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:
- 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.
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.
African Bank MyWorld Bank Account Summary
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.
Benefits of the African Bank MyWorld Bank Account
- The account comes with a free savings pocket account and a power pocket account.
- Comes with the flexibility to allocate the pocket account fees to the primary account or pocket account holder.
- A personalised card that can be linked to the power pocket account for all transacting needs.
- 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.
- Can earn interest on a positive balance.
- 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,
- 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.
African Bank MyWorld Bank Account Fees 2022
| 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 |
| 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
- 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.
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.
