Nedbank is one of the “big four” banking institutions in South Africa. The institution has extensive history in the South African financial industry and continues to expand its services within the South African market.
The bank was established in 1831 as the Cape of Good Hope Bank. With its range of products and services, Nedbank has been able to give clients financial solutions which are personalised and suit individual needs. Over the years it has become a reliable and trustworthy institution.
In addition to a variety of credit solutions and insurance services, Nedbank offers transactional services.
One such service is the Nedbank Pay as you use account, which is a full transactional account with a flat monthly fee of R5.
More about the Nedbank R5 bank account:
In recent years, basic banking has been made more accessible to South Africans. More financial institutions have introduced banking solutions designed to meet the various needs of different clientele. Basic bank accounts in South Africa offer simple banking solutions making it easier to bank on-the-go, save and transact at an affordable rate.
This “no frills” transparent account includes a debit card and has unlimited card swipes. It also comes with a free self-service banking subscription.
There is no minimum income required for opening the Nedbank R5 bank account.
To open the account, individuals need to be over the age of 16 years.
Documents required:
- Valid South African ID or passport with a valid permit
- Proof of residence
Benefits offered by the Nedbank R5 bank account:
- Ability to withdraw cash at any Pick n Pay or Boxer till point
- Make debit card payments at till points
- Have access to Send iMali and prepaid electricity facilities
- Affordable banking- only pay for what you use
- Simple to apply for
