South Africa has a unique savings culture and it is commonplace to see sons and daughters looking after their parents, sending money home and even sharing savings with extended family and friends.
With the focus this July on savings what better way than looking at a banking option which helps make the most important people in your life part of your banking journey.
David Seitshero is a 32 year old employee at African Bank. David’s biggest challenge, as the primary breadwinner in his family, has always been sending money home to his mom. He found the long queues challenging and the process lengthy and expensive. David has subsequently opened an African Bank MyWORLD account, the new day-to-day bank account from African Bank and this has literally changed his life and that of his mother- saving him time and money too. The most exciting differentiator of a MyWORLD account is its joint account benefits.
“Groups of people – families, friends, entire communities, stokvels – can now work towards a common goal by saving money together. In addition to this account being very easy to open, you can manage your finances anywhere at any time, together or individually, using cellphone banking, the African Bank App or internet banking,” says Neil Thompson, Head of Product and Customer Value Proposition at African Bank.
You can open an account in less than three minutes with minimal documentation, on the website, through the App or in branch. Once you’ve done that, you can look forward to:
- Up to six accounts to share with family and friends and no monthly account fees.
- South Africa’s lowest banking fees.
- South Africa’s best savings rate on any positive balance.
- Your in-branch instant issue debit card for your primary account, your Power Pocket account or for a nominated Power Pocket User.
- Online banking, which is free-to-use with zero data costs. Your online banking profile will be linked to internet banking, our App and cellphone banking.
- Switching your salary and debit orders effortlessly to your new MyWORLD account.
“Think about it,” he says, “you and your community are already sharing the costs of many things, like transport and housing. We have leveraged the trust and social nature this enables and recognise that customers want their transactional bank accounts to meet this behavioural change.”
As with David’s example, his mum is now able to have her very first bank account. Money can get seamlessly transferred to her Power Pocket and she can use this to buy things like pre-paid electricity and food. She can also withdraw money at any ATM or tillpoint at a really cheap rate.
David says MyWORLD has changed his life and that of his mum.
It is a truly “all-in-one banking solution” made for sharing.
When a Primary Account Holder opens a MyWORLD account, they automatically get access to a main account, a Power Pocket and a Savings Pocket. Your Power Pocket allows you to choose someone else called a Pocket User – in David’s case his mum – to transact on the Power Pocket.
The Savings Pocket allows you as the Primary Account Holder to save at the best interest rate of 6.5% per annum and have immediate access to your money. Money can be transferred and/or deposited into a Savings Pocket.
You have access to a total of five Pockets and you can choose whether to have Power Pockets, Savings Pockets or a combination of both.
“We don’t know about you, but to us a Power or Savings Pocket sounds like banking which will make you feel like a superhero to your family or community,” says Thompson.
This kind of account makes saving easier. When you ask people what they want from their bank most are looking for the cheapest bank account, banks with the lowest fees and banks that offer joint accounts. “So this July make sure you do your homework and look for a banking option that is going to make life easier and more affordable,” concludes Thompson.