These accounts help individuals save for specific goals, such as education, a down payment on a house, or even a vacation. With the rise of digital banking solutions like MiGoal and Global One, consumers are looking for accounts that not only offer good interest rates but also come with convenient digital features and low fees. In this review, we will compare the Standard Bank MyMo Account and the Old Mutual Money Account, focusing on their features, benefits, fees, and overall user experience.
Account Overview
Standard Bank MyMo Account
The Standard Bank MyMo Account is designed for young adults aged 16 to 25. It aims to make banking affordable and accessible with a minimal monthly fee of R6.95. The MyMo account offers several benefits, including unlimited free card swipes, access to the Standard Bank Banking App, and discounts through Varsity Vibe. This account is tailored to young consumers who prefer a digital-first approach to banking.
Old Mutual Money Account
The Old Mutual Money Account is a versatile account that combines banking and savings features. It allows users to manage their money through the Old Mutual Banking App and offers functionalities like sending money to mobile numbers, paying beneficiaries, and buying prepaid services. This account is suitable for consumers looking for a comprehensive banking solution with a focus on convenience and accessibility.
Key Features and Benefits
Interest Rates
- Standard Bank MyMo Account: The MyMo account does not offer interest on its balance, focusing instead on transactional benefits and digital conveniences.
- Old Mutual Money Account: This account offers interest on savings, calculated on a tiered basis. The interest rates vary depending on the balance, providing higher rates for larger balances.
Flexibility
- Deposits and Withdrawals: Both accounts allow easy deposits and withdrawals through their respective ATMs and digital platforms.
- Goal Modification: The Old Mutual Money Account offers more flexibility with goal modifications, allowing users to set and adjust savings goals through the app.
Additional Features
- Standard Bank MyMo Account: Offers budgeting tools, financial advice, and rewards programs through Varsity Vibe. It also supports cashless and cardless transactions via Samsung Pay, Apple Pay, SnapScan, and Tap to Pay.
- Old Mutual Money Account: Provides additional features like QuickPay for instant payments to other Money Account holders, and direct payments for services like DStv.
Fees and Charges
| Fee Type | Standard Bank MyMo Account | Old Mutual Money Account |
|---|---|---|
| Monthly Fee | R6.95 | R4.95 |
| Card Swipes | Free | Free |
| ATM Cash Withdrawal | R9 per R1,000 (Standard Bank ATMs) | R10 per R1,000 |
| ATM Cash Deposit | R1.40 per R100 | R1.50 per R100 |
| Immediate Payments | R10 (below R2,000), R50 (above R2,000) | R12 per transaction |
| Prepaid Airtime Fee | R0.60 | R0.70 |
| Prepaid Electricity Fee | R1.60 | R1.70 |
Cost-Effectiveness
The Old Mutual Money Account generally offers lower fees for monthly maintenance and certain transactions, making it more cost-effective for users with frequent transactions. However, the MyMo Account provides greater value for young adults with its free card swipes and various discounts.
Digital Experience
User Interface and Experience
- Standard Bank MyMo Account: The Standard Bank Banking App is user-friendly, allowing for easy account management, goal setting, and transaction tracking. The app also supports secure cardless payments and offers smart tips for managing finances.
- Old Mutual Money Account: The Old Mutual Banking App is equally intuitive, with features like QuickPay and easy beneficiary management. It supports immediate payments and offers a seamless experience for buying prepaid services.
Account Opening
Both accounts offer straightforward online account opening processes, making it easy for users to get started without visiting a branch.
Customer Service and Support
Response Time and Accessibility
- Standard Bank MyMo Account: Standard Bank offers robust customer support through multiple channels, including in-app chat, email, and phone. Response times are generally quick, and the support team is accessible.
- Old Mutual Money Account: Old Mutual provides customer service via phone, email, and the app. The support quality is good, with reasonable response times, though it may not be as rapid as Standard Bank’s.
Customer Reviews
Both accounts receive positive reviews for their digital platforms and overall service quality. Users appreciate the convenience and ease of managing their finances through these accounts.
Who is it Best For?
Standard Bank MyMo Account
- Best For: Young adults aged 16 to 25, first-time savers, and those who prefer a digital-first approach to banking with added perks like discounts and budgeting tools.
Old Mutual Money Account
- Best For: Consumers looking for a comprehensive banking and savings solution, experienced savers, and those who need flexible goal-setting and lower transactional fees.
Conclusion
Both the Standard Bank MyMo Account and the Old Mutual Money Account offer compelling features for South African consumers. The MyMo Account stands out for its affordability and benefits tailored to young adults, while the Old Mutual Money Account excels in providing a versatile banking solution with lower fees and flexible savings options. Based on individual needs and financial goals, the Old Mutual Money Account may be a superior choice for experienced savers seeking flexibility and cost-effectiveness, whereas the MyMo Account is ideal for young consumers looking for a value-packed, digital-first banking experience.