Banking with friends and family through African Bank MyWORLD
As South Africans, we’re always ready to help our family and friends. Whether it’s sending money home to gogo or pooling together for lunch, sharing is a part of who we are. The MyWORLD Bank Account was created with this in mind. It gives you the unique ability to bank with loved ones or your friends through shared banking.
We explain some of MyWORLD’s unique features:
- Banking together
MyWORLD offers people the unique ability to bank together through shared banking. When a Primary Account Holder opens a MyWORLD account, they get access to a Primary Account and two types of Pockets — a Power Pocket and a Savings Pocket. Up to five Pocket accounts can be opened under the main account. That gives you a total of six accounts, with no monthly account fees on any of the accounts.
- Power Pocket vs Savings Pocket
A Power Pocket is a separate account linked to your Primary Account. Each Power Pocket comes with its own account number, debit card and PIN, and earns 5.5% (NACM)** interest per annum on positive balances. The Primary Account Holder can add a Pocket User to this account to conduct day-to-day transactions like paying bills and making in-store purchases using a personalised, embossed debit card. This is an ideal way to introduce people who have never had a bank account before to the word of cashless transactions.
You could also use your Power Pocket to send money home or to pay your domestic helper — paying money into their account is a far safer option than giving them wads of cash to carry around.
As the Primary Account Holder, you can also add up to 10 Members to a Power Pocket. Members can only view the account via their online banking profile — they cannot transact using the Power Pocket, except for making deposits into the account. Used in this way, the Power Pocket is perfect for something like a group grocery-buying scheme: people can pool their money and keep an eye on the finances, while a User buys household items for everyone in bulk once a month. This will save on petrol, transport and shopping costs.
A Savings Pocket is also a separate bank account linked to your Primary Account. This account allows the Primary Account Holder to save at SA’s best interest rate of 6.5% (NACM)** interest per annum on any positive balance while enjoying immediate access to their funds. Just like the Power Pocket, you can also add up to 10 Members to a Savings Pocket. This makes it perfect for informal savings groups, like a vacation or birthday club.
- Omni-channel platform
Another key differentiator is that MyWORLD operates on African Bank’s new Omni-channel platform, allowing accounts to be opened and managed seamlessly through all our channels.
This means you can open a MyWORLD account online or via the App and seamlessly complete the application in a branch or through a contact centre. The only requirement to come into branch is to generate and receive your MyWORLD debit card.
- MyWORLD provides value
MyWORLD account holders only pay for what they use. A range of free transactions and SA’s lowest bank fees are offered on other transactions.
The introduction of MyWORLD has elevated African Bank to a digital retail bank. We proudly offer a variety of products, including transactional banking, personal loans, savings and investments and insurance. Click here to start your MyWORLD journey.