Full review of the Standard Bank MyMo bank account, all that you need to know, fees and charges, how to apply, benefits, pros and cons.
About the MyMo Bank Account
Typical Bank MyMo is a cheque account with two price options: MyMo PAYT, which levies an account cost of R5.95 each month, and MyMo Plus, which levies an account fee of R115 per month. Account holders may accrue UCount points when shopping by paying a monthly membership fee of R25.00.
The MyMo Pay as You Transact option offers free online banking as well as limitless free card swipes. For cash deposits, the MyMo PAYT costs R1.20 per R100 and for cash withdrawals up to R3 000, it charges R8 per R100.
MyMo Plus offers a greater number of free monthly services and transactions than MyMo PAYT does, including the following services and transactions:
Benefits Summary
- Debit orders are free and don’t have any limits.
- There are no costs for any number of card swipes.
- Up to R3 000 in cash can be deposited each month for free.
- You can get up to R3 000 in cash each month for free.
- Transferring money between accounts and making electronic purchases are free.
Account Features
The person who has a Standard Bank MyMo account is eligible for a number of perks and bonuses. The advantages of holding a bank account with Standard Bank MyMo are outlined in the following paragraphs.
- After creating your account, you may start trading before obtaining your gold cheque card.
- Free MyMo swipes.
- Banking on your Standard bank mobile Sim earns you free data and airtime.
- The account has the second-lowest monthly maintenance charge among Standard Bank accounts.
- Standard Bank ATMs provide free R3000.00 withdrawals.
- Free online account management.
- Free inter-account and electronic transactions.
- UCount Rewards requires a charge.
- Your spending patterns determine your account’s price.
- Add a savings account to your MyMo check account and invest in interest-earning savings.
- MyMo allows Lotto and prepaid purchases. Shyft transfers payments internationally.
- Banking on your Standard bank mobile Sim earns you free data and airtime.
Pros of MyMo Bank Account
The following outlines the advantages of having this account, the pros that will help you decide if you really want to have it.
- There are two price choices for the account.
- The tap to pay feature on the MyMo card makes it easy and quick to pay.
- Account users can use Standard Bank’s internet services at no extra cost.
- Account users can join the Standard Bank UCount points program and start getting rewards when they use their account.
- Digital sites are free for people who have a MyMo account.
- Includes the ability to make money right away.
- If you apply for a MyMo bank account online using the Standard Bank banking app or internet banking, you can skip the line.
How to open the Standard Bank MyMo Account
The following are the pre-requisites that you need to meet in order to be legible for this great account.
- First and foremost, applicants need to be above 18 years of age.
- You need to have valid SA ID.
- All applicants must be South African citizens.
To apply for your application, visit the following section of the website.
Takeway
The MyMo account is designed for effective and simple budgeting and banking. The account is suitable for people who are beginning a new career or first engaging in banking.
You may get part of your money back by choosing the MyMo account and getting incentives and payback through data bundles and airtime. With MyMo, all banking is done online, which is considerably more practical.
