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 Fees
Power Pocket Account Fees
Monthly bundle fee
Free
N/A
Additional Pocket fee
N/A
Free
Point of sale balance enquiry
Free
Free
ATM Balance enquiry
R4.00
R4.00
Card replacement fee
R70.00
R70.00
SMS notifications fee
R0.40
R0.40
Cash withdrawals at local ATM (up to R1000.00 per transaction)
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,
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.
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
Must have a valid South African ID,
Be 18 years or older at the time of application,
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.
Unleash your trading potential with XM—your gateway to the electric world of financial markets! Get a staggering $30 trading bonus right off the bat, with no deposit required. Dive into a sea of opportunities with access to over 1000 instruments on the most cutting-edge XM platforms. Trade with zest, at your own pace, anytime, anywhere. Don't wait, your trading journey begins now! Click here to ignite your trading spirit!
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