Save Together, Earn Together
Looking for a way to save as a group? Whether you’re a burial society, church group, soccer team, or community club, the Nedbank Club Account helps you grow your money safely while keeping things simple and flexible for everyone involved.
What the Account Is For
This account is perfect for societies, clubs, or any group that wants to save together toward a shared goal. Whether you’re planning a year-end event, helping members with emergencies, or building up funds for equipment or school fees, the Club Account gives you instant access and lets your money earn interest as it grows.
How the Account Works
- Each group needs a minimum of three signatories to open the account.
- You can make deposits any time. There’s no limit to how much you can add.
- Withdrawals are easy and immediate (no notice period).
- Interest is calculated based on your balance—the more you save, the more you earn.
- You can choose to have interest paid out monthly or added to your savings.
For example:
If your group saves R100,000, you could earn 6.00% interest per year—that’s R6,000 a year, or R500 per month.
Pros and Cons
| 👍 Pros | 👎 Cons |
| Zero monthly fees | Teller deposits have fees |
| Instant access to funds | Lower interest on small balances |
| Higher balances earn more interest | No funeral or loyalty benefits (see Stokvel for those) |
Who Should Consider This Option?
This account is ideal if your group:
- Wants easy access to funds at any time.
- Needs a safe space to save together.
- Prefers low fees and simple banking.
If you’re saving with a few friends or a big group, and need flexibility and security, the Club Account offers both.
Interest Structure
- Nominal interest rate: This is the base rate you earn on your money.
- Rates are tiered by balance:
| Balance | Interest Rate (p.a) |
| R1,000 – R4,999 | 4.00% |
| R5,000 – R9,999 | 4.00% |
| R10,000 – R14,999 | 4.25% |
| R15,000 – R24,999 | 4.25% |
| R25,000 – R39,999 | 4.25% |
| R40,000 – R49,999 | 4.25% |
| R50,000 – R74,999 | 4.75% |
| R75,000 – R99,999 | 5.25% |
| R100,000+ | 5.75% |
You’ll get paid more the higher your balance is. (For the most accurate and up-to-date interest rates, please visit nedbank.co.za)
Tax Implications
Good news: If your group earns interest below the tax-free threshold, there’s no tax. But once your total interest for the year exceeds:
- R23,800 (for individuals under 65),
- It becomes taxable.
Nedbank will send your group an IT3(b) tax certificate to help you declare it on your return.
How to Apply
| Group Type | What You’ll Need |
| South African groups | Group resolution, ID copies of signatories, proof of residence (under 3 months), R100 minimum deposit |
| Foreign nationals | Valid passports, proof of address, permits, and group documentation |
You can apply at your nearest Nedbank branch.
Buti’s Takeaway
If your club or group is saving together and needs flexibility, the Nedbank Club Account is a solid, secure option with no monthly fees, tiered interest, and easy access to funds. Just remember: the more you save, the more you earn.
Ready to get started? Click below to apply or learn more.
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