Nedbank MoneyTrader Review for October 2024
Introduction
The Nedbank MoneyTrader is a savings account offered by Nedbank. Unlike notice or fixed deposits, savings accounts allow quick and easy access to your money.
This page summarises interest rates offered by Nedbank MoneyTrader and compares them to South Africa's savings account industry average. So you can get a good idea how the interest rates offered by Nedbank MoneyTrader compare to other banks.
The Nedbank MoneyTrader is a money market investment account offering highly competitive rates that are linked to money market conditions.
Nedbank MoneyTrader highlights
last updated 2nd October 2024 by Walter
- The Nedbank Just Invest offers interest rates 6.75% - 8.00% and accepts investments from R500
- The Nedbank Money Market Investment Account offers interest rates 0.00% - 7.95% and accepts investments from R20,000
Nedbank MoneyTrader
This table shows Nedbank MoneyTrader's interest rates for a R50,000, R100,000, R250,000 and R1,000,000 investment in Nedbank MoneyTrader versus the industry average.
| Investment amount | Nominal | Industry average1 | Earnings vs average2 |
|---|---|---|---|
| R50,000 | 7.95% #4 out of 43 | 6.42% | + R 819 |
| R50,000 | 7.95% #4 out of 43 | 6.42% | + R 819 |
| R50,000 | 7.95% #4 out of 43 | 6.42% | + R 819 |
| R100,000 | 7.95% #13 out of 52 | 6.59% | + R 1,449 |
| R100,000 | 7.95% #13 out of 52 | 6.59% | + R 1,449 |
| R100,000 | 7.95% #13 out of 52 | 6.59% | + R 1,449 |
| R250,000 | 7.95% #13 out of 55 | 6.76% | + R 3,187 |
| R250,000 | 7.95% #13 out of 55 | 6.76% | + R 3,187 |
| R250,000 | 7.95% #13 out of 55 | 6.76% | + R 3,187 |
| R1,000,000 | 7.95% #10 out of 48 | 6.59% | + R 14,492 |
| R1,000,000 | 7.95% #10 out of 48 | 6.59% | + R 14,492 |
| R1,000,000 | 7.95% #10 out of 48 | 6.59% | + R 14,492 |
- 1 industry average refers to the average interest rate across all other savings accounts for the given investment amount
- 2 the amount of interest you will be able earn over and above the average.
A negative amount means that the average savings account in South africa will give you more than Nedbank MoneyTrader.
| Investment amount | Nominal | Industry average1 | Earnings vs average2 |
|---|---|---|---|
| R50,000 for 18+ | 7.95% | 6.42% | + 819 |
| R50,000 for 18+ | 7.95% | 6.42% | + 819 |
| R50,000 for 18+ | 7.95% | 6.42% | + 819 |
| R100,000 for 18+ | 7.95% | 6.59% | + 1,449 |
| R100,000 for 18+ | 7.95% | 6.59% | + 1,449 |
| R100,000 for 18+ | 7.95% | 6.59% | + 1,449 |
| R250,000 for 18+ | 7.95% | 6.76% | + 3,187 |
| R250,000 for 18+ | 7.95% | 6.76% | + 3,187 |
| R250,000 for 18+ | 7.95% | 6.76% | + 3,187 |
| R1,000,000 for 18+ | 7.95% | 6.59% | + 14,492 |
| R1,000,000 for 18+ | 7.95% | 6.59% | + 14,492 |
| R1,000,000 for 18+ | 7.95% | 6.59% | + 14,492 |
- 1 industry average refers to the average interest rate across all other banks
- 2 the amount of interest you will be able earn over and above the average.
A negative amount means that the average savings account in South africa will give you more than Nedbank MoneyTrader.
You get a 7.95% interest rate at Nedbank MoneyTrader for a R1,000,000 investment. The industry average for a savings account with a balance of R1,000,000 is 6.59%. Over one year you will earn R14,492 more in interest at Nedbank MoneyTrader compared to the average savings account.
Here are other similar savings accounts in South Africa which require a minimum deposit between R50,000 - R100,000
| Account | Min Deposit | Rate |
|---|---|---|
| FNB Money Maximiser | R100,000 | 8.00% |
| Standard Bank MoneyMarket Select | R100,000 | 8.05% - 8.40% |
| Absa Cash Invest Tracker | R100,000 | 8.65% - 9.80% |
| Nedbank MoneyTrader | R50,000 | 7.95% |
| Investec PrimeSaver Account | R100,000 | 7.70% - 7.80% |