Family banking solutions for you

By Digital Team
19 September 2019
Image supplied.

Image supplied.

Reach your goals together and save up to 30% on bank charges – plus win cash with African Bank

WHAT do you look for in a bank? African Bank did some research to find out what South Africans want from their bank – and a popular trend seemed to be the ability to save together with their family, friends and their community, as well as saving as individuals.

Cue MyWORLD, the account that gives you the unique ability to bank with your loved ones through shared banking, while enjoying South Africa’s lowest banking fees. Winning! Start your MyWORLD journey today!

More about the MyWORLD Account

  • Parents or guardians can monitor their kids – while giving freedom to the minor to transact and understand banking, budgeting and spending.
  • You get access to a Primary account and two types of “Pockets” – a Power Pocket and a Savings Pocket.
  • The Power Pocket gives you full transaction capability, an account number, debit card and PIN – and earns 5,5% (NACM)* interest per year on any positive balance.
  • You can add up to 10 members per Pocket account. Members for both Savings and Power Pockets have the viewing rights on the account, so everyone saving together can see how far or how close the group is to reaching their goal.
  • The Primary account holder has the ability to add one family member or friend as a User to each of the Pockets. Users have their own debit card and PIN to allow them the ability to fully transact.

The benefits:

  • MyWORLD was designed to share. You can open up to five additional accounts, either Power Pockets or Savings Pocket, or a combination of both, under the Primary account with no monthly fees on any of the accounts.
  • Do all your banking online – with one online banking profile linked to internet banking, the African Bank app or cellphone banking and all your accounts.
  • You can open a MyWORLD account easily and conveniently online or via the app.
  • You’ll earn 5,5% (NACM)* interest per annum while enjoying SA’s lowest banking fees**.
  • Withdraw at any ATM, with the same flat rate.

How to use it:

  • Save together – open a “Power Pocket” account for a child’s allowance or an adult dependant’s weekly living expenses in another province.
  • Send money home or to pay your domestic helper – safer than carrying a lot of cash around.
  • Maintain a family grocery budget and shared responsibility for day-to-day purchasing.
  • Social clubs with monthly member fees, club expenses and club savings goals.
  • Perfect for shared savings clubs and group buying (grocery schemes).

Win with African Bank and Move! magazine

Ten lucky readers stand a chance to win R500 each – deposited into the winner’s African Bank MyWORLD bank account.

Simply tell us: what is the bank feature you look for?

1) A bank that’s easy to use and easy to understand

2) Interest rates and bank fees that offer me the best value

3) Features that save me time

4) A bank where I can do everything

To enter, SMS 1,2,3 OR 4, followed by your full name, cellphone number and email address to 34687***

COMPETITION RULES, TERMS AND CONDITIONS The competition runs from 20 September 2019  until midnight on 18 October 2019. ***Each SMS costs R1,50. You may enter as many times as you like. Staff of Media24, the prize sponsor and their families may not enter.  Winners will be chosen by random draw and will be notified telephonically. If a winner can’t be reached after three calls during business hours, a new winner will be chosen. Media24 and the prize sponsor take no responsibility for any damage caused by entering or taking part in this competition. By entering this competition, you consent to occasionally receiving promotional material from Media24 and the sponsor.*NACM: Nominal Annual Compounded Monthly. **African Bank’s fee comparison is based on the methodology used in Solidarity’s 2018 banking charges report. The Report comparison was carried out on a medium-user profile of 17 transactions, which includes POS withdrawals, limited ATM withdrawals, prepaid purchases, internet payments (EFTs) and debit orders.