Go Banking, a division of Nedbank, will scrap certain bank fees and simplify others this month, Toby Wooldridge, the head of Go Banking, says.
For example, Go account clients who withdraw cash from a Nedbank ATM will pay R1 per R100, as opposed to R2.80 per R100. If you cancel a debit order, the fee for the stop payment instruction will be reduced from R16 to R15.
You will no longer have to pay R2 for a statement inquiry or for cellphone airtime top-ups at Nedbank ATMs.
All SMS banking will remain free.
If you maintain a monthly balance of at least R5 000 in your Go account, your fees will be discounted and you will not pay a minimum monthly service fee. You will also not pay for any of the following:
- Cash withdrawals from Pick n Pay till-points;
- Combined purchases and cash withdrawals from Pick n Pay till-points;
- Debit orders, stop orders and account payments; and
- Cheque deposits at Pick n Pay till-points or Nedbank ATMs, or over the counter at Nedbank branches.
You will, however, have to pay a monthly subscription fee of R15 for electronic banking.
Wooldridge says that when you choose a bank account, you should not only look at the fees but also at the interest you can earn on a positive balance in your account.
He says one way of maximising the interest on your savings is to choose a transaction account that doubles as a money market account.
"While rising interest rates are hurting consumers who are in debt, they are providing good returns for money market investors. The Go account is a money market instrument that offers a highly competitive interest rate, but is also a current account. This means customers have immediate access to their money and start earning interest from their first rand," Wooldridge says.