Nedbank’s new banking fees for 2020

Nedbank has published its updated fee schedule for banking customers in 2020, with prices largely unchanged.

The South African banking market has become highly competitive in 2019, particularly with a host of new accounts targeting the entry-level (typically low-income) markets.

Accounts in this sector now offer ‘zero banking’, with the pressure on legacy banks (Absa, Standard Bank, Nedbank, FNB and Capitec) to meet the price points of new, digital entrants (TymeBank, Bank Zero) which offer zero monthly fees and a host of free transactions.

This pressure on Nedbank was evident as early as April 2019, when the bank moved to snuff out the monthly account fee on its entry-level transactional account, the PAYU account.

Across the rest of its accounts, monthly fees have increased between 4.5% and 6.5%.

There are the changes to Nedbank’s accounts:

  • MobiMoney: Free (no change)
  • PAYU: Free (down from R5.30)
  • Ke Yona: R62.00 (up 6.5% from R58.00)
  • Savvy Plus: R115.00 (up 4.5% from R110.00)
  • Savvy Bundle: R210.00 (up 5.0% from R200.00)

Entry-level account

Nedbank made changes to its entry level Pas As You Use (PAYU) account in April, when it dropped the monthly fee on the account altogether – pitting it against the new zero-free bank accounts that had just launched into the local market.

This has continued through to 2020, with virtually no other changes to the fees in this account.

As with similar accounts, the flat rate for withdrawals at native ATMs has been altered slightly and is now on a ‘per R1000′ basis. The fee of R7.00 in this formula remains unchanged from 2019.

The only big change comes from the fee to withdraw from other banks’ ATMs, which now sees a R10 fee attached to normal rates.

Nedbank PAYU Account 2019 Fees R500 transaction in 2019 2020 Fees R500 transaction in 2020 % Change
Withdrawal (Native) R7.00 R7.00 R7.00/R1000 R7.00
Withdrawal (Other) R8.00 + R2.00/R100 R18.00 R10.00 + R2.00/R100 R20.00 11.1%
Withdrawal (POS) R2.00 R2.00 R2.00 R2.00
Deposit (Intelligent depositor ATM) R1.00/R100 R5.00 R1.00/R100 R5.00
Debit order (internal) Free Free
Debit order (external) R5.50 R5.50
Monthly account fee (PAYT) Free Free

Other accounts

With Nedbank’s other accounts, the biggest change comes with the dropping of deposit fees at Nedbank ATMs with the Savvy accounts.

There was previously a limit of R5,000 in deposits at Nedbank ATMs before reverting to a standard formula. This carries over to the higher-tiered Savvy Bundle account as well.

Nedbank Savvy Account 2019 Fees
(15% VAT)
R500 transaction in 2019 2020 Fees R500 transaction in 2020 % Change
Withdrawal (Native) R2.00/R100 R10.00 R2.00/R100 R10.00
Withdrawal (Other) R8.00 + R2.00/R100 R18.00 R10.00 + R2.00/R100 R20.00 +11.1%
Withdrawal (POS) Free Free Free Free
Deposit (Intelligent depositor ATM) R1.00/R100 R5.00 Free Free -100%
Debit order (internal) Free Free
Debit order (external) Free Free
Account fee R110.00 R115.00 +4.5%

You can find the full fee schedule for Nedbank accounts here, and it has been embedded below:

Nedbank Pricing 2020 by BusinessTech on Scribd


Read: Absa banking fees 2020 – here’s what you’ll be paying

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Nedbank’s new banking fees for 2020