According to NielsenIQ’s Consumer Outlook Report for 2023, 41% of South Africans are in a worse financial position than a year ago, and 70% of South African respondents feel that the country is already in a recession. Unsurprisingly, spending patterns are changing, with discretionary spend (eating out, entertainment, clothing) being curtailed, in part because basics like utilities, groceries and household items, transport and education are costing more. With this, many are turning to discount stores, chasing promotions, bulk buying and taking advantage of loyalty programmes.
Although some financial indicators may not be positive, Nedbank believes in helping clients make the most of their money. “Many South Africans are feeling 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
As such, Nedbank has revamped its transactional accounts to help customers deal with the current cost-of-living crisis. The new MiGoals accounts recognise the fact that transactional banking is essential, and that customers still have financial goals and lifestyle aspirations that should not be compromised by current economic challenges.
The MiGoals transactional accounts essentially revolutionises transactional banking by linking it to the value-accumulation principle, providing users with ways to passively accumulate savings and stretch their rands. This is especially true for MiGoals clients who have opted into Nedbank’s Greenbacks programme and earn rewards every time their linked card is used. Greenbacks can be withdrawn as cash, invested, or spent at will.
The basic MiGoals product comes with no monthly maintenance fee, free card purchases and more.
MiGoals Plus, which costs R99 per month, offers more benefits like free withdrawals and deposits at Nedbank ATMs up to a limit of R3 000 each, debit orders and electronic account payments. In addition, clients receive a 50% discount on the monthly fee for spouses and over-55s.
MiGoals Premium attracts a monthly fee of R240, offering everything the MiGoals Plus account includes but with enhanced benefits. Cash withdrawals and deposits at Nedbank ATMs are free up to R5 000 each, with an additional benefit of up to 12 visits to domestic airport lounges. Monthly service fees or credit cards and overdrafts are included in the MiGoals Premium fee.
All accounts can benefit from Nedbank’s Greenbacks programme with the linkage fee included in the monthly maintenance fees for MiGoals Plus and Premium but charged for in the MiGoals account. This programme offers benefits such as, 1% cash-back on everyday spend including: groceries, clothing, furniture, and pharmacy spend as well as 25 cents per litre cash-back at bp. There are also added benefits such as a 30% discount on takeaways with Nedbank Avo. Customers get even more from Greenbacks when they use their linked American Express cards.
“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.
Notes to editors
| MiGoals (R0 monthly fee) includes: | MiGoals Plus (R99 monthly fee) includes: | MiGoals Premium (R240 monthly fee) includes: |
| Simple, low- cost pricing50% discount for movies at Nu MetroFree card purchasesFree in-App transaction notificationsFree statements on the Money App (up to 3 months) | 50% off monthly fee for spouses and over 55sFree subscription to Greenbacks rewardsFree R3000 cash withdrawals & R3000 cash deposits at Nedbank ATMsFree purchase of airtime, data & electricity on Money AppFree debit ordersFree electronic account payments1% cash-back on qualifying card spend25 cents per litre cash-back at bp50% discount for movies at Nu Metro | R60 off monthly fee for spouseFree credit card and overdraft monthly service feeFree subscription to Greenbacks rewardsUp to 12 domestic airport lounge visits per yearFree R5000 cash withdrawals & R5000 cash deposits at Nedbank ATMsFree debit ordersOver 1% cashback on qualifying card spend25 cents cash back per litre at bp50% off at Nu Metro |