Nedbank announces new fees for 2021

Nedbank has published its updated fee schedule for customers in 2021, with prices for the new year largely unchanged.

The few changes come as South African consumers find themselves under pressure due to the Covid-19 pandemic, and follows similar price freezes from Standard Bank.

The few adjustments include higher withdrawal and deposit fees, among others.

A significant change is that several Nedbank account types have been discontinued in 2020 – most notable of which is the Ke Yona current account. While these accounts will still be supported (with price adjustments), they will no longer be opened for new customers.

This brings Nedbank’s everyday account offering to four accounts – two entry-level accounts (MobiMoney and PAYU) which carry no monthly account fees; the ‘gold-level’ Savvy Plus; and ‘platinum-level’ Savvy Bundle.

Of the active accounts, only the Savvy Bundle account saw an increase to its monthly handling charge.

There are the changes to Nedbank’s accounts:

Account 2020 Monthly fee 2021 Monthly fee Change
MobiMoney Free Free
PAYU Free Free
Ke Yona (discontinued) R62.00 R65.00 +R3.00
Savvy Plus R115.00 R115.00
Savvy Bundle R210.00 R220.00 +R10.00

Entry-level account

Nedbank dropped the monthly charge on its Pay As You Use (PAYU) account in April 2019, making it a zero-fee account on par with other ‘free’ account offerings from competing banks.

The group’s MobiMoney account serves as its digital only mobile account. MobiMoney fees are largely unchanged, with only the send money fee now sticking to R10, instead of progressing to R14 once the R1,000 limit has been reached.

In terms of basic transactions, there have been no changes to the way withdrawals and deposits are structured, with increases applied to the current models. Withdrawals will cost a rand more per R1,000 received, and deposits increase 20 cents per R100 put in.

Prepaid airtime and Lotto purchases have increased from R1.00 and R2.60, to R1.50 and R2.70, respectively. Prepaid electricity transactions have dropped from R2.00 to R1.50.

Nedbank PAYU Account 2020 Fees R500 transaction in 2020 2021 Fees R500 transaction in 2021 % Change
Withdrawal (Native) R7.00/R1000 R7.00 R8.00/R1000 R8.00 +14.3%
Withdrawal (Other) R10.00 + R2.00/R100 R20.00 R10.50 + R2.20/R100 R21.50 +7.5%
Withdrawal (POS) R2.00 R2.00 R2.00 R2.00
Deposit (ATM) R1.00/R100 R5.00 R1.20/R100 R6.00 +20.0%
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, little has changed aside from the increases to withdrawal costs, and the R10 increase to the Savvy Bundle monthly fee.

Nedbank Savvy Account 2020 Fees R500 transaction in 2020 2021 Fees R500 transaction in 2021 % Change
Withdrawal (Native) R2.00/R100 R10.00 R2.20/R100 R11.00 +10.0%
Withdrawal (Other) R10.00 + R2.00/R100 R20.00 R10.50 + R2.20/R100 R21.50 +7.5%
Withdrawal (POS) Free Free Free Free
Deposit (ATM) Free Free Free Free
Debit order (internal) Free Free
Debit order (external) Free Free
Account fee R115.00 R115.00

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


Read: Standard Bank’s new fees and account changes for 2021

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Nedbank announces new fees for 2021