What do you look for in a bank? I must admit that, for the longest time, it just boiled down to the fact that my parents had taken out a savings account for me and I ended up using the same bank when I graduated from university. Not much thought went into it until I started blogging. Only then did I go further and do some research on what makes a great banking experience.
Here are some of the features to consider when choosing an everyday account:
- Fees: Are the fees competitive or even lower than other banks?
- What interest rate does the bank offer on your deposits?
- ATM access: Does your bank have a large number of ATMs and if not, does it offer the benefit of withdrawing from any ATM for the same flat fee?
- Branches: If you prefer to bank in person, does the bank have a country-wide network of branches?
- Eligibility criteria: What are the required documents to open the bank account? Can you open it both online and in the branch?
- Minimum deposits: Check if the account has a minimum opening deposit or if you need to meet a minimum ongoing balance to avoid fees.
- Card access: Look into what kind of debit card the bank offers and how easy it is to reverse payments, report and cancel stolen cards etc.
I know it seems like a lot of questions to ask yourself, but finding the right bank account can make all the difference in your financial journey.
The African Bank MyWORLD banking account ticks all the boxes and then some! Let’s look at the benefits:
- SA’s lowest banking fees
- The best interest rates, like 4.50% on your Savings Pockets
- Free inter-account transfers, electronic deposits and payments
- Open your MyWORLD bank account online or at a branch
- You can do all your banking online via the mobile app or through internet banking
- You can withdraw at any ATM – the one closest to you or the one with the shortest queue – for the same FLAT fee anywhere.
For the cherry on top, MyWORLD banking comes with the option of 5 Power or Savings Pockets that are automatically linked to your Primary Account.
The Power and Savings Pockets:
- have their own unique account number
- are made to share with friends and family
- allows you to add up to 10 Members to view the account
If, for example, you are planning for a wedding, you can now easily open a separate pocket account where you and the rest of your family can deposit funds. A MyWORLD bank account comes with a Savings Pocket and a Power Pocket automatically linked. You can open up to five Pockets, giving you the flexibility to assign various Pockets to individual savings goals.
If you have children, encourage the family to gift them money instead of presents. Ask them to deposit the money directly into a Pocket, which can be in their name. No matter how small the amounts are, over a period of time you can build up a pretty good amount for your kids with the interest earned. At the same time, you will be teaching your children a valuable financial lesson about how to manage their finances. With MyWORLD’s online capabilities, they will also be able to track the progress of their savings through their phone.
No matter the goal, MyWORLD banking is easy, convenient and, most importantly, cost effective. And, of course, there’s the added benefit of sharing your banking with your family and friends, should you want to.