Little to no bank fees with these new accounts from banks | IOL Business Report

JOHANNESBURG - African Bank on Tuesday launched its transactional banking offering, MyWORLD, as takes on fierce competition from South Africa's established lenders and new contenders in the banking space with the bold claim of being "the cheapest transactional account in South Africa".

Chief executive of of African Bank, Basani Maluleke, said, “When we compare ourselves to the Solidarity Bank Charges Report methodology, MyWORLD is the cheapest transactional account in South Africa." The account is called “MyMo”, and can be opened online by individuals with no monthly income. The account also offers the access to free data and airtime. When an African Bank primary account holder opened MyWORLD account, can access to aprimary account and two types of Pockets — a Power Pocket and a Savings Pocket. A Power Pocket comes with its own account number, debit card and PIN and earns 5.5% interest a year on positive balances.

A Pocket User, who can be anyone that the primary account dolder designated, could be added to both a savings pocket and a power pocket. Accounts can be opened and managed using African Bank’s website, App, cellphone, in the branches and through contact centres.

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