Standard Bank is launching a new bank account, with a monthly fee of R4.95.
The account is called “MyMo”, and can be opened online by individuals with no monthly income.
“Open this account right now and get free data as you do your banking. No documents and no need to queue at a branch,” states the account page.
Users must be over 18 years old to open an account and be a South African citizen living in the country.
The MyMo account page states that users will receive the following benefits with the account:
- Free airtime or data, and a Standard Bank Mobile SIM.
- Free unlimited swipes on your Gold card.
- Reduced rates when you withdraw money.
- Zero data fees on the banking app.
- Monthly email statements.
- SMS notifications when there’s activity on your account.
In addition to the R4.95 banking fee, users will pay the following for transactions:
- Till point withdrawal – R1.40
- Standard Bank ATM withdrawal (under R1,000) – R6.50
- Other bank ATM withdrawal (under R1,000) – R12.00
- Debit orders – R3.50
- Electronic payments – R1.20
- Prepaid electricity – R1.50
- Payment notifications – R1.00 per month
Part of the value proposition of the account is the free data users will receive, which can be accessed through a Standard Bank Mobile SIM.
Users will receive 1GB of free once-off data on a SIM when applying for the MyMo account via the Standard Bank app. If users swipe their card four times per month, they will also receive R50 in airtime or 500MB of mobile data.
1MB of data will also be allocated for every R20 swiped on their card.