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2023-01-25 3:49 AM

African Bank MyWorld Bank Card Review 2023

By William Dube

African Bank’s MyWorld card is a cheque account that allows account holders to add up to 6 transactional accounts (1 MyWorld Account and 5 Power Pockets).   On a positive balance, account holders receive 3.50% nominal interest, and each power pocket receives 3.50% interest.

MyWorld account holders can also open a savings pocket which is a savings account that earns 4.50% interest. The Savings pocket cannot be linked to a card, and account holders can invite up to 10 members to view it. There is no monthly account fee for the MyWorld account, Power Pockets or the savings pocket.

The MyWorld account holder can give access to selected individuals to the Power Pocket account. A Power Pocket account is separate from the MyWorld account that has limited functionality.  You can add a person to your Power Pocket account as the primary account holder, and they will be able to perform the following functions:

  • Make payments using the account,
  • Do transfers with the account,
  • Use a personalized card to handle their day to day transactions,
  • Managing their account online using their own login details,
  • Withdraw cash at till points and ATM, and
  • Deposit money.

Although there is no monthly account fee with the MyWorld account, there are transactional fees. The fees associated with the account are detailed below.

African Bank MyWorld Account fees 2023

Fee description MyWorld Account FeesPower Pocket Account Fees
Monthly bundle feeFreeN/A
Additional Pocket feeN/AFree
Point of sale balance enquiry FreeFree
ATM Balance enquiry R4.00R4.00
Card replacement feeR70.00R70.00
SMS notifications feeR0.40R0.40
Cash withdrawals at local ATM (up to R1000.00 per transaction) R10.00R10.00
Cash withdrawals at till pointR2.00R2.00
ATM withdrawals international R70.00R70.00
Cash deposit at cash acceptor machineR3.50 per R100.00R3.50 per R100.00
EFT depositsFreeFree
Point of sale purchasesFreeFree
Point of sale cashbackR2.00R2.00
Online purchase feeFreeFree
Once off payment feeFreeFree
Immediate funds transfer feeR10.00R10.00
Debit order feeR3.00R3.00
Branch deposit with debit or credit card2.5% of transaction value2.5% of transactions value
Prepaid airtime purchasesR0.50R0.50
Prepaid electricity purchasesR1.00R1.00
Money SendR8.00R8.00
African Bank MyWorld Bank Account Fees 2023

Benefits of the African Bank MyWorld Bank Account

  1. The account comes with a free savings pocket account and a power pocket account.
  2. Comes with the flexibility to allocate the pocket account fees to the primary account or pocket account holder.
  3. A personalised card that can be linked to the MyWorld account for convenience.
  4. Comes with free services/transactions which includes:
  • Monthly Bundle fee.
  • Additional pocket fee.
  • Card limit changes.
  • Close account.
  • ETF deposits.
  • Point of sale purchases.
  • Online purchases.
  • Once off payment.
  • Beneficiary/Bank listed beneficiary payment.
  • Recurring payment.
  • Prepaid top-ups
  • Visa international point of sale purchase.
  1. Can earn interest on a positive balance.
  2. The primary account holder can:
  • Set online banking limits,
  • View all account statements; accounts; balances online; transaction history; users and members,
  • Add up to 10 members power pocket accounts,
  • Approve or decline member request,
  1. Power pocket account users get:
  • Their own pin,
  • Their own debit card,
  • Own account number,
  • Their own online banking profile,
  • Ability to set debit card and online banking limits, and
  • Linked account.
  1. Savings Pocket account users get:
  • Own account number,
  • Linked account,
  • Ability to manage the pocket account,
  • Earn interest on a positive balance, and
  • Own online banking profile.

Competitive Advantages of the African Bank MyWorld Bank Account

  • The account doesn’t charge any monthly account fee.
  • The account has a number of free services and transactions.
  • There is an opportunity to save money and earn interest.
  • Can add many pocket accounts for chequing or saving.
  • The primary account holder can add a pocket member who in turn gets full account functionality based on the pocket account they are a member of.
  • The primary account holder has supreme rights over the account.

Competitive Disadvantages of the African Bank MyWorld Bank Account

  • There are no rewards for the MyWorld Bank account.
  • The account doesn’t have any travel and lifestyle benefits.

How to open the Account

  1. Must have a valid South African ID,
  2. Be 18 years or older at the time of application,
  3. Have proof of residence that is not older than 3 months at the time of application.

African Bank MyWorld App

The MyWorld card comes with its own mobile app that the main account holder and Power Pocket account users can use. The MyWorld app is free and allows MyWorld account holders to transact and enjoy the services provided by African Bank remotely.

Conclusion

The African Bank MyWorld Bank Account gives account users a chance to consolidate their family banking with an account that is easy to set up and maintain. All family checking or savings can be done using this account with the primary account holder having full control of the account. Since the account issues interest on a positive balance, account holders can benefit by gaining interest on idle cash in their account.

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William Dube

William Dube is a finance and economic news expert with over 10 years of experience in economic anaylsis, financial product assessment and market analysis. With a numerous certificates from prestigious universities including but not limited to Yale University and the University of Pennyslivenia. William specializes in providing insightful news developments in South Africa and commentary on investment strategies, risk management, and global economic trends. You can contact him on william@rateweb.co.za

Tags: African Bank