The African Bank MyWorld account offers a structured approach to managing personal and family finances by allowing the primary account holder to create up to five “Power Pockets” in addition to the main account, each with full transaction capabilities. It also features a separate savings pocket that accrues interest at a rate of 4.50%.
While the account boasts no monthly fees for the MyWorld account, Power Pockets, or the savings pocket, it does include specific transactional fees that users need to consider:
- ATM balance inquiry: R4.00
- Card replacement fee: R70.00
- SMS notifications fee: R0.40 per SMS
- Local ATM cash withdrawals: R10.00 (up to R1000.00 per transaction)
- Cash withdrawals at till points: R2.00
- International ATM withdrawals: R70.00
- Cash deposit at cash acceptor machines: R3.50 per R100.00 deposited
- Debit order fee: R3.00
- Branch deposit with debit or credit card: 2.5% of transaction value
- Prepaid airtime purchases: R0.50
- Prepaid electricity purchases: R1.00
- Money Send transactions: R8.00
However, the account does offer several free services including:
- Monthly bundle fee
- Additional Pocket fee
- Point of sale balance enquiry
- EFT deposits
- Point of sale purchases
- Online purchases
- Once off payment
- Immediate funds transfer fee (within limits)
- Beneficiary/Bank listed beneficiary payment
- Recurring payment
- Prepaid top-ups
Account holders can invite up to 10 members to manage or view the accounts, with each member receiving their own PIN, debit card, and online banking profile. This feature is designed to promote transparency and shared financial responsibility.
To open a MyWorld account, the requirements include having a valid South African ID, being at least 18 years old, and providing proof of residence not older than three months. The account setup is supported by the MyWorld mobile app, which facilitates remote management of the account.
In conclusion, the African Bank MyWorld account offers a detailed and flexible banking solution with specific fees and free services that potential users should weigh carefully. This account is suited for those looking for a way to manage multiple banking needs under one umbrella, especially useful for families or groups.
