Save and bank with friends and family


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.

Up Next

Grow your money
The flexible nature of working from home is appealing for new moms and many opt for this when the pitter patter of little feet is on the horizon.

Publish Date: 17/04/2018
Read more
Getting to know Basani Maluleke
A new era started at African Bank on 1 April 2018, the day Basani Maluleke, was appointed as our CEO. Basani follows in the footsteps of Brian Riley, who saw the Bank through curatorship and laid the foundation for the exciting future that lies ahead of us.

Publish Date: 01/04/2018
Read more
Three tips: How to use your credit card wisely
There are more than 8.8 million credit cards in issue, and more than 38 types of credit cards available in South Africa. South Africans have on average one credit card. So. Question is, are you using your credit card wisely?

Publish Date: 22/02/2019
Read more
Dad, here’s how you can be your child’s financial superhero
Fathers are often their children’s first real-life superheroes.Children do as we do, not as we say. So dads, our question to you this month is – are you modelling good financial behaviour?

Publish Date: 04/06/2018
Read more
Saving to educate your children? Get the most out of your money
There is no greater gift that you can give your child than the gift of a secure education.We all want to give our children the very best, however, ensuring that you give your child a quality education costs money.

Publish Date: 09/07/2018
Read more

About African Bank

Our mission is to be a successful Retail Bank offering a wide range of products and services to the consumers of South Africa. The people who work for African Bank represent the diverse population of South Africa; therefore we are a reflection of you, of all South Africans. We seek to provide value - more than our consumers expect of us. We promise to live our purpose 'humanity through banking' in all that we do and we are confident that we can, because 'We are You'.