Reviews

Standard Bank MyMo Bank Account Review 2022

Published by
Lethabo Ntsoane

Summary of the MyMo Bank Account

The Standard bank MyMo Bank account is a fully digital account that offers standard banking services through digital platforms. The MyMo account comes with a monthly maintenance fee of R4.95 per month. It offers free ATM withdrawals of R5000.00 per month and free ATM deposit of up to R1500.00. The account comes with an international transaction fee of 2.75%.

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Applying for the MyMo account is relatively easy and one can do it in the comfort of their home. All they need to do is to:

  1. Download the Standard Bank App
  2. Provide the required details for registration,
  3. Scan their required documents (ID & proof of residence),
  4. Take a selfie, and
  5. Create a password

By following the five steps listed above, they will get their bank account open in no time. Standard Bank will send them an SMS confirming their MyMo account opening. Another SMS will be sent to them with regards to their cheque card collection. 

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To qualify for a MyMo account one doesn’t need to be employed, therefore, there is no minimum salary requirement. South Africans and temporary residents with permits are allowed to open the MyMo account. 

Standard Bank MyMo Bank Account Benefits

  1. You get to earn free data and airtime as you bank on your Standard bank mobile Sim.
    1. R50 airtime or 250MB a month if you swipe your card four times a month.
    2. 1MB data for every R20.00 you spend when you swipe your card.
  2. The account has the 2nd lowest monthly maintenance fee compared to all other Standard Bank accounts.
  3. You get free ATM withdrawals at a Standard Bank ATM of up to R5000.00.
  4. You can start transacting with your account immediately after opening the account before receiving your gold cheque card.
  5. Free unlimited swipes with your MyMo card.
  6. You earn UCount Rewards points for using your card on qualifying purchases.
  7. Free internet banking for anytime account management.
  8. Free electronic transactions and inter-account transfers.
  9. Comes with a complimentary UCount Rewards program membership.
  10. You can choose your account based on pricing that fits your spending habits.
  11. You can choose between the MyMo Plus Account that comes with fixed monthly fees and MyMo Pay as you transact that charges monthly fees based on your transactions.
  12. Have an option to add a savings account to your MyMo cheque account and invest in different interest-earning savings options.
  13. You can play Lotto or buy prepaid using the MyMo account. You can also transfer funds overseas with Shyft.

Standard Bank MyMo Account Fees

#fee description OnlineATM
Monthly administration feeR4.95
Digital banking feeFree
Standard Bank ATM withdrawals feeN/AFree for the 1st R5000.00 and R7.50 per R1000.00 thereafter
Other banks withdrawals feeN/AR10 per R1000.00
International banks withdrawals feeN/AR20.00 per transaction Plus international fee of 2.75%
Cash deposit feeN/AFree up to R1500.00 and R9.00 per R1000.00 thereafter
Account paymentsR1.20R1.20
Immediate payments below R3000.00 R10.00N/A
Immediate payments above R3000.00 R50.00N/A
Debit order payments feeR3.50N/A
Stop Order payments feeR1.20N/A
Inter account transfer feeFreeFree
instant money up to R500.00R5.00R5.00
Instant money between R501 to R1000.00 R10.50R10.50
Wallet instant moneyR5.00R5.00
Instant money above R1000.00 R12.50R12.50
Point of sale cashbackN/AR1.40
Purchases with cashbackN/AR1.40
Point of sale international purchases2.75%N/A
Standard bank MyMo account Fees table 2022

Competitive Advantages of MyMo Bank Account

  • The monthly service fee is low at R4.95 per month only, being bettered by (sim)1 banking account.
  • Airtime and data bundle rewards are 10 times more than the monthly service fee, therefore, you get more value than what you actually pay for per month.
  • Comes with complimentary UCount Rewards program which doesn’t come for free for any other Standard Bank account holder.
  • Digital platforms are free for MyMo account holders.
  • The MyMo card comes with the tap to pay functionality for fast and efficient payment. ( only at selected retailers).
  • You can use your mobile app for free.
  • Comes with the instant money function.
  • You get to skip queues by applying for the MyMo bank account online using the standard bank banking App or internet banking.

Competitive Disadvantages of MyMo Bank Account

  • You get interest on a positive balance.
  • In order to receive free airtime or data bundles, you need to order or have a Standard Bank sim card.
  • There are no travel rewards and discounts.

How to open the MyMo Bank Account

  • You must be at least 18 years old at the time of application.
  • You must have a South African ID book or Smart card or workers permit with a passport.
  • Must be living in South Africa
  • You can either apply online by
    • downloading the Standard bank banking app,
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    • Taking a selfie and
    • Creating a password
  • Your cheque account will be sent to your selected Standard Bank branch for collection.

Conclusion

The MyMo account is an account designed for efficient easier banking and budgeting. The account is suitable for people starting a new job or banking for the first time. By choosing the MyMo account, you will be able to get some of your money back in rewards and in cashback through data bundles and airtime. All banking with MyMo is digital which is much more to your convenience.

Standard Bank MyMo Bank Account Review 2022
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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted at lethabo@rateweb.co.za

Published by
Lethabo Ntsoane
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