For South Africans looking for affordable, feature-rich entry-level bank accounts, the FNB Easy Zero and African Bank MyWorld accounts are two popular options. This article provides a detailed comparison between these accounts, highlighting their benefits, fees, and other key features to help you make an informed decision.
Benefits of FNB Easy Zero
The FNB Easy Zero account offers numerous benefits designed to make banking accessible and cost-effective:
- No Monthly Fees: The FNB Easy Zero account charges no monthly account fees, making it an attractive option for those looking to minimize banking costs.
- Easy Account Opening: You can open an FNB Easy Zero account in less than five minutes with no paperwork required.
- Deposit Flexibility: Deposit up to R1,000 per month at an FNB ATM at no additional cost.
- Virtual Card: Use the FNB Virtual Card on the FNB App or cellphone banking for secure transactions.
- Cash@Till® Service: Withdraw cash at various retail tills such as Shoprite, Checkers, and Pick n Pay at no additional cost.
- Unlimited Card Swipes: Enjoy unlimited card swipes with no extra charges.
- Mobile Banking: Perform transactions and manage your account via the FNB App or by dialing 120321#.
- Savings Options: Link a no-fee savings account to your Easy Zero account and set up a savings goal with the nav›› Money feature on the FNB App.
Benefits of African Bank MyWorld
The African Bank MyWorld account offers a unique and versatile banking experience with several advantages:
- Shared Banking: MyWorld allows you to share banking with loved ones through Power Pockets and Savings Pockets.
- Low Monthly Fees: The MyWorld account charges a minimal monthly bundle fee of R5, covering up to five pockets.
- Competitive Interest Rates: Earn competitive interest rates on positive balances, with 3.50% per annum for the MyWorld and Power Pocket, and 4.70% per annum for the Savings Pocket.
- Multiple Pockets: Link up to five pockets to your account, making it ideal for managing shared expenses or savings goals.
- Mobile App: Manage your account easily with the African Bank mobile app, offering convenient banking on the go.
- No Card Required for Savings Pocket: The Savings Pocket does not require a card, ensuring that your savings are secure and easily accessible.
- Immediate Fund Access: Enjoy immediate access to your funds in the Savings Pocket.
Fee Comparison
| Service | FNB Easy Zero | African Bank MyWorld |
|---|---|---|
| Monthly Account Fee | R0 | R5 |
| Cash Withdrawal at Own ATM | R10 per R1,000 up to R1,000, thereafter R14 per R1,000 | R9.50 per R1,000 |
| Cash Withdrawal at Other Banks’ ATMs | R12 + R2.60 per R100 | R10 per R500 |
| Cash Deposit at Own ATM | R0 up to R1,000 p.m., thereafter R1.60 per R100 | R1.50 per R100 |
| EFT Payments | R1 | R1 (External), R0.50 (Internal) |
| POS Purchases | R0 | R0 |
| SMS Notifications | R0 | R0.50 |
| Card Replacement Fee | R160 | R75 |
| Prepaid Airtime/Data Purchase | R0.50 | R1 |
| PayShap | R0.65 per R100 (capped at R19.50) | Free < R200, R3.50 > R200 |
Pros and Cons
FNB Easy Zero
Pros:
- No monthly account fees.
- Easy and quick account opening process.
- Free cash deposits up to R1,000 per month.
- Unlimited free card swipes.
- Wide accessibility through Cash@Till® at various retailers.
- Integrated savings options with no transactional fees.
Cons:
- Higher fees for withdrawals at non-FNB ATMs.
- Limited to R1,000 free cash deposits per month at FNB ATMs.
African Bank MyWorld
Pros:
- Low monthly bundle fee covering multiple pockets.
- Competitive interest rates on balances.
- Versatile account with multiple pockets for shared banking.
- Immediate fund access in the Savings Pocket.
- Manageable via a comprehensive mobile app.
Cons:
- Fees for SMS notifications and some transactions.
- Higher fees for cash withdrawals at other banks’ ATMs.
Conclusion
Both the FNB Easy Zero and African Bank MyWorld accounts offer distinct advantages catering to different needs. The FNB Easy Zero is ideal for those seeking a no-fee, straightforward banking experience with additional savings options. On the other hand, the African Bank MyWorld account is perfect for individuals looking for a flexible, shared banking solution with competitive interest rates. Consider your banking habits and priorities to choose the account that best suits your financial needs.
