AfricanBank Power Pocket Review for December 2024
Introduction
The AfricanBank Power Pocket is a savings account offered by African Bank. Unlike notice or fixed deposits, savings accounts allow quick and easy access to your money.
This page summarises interest rates offered by AfricanBank Power Pocket and compares them to South Africa's savings account industry average. So you can get a good idea how the interest rates offered by AfricanBank Power Pocket compare to other banks.
A Power Pocket is a separate account linked to your Primary Account. Each Power Pocket comes with its own account number, debit card and PIN. The Primary Account Holder can add a Pocket User to this account to conduct day-to-day transactions like paying bills and making in-store purchases using a personalised, embossed debit card. This is an ideal way to introduce people who have never had a bank account before to the word of cashless transactions
AfricanBank Power Pocket highlights
last updated 2nd December 2024 by Walter
- The AfricanBank MyWorld offers interest rates 1.00% and accepts investments from R1
- The AfricanBank Savings Pocket offers interest rates 6.25% and accepts investments from R1
AfricanBank Power Pocket
This table shows AfricanBank Power Pocket's interest rates for a R10,000, R100,000, R250,000, R1,000,000 and R5,000,000 investment in AfricanBank Power Pocket versus the industry average.
| Investment amount | Nominal | Industry average1 | Earnings vs average2 |
|---|---|---|---|
| R10,000 | 1.00% #10 out of 13 | 4.66% | - R 376 |
| R100,000 | 1.00% #18 out of 19 | 6.42% | - R 5,609 |
| R250,000 | 1.00% #19 out of 20 | 6.59% | - R 14,468 |
| R1,000,000 | 1.00% #16 out of 17 | 6.42% | - R 56,040 |
| R5,000,000 | 1.00% #16 out of 17 | 6.42% | - R 280,199 |
- 1 industry average refers to the average interest rate across all other savings accounts for the given investment amount
- 2 the amount of interest you will be able earn over and above the average.
A negative amount means that the average savings account in South africa will give you more than AfricanBank Power Pocket.
| Investment amount | Nominal | Industry average1 | Earnings vs average2 |
|---|---|---|---|
| R10,000 for 18+ | 1.00% | 4.66% | - -376 |
| R100,000 for 18+ | 1.00% | 6.42% | - -5,609 |
| R250,000 for 18+ | 1.00% | 6.59% | - -14,468 |
| R1,000,000 for 18+ | 1.00% | 6.42% | - -56,040 |
| R5,000,000 for 18+ | 1.00% | 6.42% | - -280,199 |
- 1 industry average refers to the average interest rate across all other banks
- 2 the amount of interest you will be able earn over and above the average.
A negative amount means that the average savings account in South africa will give you more than AfricanBank Power Pocket.
You get a 1% interest rate at AfricanBank Power Pocket for a R5,000,000 investment. The industry average for a savings account with a balance of R5,000,000 is 6.42%. Over one year you will earn R280,199 less in interest at AfricanBank Power Pocket compared to the average savings account.
Here are other similar savings accounts in South Africa which require a minimum deposit between R0 - R10,000
| Account | Min Deposit | Rate |
|---|---|---|
| AfricanBank Power Pocket | R1 | 1.00% |
| AfricanBank MyWorld | R1 | 1.00% |
| AfricanBank Savings Pocket | R1 | 6.25% |
| Capitec Savings | R0 | 2.50% - 6.65% |
| FNB Linked Savings | R1 | 6.55% - 7.25% |
| Standard Bank PureSave | R0 | 5.00% - 5.30% |
| Discovery Demand Savings Account | R10,000 | 7.25% |
| Bidvest Bank Call Account | R1,000 | 3.70% - 5.70% |
| Nedbank Just Invest | R500 | 6.00% - 7.40% |
| TymeBank GoalSave | R1 | 7.00% |
| BankZero Savings | R1 | 5.45% - 7.30% |