Easy Access Savings with Solid Growth
If you’re looking for a simple savings account that offers competitive interest and gives you immediate access to your money, the JustSave Account is a great place to start. It’s designed to help you grow your money without locking it away.
What the Account Is For
The JustSave account works well if you want to:
- Build an emergency fund.
- Set aside money for short-term goals.
- Keep your savings close for unexpected costs.
There’s no minimum deposit and no monthly fees, so it’s easy to get started and even easier to manage.
How the Account Works
- Opening deposit: R0
- Access to funds: Anytime
- Interest calculation: Daily, and paid monthly
- Interest rates: From 6.25% to 7.50%, depending on your balance
Example: If you save R50 000 at 7.25% interest, you could earn over R3 625 in interest over a year (before tax), as long as you keep the balance steady.
Pros and Cons
| 👍 Pros | 😞 Cons |
| No monthly fees | Interest is taxed if you go over the threshold |
| Immediate access to funds | Lower interest on very small balances |
| Earns competitive interest | No fixed rate—rate can change |
| Easy to top up anytime |
Who Should Consider This Option
If you’re looking for a simple savings account to keep your money safe while earning decent returns, this account is for you. It suits:
- People building an emergency fund.
- Anyone who wants full access to their money.
- Those topping up their savings regularly.
Interest Structure
- Nominal interest: The flat annual rate you see advertised.
- Effective interest: Your actual return, factoring in monthly compounding.
Interest Tiers:
- R0 – R2,500: 6.00%
- R2,500 – R24 999: 6.00%
- R25 000 – R49 999: 6.50%
- R50 000 – R99 999: 7.00%
- R100 000 – R249,999: 7.25%
- R250,000 – R499,999: 7.25%
- R500,000 – R999,999: 7.25%
- R1,000,000 + : 7.25%
The more you save, the more you earn. (For the most accurate and up-to-date interest rates, please visit nedbank.coza)
Tax Implications
Interest is tax-free up to:
- R23 800 per year if you are under 65.
- R34 500 per year if you are 65 or older.
If your total interest earnings go beyond this, it counts as taxable income. You’ll receive a tax certificate (IT3(b)) each year to help with your return.
How to Apply
You can open a JustSave Account:
- Online via Nedbank Money app or Internet Banking
- At any Nedbank branch
You’ll need:
- SA ID or passport (if not a South African citizen)
- Proof of residence (not older than 3 months)
Optional: Link a card to your account if you want ATM access.
Final Thought
If you’re starting out with saving or want a flexible, no-hassle option to grow your money, the JustSave account is a solid choice. You earn more as your balance grows, and you can access your funds whenever life needs you to.
Start saving with JustSave and grow at your own pace.