Make saving the new norm in your neighbourhood with the right joint bank account
Our tough economy has resulted in banks having to work harder than ever to prove that their products truly help customers grow their money.
What our customers have told us is that they want shared banking — a joint bank account that works for community savings schemes, like a stokvel.
A stokvel is an informal group savings scheme into which members regularly contribute a fixed amount. They then receive a lump sum payment either when they need it or according to the rules of the scheme.
Stokvels have been designed to respond to the need for income security in underprivileged communities. What this self-help strategy further provides is an opportunity to save and invest and for people to accumulate assets.
No official recognition has yet been given to the humble stokvel as a vital savings mechanism and the importance of this type of savings scheme also remains largely underestimated – despite its enormous socio-economic benefit.
At African Bank, we recognise that saving and investing as a community makes perfect sense. It is an ingenious way to get a lot more out of your money.
There are many options for customers wanting to pool their resources and grow their money, like a fixed deposit, notice deposit, access accumulator or tax-free investment account.
What is very exciting for us is that, in line with our purpose of advancing the lives of our customers, we recently also launched our new day-to-day banking product, MyWORLD.
The name says it all – well, except that this account also offers South Africa’s lowest banking fees. This is day-to-day banking for the people and absolutely unique to African Bank.
If you have not yet thought about the benefits of shared saving and investing, let’s introduce you to the main features of a MyWORLD account:
- People are already doing shared banking. Think about it. Husbands and wives share bank accounts, children use their parents’ bank cards, etc. Everyone can benefit using the African Bank MyWORLD account with its unique Savings and Power Pockets, all housed under one main account with no monthly account fees.
- As the Primary Account Holder, you automatically get access to the main account and two exciting “Pocket” accounts – a Power Pocket and a Savings Pocket. You can use the Savings Pocket to save money at a great interest rate while also having immediate access to your money.
- You can give someone else (parent, friend, spouse) the freedom to transact on the Power Pocket as a Pocket User. Money can be transferred or deposited into this Pocket and the User can even link a debit card to the Power Pocket.
- Pocket Users can pay for goods and services at a point of sale and withdraw money from an ATM, from the Power Pocket account.
- Primary Account Holders have access to a total of five Pockets to use for additional savings or to bring their friends and family into their world of banking.
Families, friends and whole communities are leveraging the power of collective saving with things like a joint bank account into which they can contribute regularly and everyone is rewarded at the end of the day.
However, high bank fees and low interest rates can severely hamper your efforts. It is prudent to find products that offer market leading interest rates and low fees – as our MyWORLD account does.
Find out more about the importance of interest rates in our informative blog.