MyWorld Bank Account from African Bank is a unique bank account that comes with some of the most interesting features for a cheque account in South Africa. The account offers a shared banking platform where one can share banking with his/her loved ones.
The main account holder can open up to 10 shared accounts which are called power pocket accounts. By opening the power pocket accounts, the main account holder can link all power pocket accounts to their primary profile. The primary account holder will not be able to make transactions on the power pocket account but can only view activities on these accounts.
The power pocket account user gets the full functionality of the account. Users are able to:
MyWorld primary account holders can also open a savings pocket account. The savings pocket account offers great features which include interest rates that are the highest in South Africa for a savings account. Interest is earned at any point for this account and the primary holder can add a pocket member to a savings pocket account.
MyWorld Bank account is a cheque account that comes with one main power pocket and a savings pocket account. A positive balance is rewarded with an interest of 3.50% per annum, whereas a power pocket account, earns interest of 3.50% and a savings pocket account interest rate at 4.50%. The account charges R0.00 monthly bundle fee.
Balance inquiries are billed at R3.00 for both point of sale and ATM inquiries. To replace the MyWorld debit card, clients are charged R60.00 per replacement. Withdrawals at a local ATM costs R6.00 per R1000.00 transaction and till point withdrawals are fixed at R2.00 per transaction. International ATM withdrawals cost higher at R50.00 per transaction.
The MyWorld account allows the primary account holder to add power pocket accounts and savings accounts. These accounts can then be allocated to up 10 power pocket members. Pocket members then get the full functionality of these accounts and can use them to save or transact.
|Fee description||MyWorld Account||Power Pocket Account|
|Monthly bundle fee||Free||N/A|
|Additional Pocket fee||N/A||Free|
|Point of sale balance enquiry||R3.00||R3.00|
|ATM Balance enquiry||R3.00||R3.00|
|Card replacement fee||R60.00||R60.00|
|Pin change fee||R2.00||R2.00|
|SMS notifications fee||R0.40||R0.40|
|Cash withdrawals at local ATM (up to R1000.00 per transaction)||R6.00||R6.00|
|Cash withdrawals at till point||R2.00||R2.00|
|ATM withdrawals international||R50.00||R50.00|
|Cash deposit at cash acceptor machine||2% of the amount||2% of the amount|
|Point of sale purchases||Free||Free|
|Point of sale cashback||R2.00||R2.00|
|Online purchase fee||Free||Free|
|Once off payment fee||Free||Free|
|Immediate funds transfer fee||R10.00||R10.00|
|Debit order fee||R4.00||N/A|
|Branch deposit with debit or credit card||2% of transaction value||2% of transactions value|
|Reversed debit order on request||R20.00||N/A|
|ATM declined transaction fee||R3.00||R3.00|
|Unpaid debit order fee||R5.00||R5.00|
|Point of sale insufficient funds||R3.00||R3.00|
|EFT insufficient funds||Free||Free|
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.