African Bank’s MyWORLD Power Pocket - a solution for group savings goals
Do you share a home with family members or friends? Do you share living expenses with your partner? Do you have goals that you are saving for, either as a family or as part of a social club? Many South Africans will answer ‘yes’ to these questions because sharing is deeply entrenched in many of us. In sharing, we get to grow together and help each other to reach our goals and dreams.
Today, there are many banks that offer joint accounts, but they are difficult to open and often don’t provide the flexibility families and communities are looking for. Our market research indicates that banking customers want more from banks that offer joint accounts. They want South Africa’s lowest banking fees, they want South Africa’s best savings rates and they want a product that easily meets the banking needs of their family and communities, allowing them to share, bank and save together.
We answered the call with MyWORLD — an offering that focuses on you, your family and abantu ba se kasi. Whether you’re saving for your next holiday as friends or family members, or you’re part of a savings club or stokvel for weddings or groceries, you can now save together and buy together — safely and securely.
Take a look at how the African Bank MyWORLD account offers convenience for your family, friends and social club goals.
Saving as a family
Co-saving can be a powerful way to reach your family goals, as well as to teach your kids and elderly members of your family about money. Whether you’re saving for a big birthday party or a family holiday, MyWORLD offers features that enable you to save and track your savings together.
Money can be such a sensitive topic in many families. The MyWORLD Power Pocket feature creates accountability, helping you keep the peace while saving for your family goals.
Saving as friends
We spend a lot of time and money with friends. You could be on campus buying lunch together or even visiting your nearest chesa nyama on a weekend — who is paying?
If this question has you recounting your cents, then take it as an opportunity to start saving together to continue enjoying everything that you do as friends. A MyWORLD bank account comes with a Power Pocket and Savings Pocket feature that’s perfect for saving in one bank account with your friends. Read more about Pockets here.
Social Club Savings
Many South Africans have long-established traditions of saving together for weddings, funerals, travelling, groceries and more. Today, these savings goals have grown to include saving to help each other get out of debt, or to buy big items such as furniture. These small groups usually have one bank account that is accessible by only one appointed person: usually named the “treasurer”.
A MyWORLD bank account with a Power Pocket feature enables small groups of individuals to come together and save money for these goals. One User can be allocated per Pocket, while 10 Members can be allocated per Pocket. Every Member of the Power Pocket can view the groups’ savings online via their own online banking profiles using internet banking, the African Bank App or cellphone banking. The User has access to full transaction capabilities, while the Members can keep a track of what’s going on in their Power Pocket and how the User is spending or allocating their hard-earned cash.
It doesn’t matter what you are saving for — now everyone in your family and social circles can be part of your banking experience. While you can save together in one bank account, you also get to enjoy SA’s best savings rate and no monthly account fees. Learn more about MyWORLD here.