There is nothing more exciting than planning an upcoming adventure holiday with friends. You may have ambitious plans to climb Kilimanjaro or maybe you are just dreaming about a relaxing cruise or island holiday. Regardless of your plans, one thing is for sure – it is going to take planning and money.
Ideally, since everyone needs to save and contribute, one of the most effective options is to look for banks that offer joint accounts. If you are smart, you’ll consider banks with lowest fees and those that offer a great interest rate.
Neil Thompson, Head of Product and Customer Value Proposition at African Bank, says while there are other banks that offer joint accounts, not all are equipped or built to facilitate a group of friends or family saving towards one goal, with easy access to the account.
African Bank’s MyWORLD, with its unique Savings Pocket, is an ideal option. “Not only does it offer friends the ability to collaborate on a common goal and have access to the account online – all while enjoying a generous annual interest rate of 6.5%, the highest in the market at present – it allows you to add up to 10 Members on the Pocket.”
Thompson says one person in the group of friends needs to be a Primary Account Holder. The Primary Account Holder will automatically get a Power Pocket with its own debit card for transacting, and a Savings Pocket. The Savings Pocket can become an Adventure Holiday Pocket, for example, and be used specifically for the trip. A Savings Pocket is made to share with up to 10 friends, all of whom will be able to view the balance in the Pocket and make deposits into the account. “As explained, the Savings Pocket has its own account number but is linked to the primary account. With a Savings Pocket, friends will not be able to withdraw but all Members will be able to deposit and view the growing balance,” says Thompson.
The Primary Account Holder can then make payments for the holiday accommodation, transport, activities from the Savings Pocket. “It’s a great and easy way to motivate everyone to start saving and also make payments for the holiday once the money has been collected,” he says.
So, whether its sipping Pina Coladas on white sand beaches or pulling on that backpack and heading into nature you’re after, there is a solution to making the planning, saving and paying as streamlined and hassle-free as possible. Happy adventuring!