Capitec Bank’s Global One Account with Old Mutual’s accounts help individuals save towards specific goals, such as buying a home, funding education, or building an emergency fund. Digital banking solutions like Capitec Bank Global One and Old Mutual Money Account are gaining popularity due to their convenience, flexibility, and added features that cater to the diverse needs of savers.
Account Overview
Capitec Bank Global One
Capitec Bank Global One is a versatile account designed for everyday banking and savings. It offers a range of features, including digital payments, international transactions, and rewards through the Live Better program. The target audience includes tech-savvy individuals who prefer managing their finances through a robust mobile app and those looking for competitive banking fees.
Old Mutual Money Account
The Old Mutual Money Account, in partnership with Bidvest Bank, offers a comprehensive banking and investment solution. It integrates transactional banking with a unit trust investment component, making it suitable for individuals who want to grow their savings while having easy access to their funds. This account targets savers who appreciate a blend of traditional and modern banking features.
Key Features and Benefits
Interest Rates
- Capitec Bank Global One: Offers tiered interest rates on savings accounts. The interest rates increase with higher account balances, encouraging more substantial savings.
- Old Mutual Money Account: Provides interest through its unit trust investment option. The returns are based on the performance of the selected unit trust funds, offering potentially higher returns but with some level of risk.
Flexibility
- Deposits and Withdrawals: Both accounts offer flexibility in deposits and withdrawals. Capitec allows deposits and withdrawals through its extensive ATM network and retail partners. Old Mutual provides similar convenience through its partnership with various retail outlets.
- Goal Modification: Capitec’s app allows users to set and modify savings goals easily. Old Mutual’s account enables users to adjust their investment plans as their financial goals evolve.
Additional Features
- Capitec Bank Global One: Includes features like budgeting tools, instant payments, international transactions, and cash back through the Live Better rewards program.
- Old Mutual Money Account: Offers access to investment advice, budgeting tools, and the Old Mutual Rewards program, which provides points for financial activities that can be redeemed for various benefits.
Fees and Charges
| Fee Type | Capitec Bank Global One | Old Mutual Money Account |
|---|---|---|
| Monthly Fee | R7.50 | R5.25 |
| Cash Withdrawal at ATM | R10 per R1,000 | R15 per R1,000 |
| Cash Withdrawal at Retailer | R2.00 | R2.30 |
| Debit Order | R3.50 | R3.50 |
| Third Party Payment | R1.00 | R1.20 |
| Immediate Payment | R6.50 | Not available |
| International Payment Fee | R175 flat fee | Not specified |
| Replacement Card | R70.00 | Not specified |
Capitec Bank Global One generally offers lower fees, especially for frequent transactions and international payments. Old Mutual Money Account is competitive in terms of monthly fees but may be costlier for ATM withdrawals.
Digital Experience
User Interface and Experience
- Capitec Bank Global One: The mobile app is user-friendly, allowing seamless account opening, goal setting, and tracking. Features like international payments and virtual cards enhance the digital experience.
- Old Mutual Money Account: The mobile app and online platform are intuitive, offering easy navigation for transactions, investment tracking, and accessing financial advice.
Customer Service and Support
Capitec Bank Global One
Capitec is known for its efficient customer service with multiple channels for support, including in-app chat, phone, and in-branch assistance. Customer reviews highlight prompt responses and helpful service.
Old Mutual Money Account
Old Mutual offers comprehensive support through its call centers, online chat, and in-branch services. Reviews are generally positive, with customers appreciating the knowledgeable staff and quality investment advice.
Who is it Best For?
- Capitec Bank Global One: Ideal for first-time savers, tech-savvy individuals, and those who prefer low fees and robust digital banking features. It suits users who need quick and easy access to their funds and value digital convenience.
- Old Mutual Money Account: Best for experienced investors and those looking for a hybrid banking and investment solution. It appeals to individuals who prioritize growing their savings through unit trusts and value access to financial advice and rewards programs.
Conclusion
Both Capitec Bank Global One and Old Mutual Money Account offer unique benefits tailored to different financial needs. Capitec excels in providing low-cost, user-friendly digital banking services, making it a great choice for everyday banking and savings. On the other hand, Old Mutual’s integration of banking and investment services makes it suitable for those focused on long-term financial growth and investment management.
For South African consumers, the choice between these accounts will depend on individual financial goals, preferences for digital banking, and the importance of investment features. Capitec Bank Global One is recommended for those seeking convenience and low fees, while Old Mutual Money Account is better suited for those looking for a blend of traditional banking and investment opportunities.