Standard Bank is set to launch a new low-cost account, which rewards clients with free mobile data.
Called the MyMo account, it offers banking services for a fee of R4.95 per month, cheaper than its entry-level Access account which charges R5.60 per month.
According to Standard Bank’s information page, MyMo clients will get access to a Gold Visa card (with tap-to-pay functionality), and free airtime or data rewards through day to day banking.
The account does not have any prerequisite monthly salary limit, with the bank only requiring that prospective clients be a South African citizen over the age of 18, with a ID or Smart ID card.
One of the big draws of the account is the access to free data and airtime.
Clients get 1GB of data once-off on their Standard Bank Mobile SIM when signing up through the Standard Bank App, with R50 or 500MB of data every month when swiping their card four times per month.
Additionally, clients earn 1MB for every R20 they swipe, the bank said.
Withdrawal fees adopt the fixed-fee approach popularised by Capitec Bank, allowing customers to withdraw cash for R6.50 for amounts under R1,000, and R13 for amounts between R1,000 and R2,000.
Standard Bank said it offers reduced fees for accessing cash from any of its competitors’ ATMs, charging a fixed fee of R12 per withdrawal under R1,000, going up to R18 per withdrawal between R1,000 and R2,000.
This bucks the trend at the ‘big’ banks like Absa, FNB, Nedbank – and even Standard Bank’s own Access account – where charges range from R10 to R12 per R100 withdrawn at other ATMs.
However, this fixed fee is still behind the likes of Capitec and Old Mutual, where the banks charge R8.00 and R8.50, respectively, at other ATMs.
For the other transaction fees, the MyMo account has the same structure as the Access account. Deposits are charged at R1.65 er R100, while cash back at participating till points is R1.40.
The tables below outline the differences between Standard Bank’s Access and MyMo accounts.
|Standard Bank||Access||MyMo||Access R500 transaction||MyMo R500 transaction||Difference|
|Withdrawal (Native)||R1.85 / R100||R6.50 (under R1000)||R9.25||R6.50||-30%|
|Withdrawal (Other)||R9.00 + R1.85 / R100||R12.00 (under R1000)||R18.25||R12.00||-34%|
|Deposit (ATM)||R1.65 / R100||R1.65 / R100||R8.25||R8.25||–|
|Monthly account fee (PAYT)||R5.60||R4.95||-12%|