Categories: Banking News Reviews

African Bank MyWorld Bank Account Review 2021

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:

  • 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.

 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. 

African Bank MyWorld Bank Account Summary

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. 

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 power pocket account for all transacting needs.
  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.

African Bank MyWorld Bank Account Fees 2021

Fee description MyWorld AccountPower Pocket Account
Monthly bundle feeFreeN/A
Additional Pocket feeN/AFree
Point of sale balance enquiry R3.00R3.00
ATM Balance enquiry R3.00R3.00
Card replacement feeR60.00R60.00
Pin change feeR2.00R2.00
SMS notifications feeR0.40R0.40
Cash withdrawals at local ATM (up to R1000.00 per transaction) R6.00R6.00
Cash withdrawals at till pointR2.00R2.00
ATM withdrawals international R50.00R50.00
Cash deposit at cash acceptor machine2% of the amount2% of the amount
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 feeR4.00N/A
Branch deposit with debit or credit card2% of transaction value2% of transactions value
Reversed debit order on request R20.00N/A
ATM declined transaction feeR3.00R3.00
Unpaid debit order feeR5.00R5.00
Point of sale insufficient fundsR3.00R3.00
Prepaid purchasesFreeFree
EFT insufficient fundsFreeFree
African Bank MyWorld Bank Account Fees 2021

Competitive Advantages of the African Bank MyWorld Bank Account

  • The account doesn’t charge any monthly maintenance fee.
  • The account has a number of free services.
  • 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.

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.

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.

Sponsored

Start trading with R400+ bonus

Trade stocks, forex, commodities, metals and CFDs on stock indices with an internationally licensed and regulated broker. For all clients who open their first real account, XM offers a R400+ trading bonus without any initial deposit needed. Learn more about how you can trade over 1000 instruments on the XM MT4 and MT5 platforms from your PC and Mac, or from a variety of mobile devices.

Recent Posts

  • Medical Insurance
  • News
  • Reviews

FedHealth Medical Scheme Review 2021

April 9, 2021
  • Medical Insurance
  • News
  • Reviews

Momentum Healthcare Review 2021

April 8, 2021
  • Banking
  • Credit Cards
  • News

How to choose the best credit card

April 1, 2021
  • Banking
  • News
  • Reviews

African Bank Fixed Deposits Review 2021

March 22, 2021
  • Banking
  • Credit Cards
  • News
  • Reviews

African Bank Credit Card Review 2021

March 21, 2021

Search

Disclaimer

Rateweb strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions.

Rateweb is not a financial service provider and should in no way be seen as one. In compiling the articles for our website due caution was exercised in an attempt to gather information from reliable and accurate sources. The articles are of a general nature and do not purport to offer specialised and or personalised financial or investment advice. Neither the author, nor the publisher, will accept any responsibility for losses, omissions, errors, fortunes or misfortunes that may be suffered by any person that acts or refrains from acting as a result of these articles.

Contact Us

admin@rateweb.co.za| For all editorial and technical issues

sales@rateweb.co.za| If you want to advertise with us

We respond to all communication within 1 Day. Most of the times we respond within 20 minutes.

This website uses cookies. DISCLAIMER: Rateweb is not a financial service provider and should in no way be seen as one. In compiling the articles for our website due caution was exercised in an attempt to gather information from reliable and accurate sources. The articles are of a general nature and do not purport to offer specialised and or personalised financial or investment advice. Neither the author, nor the publisher, will accept any responsibility for losses, omissions, errors, fortunes or misfortunes that may be suffered by any person that acts or refrains from acting as a result of articles on this website.