South Africans have access to a range of banking institutions from which to choose. One of the biggest and oldest banks in the country is Nedbank. The bank was established in 1831 as the Cape of Good Hope Bank. The institution has extensive history in the South African financial industry and continues to expand its services within the South African market.

Offering a range of services, Nedbank provides clients with flexible financial solutions.

If you are looking for a convenient investment tool, the Nedbank Money Market Account may be ideal.

Tell me more about the Nedbank Money Market Account?

There are various ways of investing your money nowadays. Having a substantial amount of money, means having to make a fundamental decision of knowing where to put your money so that it grows at an effective rate.

The money market generally offers a safer option as it’s more predictable than the stock market. Money markets are also easily accessible to individual investors.

The Money market offers an alternative to higher-risk investments. Started in South Africa in 1995, this option pays higher interest and has a higher minimum balance requirement than savings accounts.

  • Interest is paid on a monthly basis and money market accounts allow you to withdraw money from your account on demand. Some banks only allow you a limited number of withdrawals per month.
  • The Nedbank Money Market Account gives clients full access to funds. It’s a flexible, fully transactional investment account.
  • The account offers the convenience of a transactional account.
  • A minimum balance of R20 000 must be maintained to earn interest.
  • The higher the balance, the higher the interest rate you earn.
  • The account can be used to pay debit and stop orders.
  • You get full access to Nedbank digital channels.
  • You can make withdrawals at any Nedbank ATM.

What you need to open a Nedbank Money Market Account:

  • Valid South African ID
  • Proof of residence

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