African Bank MyWorld Bank Account Review 2021

Posted on Mar 24, 2021 by Staff Writer

Rateweb | South Africa

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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. 

5. Can earn interest on a positive balance. 
6. 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,

7. 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. 

8. 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 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
EFT deposits	Free	Free
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
Prepaid purchases	Free	Free
EFT insufficient funds	Free	Free

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.