AfricanBank Power Pocket Review for May 2024

Last updated 1st May 2024 by Walter

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 1st May 2024 by Walter

R1
min deposit
1.00%
interest rate
PS. Did you know that African Bank also offers the following

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%
#18 out of 23
4.82%
- R
392
R10,000
1.00%
#18 out of 23
4.82%
- R
392
R100,000
1.00%
#33 out of 35
6.59%
- R
5,785
R100,000
1.00%
#33 out of 35
6.59%
- R
5,785
R250,000
1.00%
#35 out of 37
6.83%
- R
15,113
R250,000
1.00%
#35 out of 37
6.83%
- R
15,113
R1,000,000
1.00%
#31 out of 33
6.65%
- R
58,550
R1,000,000
1.00%
#31 out of 33
6.65%
- R
58,550
R5,000,000
1.00%
#31 out of 33
6.65%
- R
292,750
R5,000,000
1.00%
#31 out of 33
6.65%
- R
292,750
  • 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.
How to read this table?

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 6.65%. Over one year you will earn R292,750 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 R11.00%
AfricanBank MyWorld R11.00%
AfricanBank Savings Pocket R17.00%
Capitec Savings R03.20% - 7.15%
FNB Linked Savings R17.05% - 7.80%
Standard Bank PureSave R05.30% - 6.10%
Discovery Demand Savings Account R10,0003.50%
Bidvest Bank Call Account R1,0004.20% - 6.20%
Nedbank Just Invest R5007.05% - 8.75%
TymeBank GoalSave R17.00%