Nedbank slashes fees in price war
Nedbank has three no-fee accounts in its armoury as it prepares to do battle against rivals such as TymeBank
It’s game on. Nedbank donned gloves in the banking price war with the announcement that it is dropping the monthly account fee on its pay-as-you-use (PAYU) account. The bank, according to statistics from Genesis Financial News & Data, holds the lowest market share among the big four in terms of deposits, loans and advances. Earlier this month it launched another zero-fee digital product aimed at customers younger than 25, called Unlocked.Me. The latest development takes zero-monthly fee transactional products offered by the bank to three. In November last year it launched a no-fee mobile wallet account, MobiMoney. However, scrapping fees on an existing product is arguably the most aggressive move by the green bank so far. Nedbank’s head of card, payments and transactional products, Vanesha Palani, says the bank is simply responding to tough times facing consumers and thought it would lighten their load by bringing "accessible, affordable banking solutions". "We are hoping to make th...
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