Nedbank Unlocked.Me Student Cheque Account

Account features and requirements

Transaction fees

Free transactions (Included in monthly fee)

The following transactions are completely free when you use the Unlocked.Me Student Account:

Cash Withdrawals:

• At a Nedbank ATM

• At a participating retailer's tillpoint

• At a participating retailer's tillpoint combined with a purchase

Payments:

• By Cellphone Banking WAP

• On Nedbank Internet Banking

• On Nedbank Money™ app

• Debit order (internal and external)

• Stop order

Purchases:

• Debit card purchases at tillpoints

• Fuel purchases with your debit card

Balance Enquiries:

• By SMS Banking

• By Cellphone Banking WAP

• On Nedbank Internet Banking

• On Nedbank Money™ app

• At a Nedbank ATM

Other free services:

• Electronic deposits

• Interaccount transfers (all channels)

• Autotransfer processing

• Transaction lists on Nedbank Internet Banking (up to 5 years)

• Cellphone topups

• Digital prepaid purchases (data, airtime, electricity)

• Certificate of balance

• Copy of tax certificate

Limited free transactions

Statements:

• A4 mailed statement: One free per billing cycle, thereafter R30.00

• Copy of A4 statement at branch: One free per billing cycle, thereafter R30.00

• Bank-stamped current statement at ATM: One free per billing cycle, thereafter R10.00

Transactions with fees

Cash deposits:

• At a Nedbank ATM: R30.00 + R1.51 per R100 or part thereof

• At a branch: R30.00 + R1.51 per R100 or part thereof

• At a Nedbank intelligent-depositor ATM: R1.00 per R100 or part thereof

• At participating retailer's tillpoint: R5.00 + R1.51 per R100 or part thereof

Cheque deposits:

• At a Nedbank ATM: R30.26 per deposit

• At a branch: R30.26 per deposit

Cash withdrawals (Outside Nedbank):

• At another bank's ATM: R12.57 + R1.51 per R100 or part thereof

• At another bank's self-service device: R11.00

• At a branch (debit card withdrawal): R50.00 + R1.51 per R100 or part thereof

• At an international ATM: R50.44 + R1.51 per R100 or part thereof

Payments:

• By Telephone Banking (agent-assisted): R35.00

• Instant payment fee: R40.00

• At a branch (to any account): R100.00

• Bank's own cheque: R100.00

• Payment by fax: R6.00

Balance enquiries (Outside Free Channels):

• At a branch: R6.00

• At another bank's ATM: R6.00

• By Telephone Banking (agent-assisted): R6.00

• At another bank's self-service device: R6.00

• At a tillpoint: R1.00

Card Services:

• Card replacement fee: R130.00

• Request for copy of transaction voucher (local): R150.00

• Request for copy of transaction voucher (international): R150.00

• International currency conversion fee: 2% of transaction value

• Declined transaction at another bank's ATM: R8.57

• Declined transaction at point-of-sale: R8.57

Other Fees:

• Interaccount transfers by Telephone Banking (agent-assisted): R25.00

• Interaccount transfers at a branch: R60.00

• Send-iMali (R1 to R1,000): R8.50

• Send-iMali (R1,001 to R2,500): R14.00

• Lotto purchase: R2.20

• Disputed debit order online: R5.00

• Disputed debit order at branch/Contact Centre: R30.00

• No-funds alert: R11.00 per SMS

• Stop-payment instruction: R55.00

• Letter of authority: R55.00

• Dishonoured payment (first three times): R60.00

• Dishonoured payment (fourth and subsequent within 12 months): R150.00

Why choose the Unlocked.Me Student account?

This account is specifically designed for students aged 16 to 26 who need affordable banking. With just a R20 monthly fee, you get access to numerous free transactions and digital banking services.

JustMoney helps you understand exactly what you're getting with this account and how it compares to other options in the market.

Key benefits:

1. Low monthly fee: Only R20.00 per month

2. Free digital banking: Full access to Internet Banking and mobile banking

3. Free debit card: No annual fees for your Visa/Mastercard debit card

4. Student-friendly: Designed specifically for full-time students

5. Free ATM banking: All Nedbank ATM transactions are free

Student banking tips

Managing your money as a student is crucial for your financial future. Here are some tips:

• Track your spending: Use the free Nedbank Money™ app to monitor your transactions

• Avoid cash deposits: They can be expensive - rather use electronic transfers

• Use Nedbank ATMs: Withdrawals at other banks cost extra

• Set up debit orders: Free on this account for regular payments like student loans

• Understand your credit score: Start building a good credit score early

Eligibility and requirements

Who can apply:

• Full-time students aged 16-26

• Non-residents are welcome (additional R35 monthly fee applies)

• South African citizens and permanent residents

Documents needed:

• Valid South African ID or passport

• Proof of student status (student card or letter from institution)

• Proof of residence

Not available to:

• Trusts

• Companies

• Legal entities

Managing your student finances

As a student, it's important to develop good money habits early. Consider:

1. Creating a budget: Track your income and expenses

2. Emergency savings: Start small but start saving

3. Avoiding debt: Be cautious about personal loans and credit

4. Understanding banking fees: Know what transactions cost money

5. Planning for the future: Think about retirement savings even as a student

Important notes

• Fees are VAT inclusive and effective from 1 April 2018

• Nedbank reserves the right to vary fees with reasonable notice

• A billing cycle runs from the third-last business day of the month to the fourth-last business day of the following month

• Transactions are reflected in arrears (you're billed one month later)

• Cheque cards and garage debit cards are not available on this account

• Overdraft facilities are not available

Frequently asked questions

Do I need to provide proof that I'm a student?

Yes, you'll need to provide proof of your student status, such as a valid student card or a letter from your educational institution confirming your enrollment as a full-time student.

Can I get an overdraft on this account?

No, overdraft facilities are not available on the Unlocked.Me Student Account. This helps students avoid getting into unnecessary debt while studying.

What happens when I turn 27 or finish studying?

When you no longer qualify as a student or reach 27 years of age, you'll need to transition to a different account type. Nedbank will contact you about your options for upgrading to a different account.

Can I use this account for online shopping?

Yes, your free Visa/Mastercard debit card can be used for online purchases. However, international transactions incur a 2% currency conversion fee.

Can non-residents open this account?

Yes, non-residents can open an Unlocked.Me Student Account, but there's an additional monthly fee of R35.00 on top of the standard R20.00 account fee.

Get started today

If you're a full-time student looking for affordable banking, the Nedbank Unlocked.Me Student Account offers excellent value with its low monthly fee and extensive free transactions.

Compare More Options: At JustMoney, we help you compare different bank accounts to find the one that best suits your needs as a student. Browse our full range of student banking options.

For more information about managing your money as a student, check out our student finance guide or use our budget calculator to plan your finances.

Need help with your finances?

JustMoney is here to help you make good money choices:

Check your credit score: Get your free credit score and find out where you stand financially. It's instant and totally free with JustMoney.

Personal loans: If you need financial assistance, explore personal loan options through our platform. We help you compare offers from trusted lenders.

Money management: Visit our banking and money tips section for more expert advice on managing your student finances.

Speak to a coach: Register for a FREE call-back and make good money choices with guidance from our financial coaches.