As South African households continue to grapple with high inflation, rising interest rates, increasing petrol and food prices, as well as unrelenting electricity hikes, getting as much value as possible from finances and banking has become a priority for most people. Nedbank has responded to this need for value-adding banking with a premium banking experience, which is accessible and brings home the premium benefits of banking smart.
Built on the innovative MiGoals Premium Account, Nedbank Premium Banking is designed to help clients make the most of their money and achieve their financial goals and aspirations. It does this by combining cost-effective packaged banking services designed to save you money with an array of rewarding, value-adding benefits tailored to the unique lifestyles and needs of individuals, families, seniors and even young graduates. At just R240 per month, the extensive list of services included in the MiGoals Premium package recently saw it recognised by the Solidarity Research Institute as being the best value-for-money packaged bank account for mid- to high-income clients.
‘At Nedbank, we believe that every South African deserves access to premium banking products and services that could not only help them navigate the current cost of living challenges, but to deliver value that matters to them throughout their lives,’ says Buli Ndlovu, Executive Head of Retail and Business Banking Marketing at Nedbank. ‘To achieve this, our new Nedbank Premium Banking offering is built on the principle of value-driven banking, which means that we are committed to providing our clients with benefits and features that enhance their lives while helping them to stretch their rands further.’
Central to the Nedbank Premium Banking offering is the MiGoals Premium Account, which has revolutionised transactional banking by linking it to the value-driven banking principle. This innovative approach provides Nedbank Premium Banking clients with numerous ways to passively accumulate savings and maximise their earnings through everyday banking activities.
The MiGoals Premium Account offers a compelling value proposition that caters to South Africans in different stages of their lives, ensuring that everyone can access premium banking products and services while enjoying value that matters. The cost of the account includes free withdrawals and deposits of up to R5 000 each at Nedbank ATMs, debit orders, and electronic account payments, and a dedicated 24/7 Premium Banking Desk.
Adults and families also benefit from 12 domestic airport lounge visits per year, up to 30% off on flights, up to 2% uncapped cash back on their Nedbank card spend, a 50% discount on the monthly account fee for spouses, and credit card and overdraft fees included in the packaged account cost. The account also offers competitive home loan benefits, including up to 105% finance, up to R20 000 in cashback, and a 0,25% reduction in the interest rate.
Seniors, aged 55 and over, enjoy the same benefits as other adults and families, with additional perks such as a 50% discount on their monthly fee, zero monthly fees if they maintain a balance of more than R20 000 in their current, savings, or notice account, a very generous effective rate of up to 13% on fixed deposits, and free advice on retirement planning.
There’s also a Nedbank Premium Banking solution for graduates under the age of 27, designed to help them kickstart their careers and get their financial journeys off on the right foot. To do this, they also enjoy a 50% discount on the monthly fee, up to 10 off on Apple and Samsung devices on the Nedbank Avo super app, and the same home loan benefits as more established adults and families.
What’s more, MiGoals clients who have opted into the Nedbank’s Greenbacks programme earn additional rewards every time they use their Greenbacks-linked cards, and those rewards can be used as payment or to offset bank fees, withdrawn as cash, or even to boost your savings and investments.
Ndlovu points out that the Premium Banking offering represents Nedbank’s commitment to putting its purpose into practice for the benefit of all South Africans. ‘As a bank that’s committed to using our financial expertise to do good, we embrace our responsibility to help South Africans do more with their money by providing them with value-driven banking solutions that enable them to navigate economic challenges and achieve their financial goals,’ she says.