Publish Date: 11/07/2018
Save for a group holiday with MyWORLD Savings Pockets
You and a group of friends want to go on an exotic vacation and it’s going to cost a lot of money. Thankfully, everyone wants to contribute financially to make the trip happen. Thanks to African Bank MyWORLD Savings Pockets, it’s easier than ever to save for that group vacation.
Yes, there are other banks that offer joint accounts, but not all are equipped or built to facilitate a group of friends or family saving towards one goal, with easy access to the account to boot. African Bank MyWORLD Savings Pockets offers friends the ability to collaborate towards a common goal and have access to the account online — all while enjoying SA’s best interest rate of 6.5% on any positive balance (Rates correct at time of publication). When saving money for any purpose, it’s always nice to get extra money from the bank to help with your savings goals, in the form of interest!
This is how it works: One person in the group of friends needs to be a Primary Account Holder. A MyWORLD account comes with a Savings Pocket and a Power Pocket automatically linked.
A Savings Pocket is made to share with up to 10 friends and family, all of whom will be able to view the balance in the Pocket and make deposits. 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 any cash. If that is one of your joint account requirements, then consider opening a MyWORLD Power Pocket, which not only comes with its own account number, but also comes with a separate debit card and PIN.
Now that you know HOW to save towards your group holiday goal, there are a few other factors to consider:
It’s likely that the people in your group of friends will have varying incomes and expenses, which will impact the group’s ability to save. For example, you may add eight friends to your MyWORLD Savings Pocket, but two of them make significantly less money than the other six. One solution is to break up and divide the total cost as a percentage based on income. Another solution is to create a budget based on the lowest income with an itinerary that suits everyone’s budget.
Forewarned is forearmed
Once you’ve looked at everyone’s ability to contribute financially, decide where you want to go and how you will get there. Remember, if you book earlier, you might benefit from early bird discounts. Depending on the budget requirements, you might need to consider a more affordable destination or postponing the holiday until next year. Ensure that you allow adequate time to save for the trip, so that everyone has time to contribute their set amount, and the account can take advantage of the high interest rate being paid.
Identify costs that you won’t share
Are there items from your holiday that can be left to individual accounts? If you’re planning on a self-catering trip, maybe everyone can cater for themselves, or at least for some of the meals. Food can sometimes be highly personal, especially when you consider that some people might be vegetarian or require gluten-free or dairy-free options.
Open an African Bank MyWORLD account today so that you and your squad can start saving for the most epic getaway of your life. Once you start taking concrete steps towards making this dream a reality, you and your friends will be motivated to spend a little less of that bonus or skip on a few restaurant outings – it’s all for the greater good of your holiday!
About African Bank
Our mission is to be a successful Retail Bank offering a wide range of products and services to the consumers of South Africa. The people who work for African Bank represent the diverse population of South Africa; therefore we are a reflection of you, of all South Africans. We seek to provide value - more than our consumers expect of us. We promise to live our purpose 'humanity through banking' in all that we do and we are confident that we can, because 'We are You'.