Category Banking

Nedbank introduces a new current account to help customers save money and the planet

22 January 2009 Nedbank

Nedbank has launched a new current account that offers its clients the combined benefits of lower bank charges and the opportunity to contribute to sustainability projects associated with global warming and energy efficiency.

Bryan McLachlan, Head ofTransactional Products at Nedbank, says the aptly named Savvy ElectronicCurrent Account was designed for customers who prefer to conduct their banking via electronic channels.“The number of internet and cell phonebanking clients continues to grow, and this is a practical solution for those clients who don’t often go into a branch to conduct theirbanking.”

At R65 per month, the account is currently the most competitive bundled account offering available in the market, and is consistent with Nedbank’scommitment to offer great value banking through it’s principals ofaffordability, simplicity and transparency.

TheFixed monthly fee of R65 includes:

·All electronic banking such as Internet banking, telephone banking, cellphone banking and self-service terminals.

·Inter-accounttransfers, third-party payments, balance enquiries, payments and statements via all self-service channels.

·Unlimited debit orders and stop orders.

·Four free cash withdrawals at Nedbank ATMs

·Unlimited cheque card and debit card purchases.

·Garage debit card fuel transactions.

·Annualc heque card and garage debit card fees.

·Transfers and balance enquiries at Nedbank ATMs.

Customers will still be able to do branch, cheque and Saswitch transactions, however they will pay a flat R10 premium on thesetransactions compared to the normal pay-as-you-transact charges.A portion of this premium will bepaid to the Nedbank Green Affinity programme.

In the current economic environment every cent counts, and with a small amount of care customers can now do all of their every day banking for R65.Savvy customers will recognise this as a very competitive offering.

“In many cases, a bank account with a fixed monthly fee can work out to be far more cost effective than a pay-as-you-transact option. However, it isimportant that customers understand their banking and spending behaviour in order to choose the best offering for their needs,”adds McLachlan.

Nedbank understands that there are people out there who care just as much about protecting the environment as they do about protecting their finances. The built-in eco aspect of this account means that Savvy Electronic Account clients can do both.

As the account is almost paperless, it not only adds to its cost effectiveness, but helps Nedbankand its clients reduce their carbon footprint.“To calculate your carbonfootprint, you can visit our Savvy zone on and click on the SavvyElectronic Account under Everyday Banking,” he continues..

To qualify for the SavvyElectronic Account, customers must be 18 years or older, earn a minimum gross monthly income of R3 000 and have a clean credit record. Customers can apply by visitingtheir nearest Nedbank branch or connecting to the web and applying online at

“Alternatively, they can call our new Hassle Free sales desk on 0860 NEDBANK and we’ll help open the account over the telephone, deliver the card, collect FICAdocuments and even switch their debit orders from their previous bank account,”concludes McLachlan.

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