Nedbank (JO: NEDJ ), a South African financial institution, introduced new transactional accounts called MiGoals to assist customers in coping with the current cost-of-living crisis in the country.
“Many South Africans feel the pinch and are focused on essential items and services to save money,” says Vanesha Palani, Executive: Financial Management at Nedbank. “However, there are still ways to manage finances well and stretch the budget, like taking advantage of our value-accumulation concept, which can add 2% to basic income through everyday banking adjustments,” she explains.
The basic MiGoals account does not have a monthly maintenance fee and offers free card purchases, among other features. By opting into Nedbank’s Greenbacks program, MiGoals clients can earn rewards whenever they use their linked card for transactions. These Greenbacks rewards can be withdrawn as cash, invested, or spent as desired.
MiGoals Plus is another account option that costs R99 per month. It provides additional benefits such as free withdrawals and deposits at Nedbank ATMs up to a limit of R3,000 each, as well as the ability to set up debit orders and make electronic account payments. Moreover, MiGoals Plus clients receive a 50% discount on the monthly fee for spouses and individuals over the age of 55.
For those seeking enhanced benefits, MiGoals Premium is available for a monthly fee of R240. It includes all the features of the MiGoals Plus account but offers more generous benefits. Cash withdrawals and deposits at Nedbank ATMs are free up to R5,000 each, and customers also receive up to 12 visits to domestic airport lounges. Monthly service fees for credit cards and overdrafts are included in the MiGoals Premium fee.
All MiGoals accounts can participate in Nedbank’s Greenbacks program, with the linkage fee included in the monthly maintenance fees for MiGoals Plus and Premium accounts. However, for the basic MiGoals account, there is a separate charge for the Greenbacks program. The program offers various benefits, such as 1% cash-back on everyday spending categories like groceries, clothing, furniture, and pharmacy expenses. It also provides 25 cents per liter cash-back at BP (LON: BP ) petrol stations. Additionally, there are added benefits like a 30% discount on takeaways with Nedbank Avo. Customers using their linked American Express (NYSE: AXP ) cards can enjoy even more advantages from the Greenbacks program.
“We are focused on helping our clients to reach their financial goals despite the economic pressures,” says Palani. “MiGoals fits into Nedbank’s philosophy of helping clients accumulate value via cashbacks, discounts or other benefits, while also benefitting from great convenience,” she concludes.
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