African Bank’s MyWorld Bank Account is a one-of-a-kind bank account with some of the most intriguing features for a cheque account in South Africa. The account includes a shared banking platform that allows users to share their banking with their loved ones. The main account holder can create up to ten power pocket accounts, which are shared accounts.
The main account holder can link all power pocket accounts to their primary profile by opening the power pocket accounts. The primary account holder will be unable to make transactions on the power pocket account, but will be able to observe the account’s activity.
The power pocket account user gets the full functionality of the account. Users are able to:
A savings pocket account can be opened by MyWorld primary account members. The savings pocket account has a lot of fantastic advantages, including the greatest interest rates for a savings account in South Africa. This account earns interest at any time, and the principal holder can add a pocket member to a savings pocket account at any time.
MyWorld Bank is a check account with a power pocket and a savings pocket. A positive balance gets 3.50 percent interest, a power pocket account 3.50 percent, and a savings pocket account 4.50 percent. The account charges R0.00 per month. Balance inquiries at point of sale and ATMs cost R3.00. Clients are charged R60.00 to replace their MyWorld debit card. Withdrawals from a local ATM cost R6.00 each R1000.00 transaction, while withdrawals from a till cost R2.00. International ATM withdrawals cost R50.00 each. The principal account holder can add power pocket and savings accounts to MyWorld. Allocate these accounts to 10 power pocket members. Pocket members can then use these accounts to save or transact.
|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||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.