In South Africa, the rise of digital banking solutions, such as MiGoal and Global One, has made managing these accounts easier and more intuitive. This review compares two popular goal-based savings accounts: Discovery Gold and African Bank MyWorld, highlighting their features, benefits, fees, digital experience, customer service, and suitability for different types of savers.
Account Overview
Discovery Gold Account
- Institution: Discovery Bank
- Features: Bundled transactions, multiple free savings accounts, real-time Forex accounts
- Target Audience: Individuals earning less than R350,000 annually
- Core Purpose: To provide flexible and affordable everyday banking while encouraging financial fitness through rewards
African Bank MyWorld Account
- Institution: African Bank
- Features: Primary and Pocket accounts, competitive interest rates, shared accounts with family/friends
- Target Audience: General public, with a focus on those who prefer customizable banking solutions
- Core Purpose: To offer a versatile and cost-effective banking experience with options for collaborative savings
Key Features and Benefits
Interest Rates
Discovery Gold Account:
- Up to 2.5% interest on positive balances in transaction accounts
- Up to 7.25% interest on demand savings accounts
African Bank MyWorld Account:
- Primary Account: 3.50% p.a.
- Power Pocket: 3.50% p.a.
- Savings Pocket: 4.70% p.a.
Flexibility
Discovery Gold Account:
- Unlimited free savings accounts
- No fees for transferring and converting between Rand and foreign currency accounts
- Dynamic interest rates based on Vitality Money status
African Bank MyWorld Account:
- Primary Account linked to Power and Savings Pockets
- Separate cards for Power Pocket
- Savings Pocket with immediate access to funds
- Ability to add up to 10 members for viewing or using accounts
Additional Features
Discovery Gold Account:
- Vitality Money program offering rewards for financial fitness
- Discovery Miles for various purchases and activities
- Real-time Forex accounts
- Vitality Travel with significant discounts on flights, accommodation, and car hire
African Bank MyWorld Account:
- Customizable Pocket accounts
- Competitive interest rates on positive balances
- Free monthly bundle for up to five pockets
Fees and Charges
| Fee Type | Discovery Gold | African Bank MyWorld |
|---|---|---|
| Monthly Account Fee | R145 | Free |
| Cash Withdrawal (Local ATM) | 4 free, R5 + 2.25% of the amount thereafter | R8.50 per R1000 |
| Cash Withdrawal (International) | R80 | R50 |
| Deposit Fees | Free at Pick n Pay and Boxer stores | R2 per R100 (Cash Acceptor Machine) |
| Transaction Notifications | Free | R0.40 (SMS) |
| Card Replacement | R200 after one free replacement | R60 |
| Online Purchases | Free | Free |
| Point-of-Sale Purchases | Free | Free |
Digital Experience
Discovery Gold Account:
- Advanced banking app with features like Live Assist, Smart Search, and Smart Vault
- Easy account management, including card limits, PINs, and transaction tracking
- Real-time Forex account management
African Bank MyWorld Account:
- User-friendly mobile app and website
- Easy setup for Primary and Pocket accounts
- Customizable account sharing and permissions
Customer Service and Support
Discovery Gold Account:
- Offers immediate in-app support with Live Assist
- Generally positive customer reviews for responsiveness and helpfulness
African Bank MyWorld Account:
- Accessible customer support via various channels
- Mixed reviews with some highlighting slow response times
Who is it Best For?
Discovery Gold Account:
- Ideal for individuals seeking a comprehensive banking solution with multiple rewards and travel benefits
- Suitable for those who frequently engage in international transactions and travel
African Bank MyWorld Account:
- Best for savers looking for a flexible and collaborative banking solution
- Suitable for individuals or groups wanting to manage shared goals with competitive interest rates
Conclusion
Both Discovery Gold and African Bank MyWorld offer unique advantages tailored to different needs. Discovery Gold stands out for its extensive rewards program and travel benefits, making it ideal for frequent travelers and those looking for a comprehensive banking solution. African Bank MyWorld, on the other hand, excels in providing flexible and collaborative savings options with competitive interest rates, perfect for those who prefer customizable banking.
Ultimately, the choice between Discovery Gold and African Bank MyWorld will depend on individual preferences and financial goals. For those prioritizing rewards and international travel, Discovery Gold is a strong contender. For savers looking for flexibility and shared savings capabilities, African Bank MyWorld is an excellent option.