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:

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.

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.

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