African Bank’s MyWORLD account offers shared banking to South Africans
MyWORLD meets family and community banking needs
South Africans want a bank account with low fees and the best savings interest rates. The country also has a unique family and community culture that values the ability of a bank account to create shared value for everyone.
MyWORLD from African Bank is a day-to-day bank account with a number of “shared banking” features. A primary account holder opens the account, which takes less than three minutes online, and can add up to five pockets for different users. Pocket users can transact on the account. It’s a unique concept in banking, but not within South African communities where people have been saving together for years.
“MyWORLD easily meets family and communities’ banking needs, which include joint account requirements,” says Basani Maluleke, CEO of African Bank.
How do the pockets work?
When a primary account holder opens a MyWORLD account, he or she gets access to a primary account and two types of pockets — a power pocket and a savings pocket.
A power pocket is used for transactions such as paying accounts and debit orders. Power pocket users get their own account number, debit card and PIN.
The savings pocket is used for savings and offers immediate access to funds.
The primary account holder can open up to five pockets and add one pocket user per pocket. Pocket users have full access to their account and can deposit, withdraw and transfer funds.
The primary account holder can add up to 10 members on any pocket. Members can view the pocket account and deposit into it, but cannot withdraw or transfer any funds. This functionality is ideal for informal savings clubs such as stokvels, church groups and any collection of people wishing to save together for a shared trip or activity.
Power pocket accounts can be used for allowances such as a child’s pocket money or an adult dependant’s weekly living expenses. They are also ideal for savings groups and grocery schemes, and small-business owners who want to keep their business and personal finances separate but don’t want to open two separate accounts.
The primary account holders, pocket users and members can transact and/or view their accounts using African Bank’s leading omnichannel platform, which includes an app, website, contact centre and 394 branches.
Transacting on MyWORLD is seamless. When you switch from one channel to another — from app to website, for example — you won’t have to start your transaction from scratch.
Low fees and the best interest rates
MyWORLD account holders only pay for what they use and a range of free transactions and low bank fees on other transactions are offered, such as free online banking with zero data costs. There are no monthly account fees on any of the six accounts — the primary account or the five pockets.
“When we compare ourselves to the Solidarity Bank Charges Report methodology, MyWORLD is the cheapest transactional account in SA,” says Maluleke.
Positive balances earn up to 5.5% interest on the main account and power pockets and 6.5% on savings pockets.
“MyWORLD offers exceptional value and convenience at the cheapest price compared with what is now available from other South African banks,” says Maluleke. “Its innovative features allow customers to share banking with their families and communities safely and securely.”
Take the financial survey banking quiz and you could win R500 in a MyWORLD account
Ten readers will each win R500 in a MyWORLD account from African Bank to start their financial savings and investment journey. MyWORLD is the cheapest day-to-day banking offering in SA with the lowest banking fees, the lowest flat fee per ATM withdrawal, at any ATM (R6 per R1,000) and the best interest rate. African Bank wants you to #GrowForIt
The prize is a MyWORLD account with a starting balance of R500. The prize is redeemable by a winning participant from the African Bank website in accordance with the terms of the competition. To redeem the prize, the participant must open a MyWORLD account, subject to prior acceptance of the usage terms for such account. This will include providing the necessary KYC documentation for FICA purposes and accepting the terms and conditions for an African Bank MyWORLD account.
- The prize cannot be redeemed for something else, returned for a cash refund or exchanged and is non-transferable.
How to enter
- To enter the competition, complete the SowetanLIVE Financial Survey here.
- Multiple entries are not allowed.
The competition is open to entrants who are permanently resident in SA and over 18 years of age. You may not enter if it will be unlawful for you to open a bank account in SA. Any person who is a director, employee or agent of, or a consultant to African Bank or any of its affiliates or a supplier of goods or services in connection with the competition, including but not limited to African Banks advertising and PR agency and their service providers and the spouse, life partner, business partner or immediate family members of such a person, may not enter the competition.
- Entries start date: August 15 2019
- Entries close: August 29 2019
- Winner announced: The draw will be performed after the closing date and the winner will be notified by African Bank and informed on how to say their prize.
Terms and conditions
The draw will be performed by an independent judge whose decision will be final. No correspondence will be entered into. The winner of the prize will be randomly selected and be notified via e-mail or telephone.
Full terms and conditions can be found on the African Bank website.
To find out more about MyWORLD and savings and investment options, visit www.africanbank.co.za.
This article was paid for by African Bank.