Mymo account standard bank reviews you need to know.
We all know how these banks very often burden us with all these heavy charges and yet we do not get any value for saving there and want a way out.
Or wait maybe you want to save your money with more customizations made for you and also get the bank to charge you lower than well this article is just for you.
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Because in this article we get to review this trendy offer from the Standard Bank Group Limited in South Africa and also get to know those hidden fees that are hardly shared during registrations.
Consumers consider a number of factors when choosing the best bank account for their requirements, with value for money coming in at the top of the list.
But before we just straight into the offer by Standard Bank we need to know something little to help us understand what we are going to talk about.
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If you do not want to read this section no problem, you can just skip that paragraph below and move to the other sections.
Standard Bank Group Limited is a major South African bank and financial services, group. It is Africa’s biggest lender by assets. The company’s corporate headquarters, Standard Bank Centre, is situated on Simmonds Street, Johannesburg.
What is mymo account about?
The account is just like the regular bank account that we see but this time, Standard Bank designed it for people who don’t like spending their hard-earned cash on fees but still want all the features of a transactional bank account.
Transaction accounts do not earn interest on the balances.
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A transactional bank account is just like a checking account opened at a physical bank, credit union, or online bank that can be used to pay for bills, shopping, and everyday purchases, plus payments to and from other bank accounts. Many individuals fund these accounts through direct deposits and mobile transfers. Depositors can move money in and out of their accounts using wire transfers, ACH transfers, ATM cards, and debit cards.
How does mymo account work
MyMo is a pay-per-transaction account for the time being, while the bank claims it may eventually examine packaged solutions.
The MyMo Plus account may be quickly created on a mobile phone with free digital banking using Standard Bank’s online banking or banking app. Customers may establish a MyMo Plus account without visiting a branch by just snapping a picture via the mobile app.
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To simply put, customers can open using a mobile device by taking a selfie.
The app uses face recognition technology to verify identification as part of Standard Bank’s attempts to make its digital banking services more secure.
How to apply for Mymo account
With access to free digital banking, the MyMo and MyMo Plus accounts can be opened using a mobile phone or desktop computer – via Standard Bank Internet Banking (online) or the Standard Bank Mobile App, but if you are not comfortable you can simply visit any of their branches to create one.
The paragraph below would teach you how to open an account using any of the means convenient to you.
How to open mymo account on the app
- Download the app from either the Playstore or the Appstore.
- Type in all the required details
- Scan and upload your ID smartcard/book
- Take a selfie
- Create your password to secure the account
- Your account is created now and you will see your mymo account number
- You’ll receive an SMS when your gold card is ready for collection at your preferred branch.
How to open a standard bank mymo account online
- Visit the URL of Standard Bank
- Click tell me more on the webpage
- Click Open account
- You will then be told to register or sign in to your banking profile to continue with the application.
- Click Continue
- Follow the prompts that comes up
- And select the type of mymo you wan to create: plus or account.
Now we need to know why people are all in for this account.
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Mymo account benefits
- Free unlimited card swipes
- Free unlimited debit orders
- Get your SASSA grant paid directly into your account
- Free electronic transactions and inter-account transfers R5 for R50* airtime or 250MB* data monthly on your Standard Bank Mobile SIM Cash deposits R1 per R100 and Cash withdrawals R8 per R1 000
- Free ATM cash withdrawals up to R3 000 at all ATMs limited to two at other bank ATMs.
- Free ATM cash deposits up to R3 000
- A complimentary UCount Rewards membership where you can earn UCount Rewards Points simply for swiping your Gold Card on qualifying purchases.
Mymo plus account benefits
- FREE ATM cash withdrawals of up to R5 000 per month at any ATM (limited to two at non-Standard Bank ATMs)
- FREE UCount Rewards subscription (usually R25 per month)
- FREE pre-paid purchases (data, airtime, and electricity) on all our channels
- FREE electronic transactions
- FREE proof of payment notifications via MyUpdates
- Earn UCount Rewards points anywhere you shop, spend or swipe
- Unlimited cash withdrawals at selected retailers
- Unlimited debit orders
- No income restrictions or qualifying criteria
- No SASWITCH charges
- Get up to 20% back on groceries, lifestyle, or fashion with UCount Rewards.
- Buy Spotify, Uber, Uber Eats, and Showmax vouchers on the Standard Bank app
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Mymo account requirements
- No minimum income requirements costs just R4.95 monthly and all other costs
- South Africans ID or proof of temporary residency with permits
- You must be 16 years or older
Standard bank mymo account reviews
The account has gotten a lot of people to join the bank because of how friendly it was advertised. Because as of April 2021, Standard Bank had over 10 million customers in South Africa due to significant growth in 2021 with over 1 million customers joining them through mymo.
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But there are some disadvantages that you should know. And they can be seen below.
- Existing Standard Bank clients cannot convert their accounts to MyMo accounts at this time, however, the bank is aiming to offer this option in the future.
- There is no interest on the accounts so you do not get the chance to earn on your account like operating a savings account.
- The fees are not favorable if you are going to be spending a lot of your time using it in the longer term.
- The withdrawal fees also differ when coins or notes are being withdrawn, unlike the rest where a flat rate is charged for every transaction.
Interest rate
An Investment account where a lump sum is invested for a fixed period of time (1 – 60 months) at a fixed interest rate.
Overdraft
The overdraft fees can be seen below too.
- Monthly service fee – limits over R500 R69
- Monthly service fee – no limit R69
- Initiation fee R74,75 + 11.5% of limit. Max R1 207
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Withdrawal fee
- Cash deposits R1 per R100 and Cash withdrawals R8 per R1 000
- R80 + R2,25 per R100 (for notes) and R5 per R100 (for coins)
Pricing
The table below contains data about how the offer is priced and you should pay much attention to it
| Mymo fee description | Online | ATM |
|---|---|---|
| Monthly administration fee | R4.95 | |
| Digital banking fee | Free | |
| Standard Bank ATM withdrawals fee | N/A | Free for the 1st R5000.00 and R7.50 per R1000.00 thereafter |
| Other banks withdrawals fee | N/A | R10 per R1000.00 |
| International banks withdrawals fee | N/A | R20.00 per transaction Plus international fee of 2.75% |
| Cash deposit fee | N/A | Free up to R1500.00 and R9.00 per R1000.00 thereafter |
| Account payments | R1.20 | R1.20 |
| Immediate payments below R3000.00 | R10.00 | N/A |
| Immediate payments above R3000.00 | R50.00 | N/A |
| Debit order payments fee | R3.50 | N/A |
| Stop Order payments fee | R1.20 | N/A |
| Inter account transfer fee | Free | Free |
| instant money up to R500.00 | R5.00 | R5.00 |
| Instant money between R501 to R1000.00 | R10.50 | R10.50 |
| Wallet instant money | R5.00 | R5.00 |
| Instant money above R1000.00 | R12.50 | R12.50 |
| Point of sale cashback | N/A | R1.40 |
| Purchases with cashback | N/A | R1.40 |
| Point of sale international purchases | 2.75% | N/A |
People have been asking these questions after reading this article
What type of account is mymo?
Mymo is a transactional account or more or less like a check/current account.
A transactional bank account is just like a checking account opened at a physical bank, credit union, or online bank that can be used to pay for bills, shopping, and everyday purchases, plus payments to and from other bank accounts.
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Is mymo a transmission account?
No, it is not a transmission account, mymo is a transactional account.
Many individuals fund these accounts through direct deposits and mobile transfers. Depositors can move money in and out of their accounts using wire transfers, ACH transfers, ATM cards, and debit cards.
Is mymo account a cheque account?
Yes, MyMo account is a cheque account, hence you receive a cheque card or a special Gold colored ATM card.
You can easily get the card after registering for an account and use it for whatever you please.
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Is mymo a savings account?
No, mymo is not a savings account.
Mymo is a transactional account or more or less like a check/current account. So you do not get any interest from the bank for operating an account like that. There is no Standard Bank My Mo savings account.
A transactional bank account is just like a checking account opened at a physical bank, credit union, or online bank that can be used to pay for bills, shopping, and everyday purchases, plus payments to and from other bank accounts.
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What is mymo plus account?
A mymo plus account allows you to pay a fixed monthly service fee for a bundle of transactions and services.
When the transactions included in the bundle are exceeded, all additional transactions will be charged according to the Pay-as-you Transact (PAYT) option.
It has the following benefits
- Free ATM cash withdrawals up to R3 000 at all ATMs limited to two at other bank ATMs.
- Free ATM cash deposits up to R3 000
Mymo account card
The account card which is a special Mastercard Gold colored ATM card is received after creating an account.
The card serves as a digital wallet that lets you handle all of your safe online payments in one place. Your smartphone, laptop, or desktop computer all support Masterpass.
Mymo account online fee
- Account payments R1,20
- Debit orders R3,50
- Immediate payments R2 000 and above R50
- Immediate payments below R2 000 R10
- eStatements greater than 1 year R10
- Monthly estatements R10
- Weekly estatements R30
- Daily estatements R5
- A charge of R2 Stop payments
- Email payment notification R1,10
- SMS payment notification R1,35
About Standard Bank
The Standard Bank of South Africa Limited is a large financial service and banking organization in South Africa. By assets, it is Africa’s largest lender. Standard Bank Centre, the company’s corporate headquarters, is located on Simmonds Street in Johannesburg.
Standard bank is a proudly African comprehensive financial services business with compelling competitive advantages, offering banking, insurance, investing, and non-financial complementing solutions that help our clients achieve financial well-being at every step of their financial journey.