Is this your first year of tertiary? Congratulations! It’s a big, exciting milestone in your life, although there’s bound to be some anxiety too. For many students in this country, that anxiety is largely caused by financial issues. The struggle isn’t only with the books, it’s making sure you have enough money each month to buy toiletries, food, pay rent, etc. Whether you’re relying on a monthly allowance from your parents, doing part-time jobs, or are trying to make that study loan stretch just a little bit further, making the most of your money is a serious priority. Many of you use cellphone banking for many things already, so walk with us as we show you how this can benefit you in helping you budget better as a student new to varsity life.
The reality is: juggling money when in varsity can take some time to get used to. To give yourself the best chance at success, you need to be aware of how you’re spending your money and cut out your bad spending habits. This can easily be done by creating a budget. Budgeting is a crucial way of managing your money successfully as a student, and a MyWORLD account allows you to tailor your budget to suit your needs.
African Bank’s MyWORLD is a unique bank account, made to share, that offers South Africa’s best interest rates and lowest banking fees.
When you open your MyWORLD account, you have access to a Primary Account and two types of Pockets — a Power Pocket and a Savings Pocket. Up to five Pocket accounts can be opened under your main account. That gives you a total of six accounts, with no monthly account fees on any of the accounts.
How will this help you budget? Once you have created your Pockets, each of these pockets can be named after the different financial responsibilities you have written in your budget. For example, if need to split your income between monthly groceries, your savings, transport to campus etc., you can name each of your Pocket accounts after these expenses. If you’re feeling a little creative, you can give these expenses another name and this will be the name displayed on your Pocket Account debit card.
For each Pocket Account you open, you will receive a debit card. A Power Pocket is a separate account linked to your Primary Account. Each Power Pocket comes with its own account number, debit card and PIN, and earns 5.5% (NACM)** interest per annum on any positive balance.
This means that, each time you need to go to buy groceries, text books, or withdraw money for transport, you will only need to take the relevant card you need to make use of that day. In this way, you make sure that you don’t overspend and you can stick to your budget each month.
Remember that we mentioned “made to share” earlier? What sets MyWORLD apart is that you can share your banking with those closest to you, combining your financial power to save money and reach your financial goals.
So, if you’re living in res and want to save on groceries, for example, you can use your one of your Power Pockets for you and your friends to deposit money into. In this way, your combined financial power will generate even more interest.
For your res grocery club, you can assign someone you trust to do the shopping for everyone. That person is a Pocket User. They will get their own personalised debit card with which to do the shopping. Everyone else in your grocery club can be added to the account as Pocket Members. Through internet banking, they will be able to monitor the status of the account. You can add up to 10 members to a Pocket account.
Another key differentiator is that MyWORLD operates on African Bank’s new Omni-channel platform. This means that you can start a transaction on your cellphone through the African Bank App on your way to class. You can then complete that transaction later on, when you have a moment between your lectures, through the African Bank website using your laptop, or by speaking to one of our contact centre consultants. The process is seamless, so you can simply pick up where you left off.
You will only need to visit one of our branches to get your MyWORLD and Power Pocket debit cards printed.
How will you track your spending? With MyWORLD, you can do all your banking online via the mobile app or through internet banking. This means that, at any time of the day or night, you can log in to manage your accounts. And if you’ve signed up for cellphone banking, you get notifications as you transact.
This is how to register for online banking:
- Internet Banking
- Visit the African Bank online banking page from your laptop, desktop or smartphone.
- Click on Register and follow the registration process.
- Log in and start using your online profile to manage your money.
Search for African Bank on the GooglePlay or AppStore to download and install.
- Register for cellphone banking here.
- Dial *120*225# to accept the terms and start banking from your phone.
Why should something as important as budgeting be boring? MyWORLD turns what could have been a tedious task into something dynamic, giving you real-time insights into how close you are to achieving your goals. It allows you to personalise your financial ambitions, or work with friends and family to maximise savings and buying power. It can be whatever you want it to be, at a time when you are trying to be all that you can be.