MyWorld account offers shared banking
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. 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.
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.