — for accounts with a linked credit facility — proof of income.
- Apply on the Nedbank Money app or via Online Banking
- Or visit any Nedbank branch and open an account in person
- Switching your salary and debit orders to a new Nedbank account can also be done without a branch visit, via the Switch to Nedbank service
- MiGoals Premium clients get access to a dedicated Premium Banking desk on 0800 555 782
How to close a Nedbank account
To close a Nedbank account, contact the Nedbank Contact Centre on 0800 555 111, visit a branch, or use the Money app or Online Banking, depending on the account type — some closures still require a branch visit or a signed instruction. Before closing, make sure your account balance is at zero or has been transferred out, and that no debit orders, stop orders or recurring payments are still linked to the account, since an active debit order can prevent a clean closure. If the account carries a credit facility (an overdraft or linked credit card), that facility needs to be settled and cancelled first.
Frequently asked questions
What is the cheapest Nedbank account?
MiGoals, with a low R8 monthly maintenance fee — you then pay only for the transactions you make.
What is a current account at Nedbank?
"Current account" is the general banking term for an everyday transactional account used for day-to-day spending, debit orders and salary deposits — at Nedbank, this is the MiGoals account range, not a separately named product.
How do I close a Nedbank account?
Contact the Contact Centre on 0800 555 111, visit a branch, or use the Money app or Online Banking. Settle any linked credit facility and cancel active debit orders first, since these can block a clean closure.
Which Nedbank account comes with a free credit card?
MiGoals Premium (R250 a month) bundles a credit card facility with no additional monthly maintenance or credit facility fees.
Do seniors get a discount on Nedbank accounts?
Yes. Customers 55 and older pay half the standard monthly fee on MiGoals Plus and MiGoals Premium, and can pay R0 on MiGoals Premium by keeping a R20,000 daily balance.
What account does Nedbank offer for children?
MiGoals4Kids, a fee-free account for children 16 and younger.
Does Nedbank offer a tax-free savings account?
Yes, the Nedbank Tax-Free Savings Account, available within 24 hours of applying. You can contribute up to R46,000 a year (raised from R36,000 from 1 March 2026), to a R500,000 lifetime cap, with all proceeds free of tax.
I still have a Nedbank Savvy or PAYU account — is it still valid?
Yes. These accounts, along with several others like Nedbank4me and Nedbank Everyday, are no longer sold to new customers but remain valid for existing holders. Nedbank recommends comparing them against the current MiGoals range, since pricing and benefits have moved on.