Standard Bank this week launched a new transactional account that it’s calling MyMo.
The unique selling point of this package is that it gives customers R50 in airtime or 500MB of data every month (when you swipe at least four times a month) but the key driver is the fact that the monthly fee is just R4.95.
As low as that is, we do need to point out that other fees associated with the MyMo account are rather hefty.
For example, cash withdrawals at a Standard Bank ATM will cost R6.50, making immediate payments costs R50 and electronic payments are charged at R1.20 each.
To its credit, Standard Bank has made swipes at retailers, monthly email statements and transfers between linked accounts free. The MyMo account also includes a Standard Bank Mobile SIM and a Gold Cheque Card.
We urge anybody looking to open a new bank account to acquaint themselves with the pricing structure of the MyMo account here.
A MyMo account can be opened online exclusively whether it be through the Standard Bank app or through Standard Bank’s official website.
The financial institution has partnered with both local and international firms to make signing up with a selfie and no other paper work possible.
So what is the point of this account?
Speaking at a media briefing in Johannesburg this morning, chief executive for Personal and Business banking at Standard Bank, Funeka Montjane, said this solution is designed for everybody.
“We looked at the main market rather than the mass market and asked customers what they wanted,” says Montjane.
The aim was to develop a solution that allowed customers to open an account and start transacting immediately.
While the MyMo account is available to all, Standard Bank says that current customers hoping to switch might have a few issues. The bank is working to solve that issue and will alert customers as to when they can switch in the next few months.
The financial institution also made mention of mobile devices but didn’t elaborate further on what that would entail and when customers can expect news on that.
For now thought R4.95 sounds like a good deal as regards monthly banking fees, so long as you aren’t drawing much cash.