Nedbank Private Wealth interest rate schedule
Rates correct as of 1 January 2025.
INTEREST WE PAY YOU
Reference rates and margins
The interest rates that we offer on our personal current accounts are linked to reference rates. A reference rate is a rate not set by us and is publicly available which you can check independently.
| CURRENCY | REFERENCE RATE | MARGINS |
|---|---|---|
| Sterling | Bank of England Base Rate | 3.25% |
| Euros | European Central Bank Deposit Facility Rate | 4.00% |
| US Dollars | US Federal Reserve Fed Funds Target Rate | 3.75% |
| South African Rand | South African Reserve Bank Repurchase Rate | 4.00% |
Our margin is usually the difference between the rate that we track, and the rate of interest that we pay you . If the reference rate falls below the relevant margin, we will not pay any credit interest and we reserve the right to apply a negative charge to your account.
The following rate of interest will be paid on personal current accounts.
| CURRENCY | GROSS | AER | GROSS MAXIMUM |
|---|---|---|---|
| Sterling | 1.50% | 1.51% | 2.75% |
| Euros | 0.00% | 0.00% | 0.75% |
| US Dollars | 0.50% | 0.50% | 2.25% |
| South African Rand | 3.75% | 3.82% | 4.25% |
We do not normally pay credit interest on non-personal accounts. Interest rates on current accounts are capped. The maximum rate shown is the maximum rate we will pay.
Example: Sterling Current Accounts
For sterling accounts, the interest rate we pay you is fixed at 3.25% below the Bank of England base rate. This means that:
- When the base rate is above 3.25% you will start to receive credit interest on your current account.
- The interest rate we pay you will increase if the base rate is raised above 3.25%.
- If the base rate falls below 3.25%, your current account will not receive credit interest.
- The maximum interest rate we will pay you on a sterling current account is 2.75%.
- If in the unlikely event that the base rate falls below zero and the currency receives negative interest, we reserve the right to apply this negative rate as a charge to your current account .
Fixed term deposit accounts
Fixed term deposits are available to personal and non-personal clients. They can be arranged for periods of 1,3, 6 or 12 months.
| Currency | Minimum Deposit |
|---|---|
| Sterling | £25,000 |
| Euro | €30,000 |
| US Dollars | $30,000 |
| South African Rand | ZAR500,000 |
INTEREST YOU PAY US
Unarranged overdrafts
The interest we charge you on unarranged overdrafts on your current account is a ‘tracker’ rate. This means we charge interest at a fixed %, or margin, above the relevant reference rate.
The reference rates we use to calculate the interest you pay us are the same as the reference rates in the previous table, apart from the Euro reference rate, which is the European Central Bank Refinancing Rate.
Our margins in each currency are:
| Currency | Margin |
|---|---|
| Sterling | 9% |
| Euros | 9% |
| US Dollars | 9% |
| South African Rand | 9% |
| All other currencies | 9% |
TRACKER RATES
A tracker rate is a variable rate, which tracks a published reference rate.
We pay tracker rates on our current accounts. The rate we pay is a fixed % (margin) above or below the reference rate. When the reference rate changes, the tracker rate will also change. The reference rates we track, and our margins, are set out in this document.
FIXED RATES
A fixed rate is an interest rate that applies for a specific period of time, and does not change during that period, even if published reference rates change. We pay fixed interest rates on our fixed term deposit accounts.
IMPORTANT INFORMATION
| CURRENCY | REFERENCE RATE |
|---|---|
| AER | Annual Equivalent Rate. This shows you what the gross rate would be if interest was paid and compounded throughout the year. |
| Currency accounts | We do not normally pay credit interest on accounts that are held in currencies other than GBP, EUR, USD and ZAR. |
| Gross% | This is the rate of interest paid before any tax (where applicable) has been deducted. |
| Margin | Our margin is the difference between the rate that we track, and the rate of interest that we pay you, unless reference rates fall below the margin in which case no credit interest will be paid. |
| Maximum | For current accounts, this is the maximum credit interest rate that will be paid, regardless of movements in the rate that we track. |
| Negative interest rate | If the rate that we track, minus our margin, equals a negative interest rate, we reserve the right to charge you negative interest on the credit balance of your account. |
| Nedbank Private Wealth Terms and Conditions | Contains further information about the way interest is calculated and applied. You can find the terms here: https://nedbankprivatewealth.com/information-for-clients/downloads/ |
| Non-personal accounts | We do not normally pay credit interest on non-personal accounts. |