Standard Bank launches a new MyMo account for R4.95

Finance 22 May 2019

CAPE TOWN – Standard Bank announced that it has launched a new account called MyMo, that will only cost users R4,49 a month per month.

According to Standard Bank, users need to be over 18 years old to open an account and be a South African citizen living in the country if they want to apply for the account.

“Open this account right now and get free data as you do your banking. No documents and no need to queue at a branch,” it said on the website.

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.

The card also has features such as a secure chip and PIN Gold card, Tap to Pay: Simply tap your card to pay at selected retailers and global acceptance of your Visa Gold card.

Other transactions fees include:

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

Standard Bank added that it will be giving free data to customers when they use the account but only on the Standard Bank sim card.

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 and 1MB of data will also be allocated for every R20 swiped on their card.

Written by: Staff Writer.

Guzzle Media