The Old Mutual Money Account is designed to serve as both a transactional account and a savings tool. It offers two accounts in one: a SWIPE Account for daily transactions and a SAVE Account to help you put your money to work. The account’s unique structure encourages saving by allowing users to automatically save a percentage of their spending.
For 2024, the account fee is set at R5.25 per month, with a required minimum balance of R25.00. The account continues to provide several free services, making it an attractive choice for budget-conscious consumers.
Key Features and Benefits
The Old Mutual Money Account offers a range of features designed to make banking easier and more efficient. Here’s a breakdown of what you can expect:
- Card Purchases: Use your card for in-store, online, or in-app purchases without incurring any fees.
- Mobile App Access: The account comes with a user-friendly mobile app that allows you to manage your account, view balances, transfer funds, and much more.
- SWIPE & SAVE: This feature lets you set aside a percentage (between 1% and 15%) of each card purchase, which is then transferred to your SAVE Account.
- Focused Save: Automate a monthly transfer to your SAVE Account on a date of your choice, helping you stay consistent with your savings goals.
- Security Features: You can switch your card on or off via the app for added security, especially if it is lost or stolen.
- Statements: Access monthly statements for free through the mobile app or internet banking.
These features are designed to help users manage their finances efficiently while encouraging a savings habit.
Updated Fees for 2024
The Old Mutual Money Account offers competitive fees, which are crucial to consider when choosing a banking product. Below is a summary of the most important fees for 2024:
| Service | Fee (ZAR) |
|---|---|
| Monthly Administration Fee | R5.25 |
| Minimum Account Balance | R25.00 |
| Card Purchases | Free |
| Cash Withdrawal at Till Point | R2.30 |
| Debit Order | R3.50 |
| ATM Cash Withdrawal | R15.00 per R1,000 |
| Immediate Payment (up to R1,000) | R10.00 |
| Immediate Payment (R1,000 – R10,000) | R20.00 |
| DSTV Payment | R5.50 |
| Send Money (R1,001 to R3,000) | R14.00 |
| International ATM Withdrawal | R40.00 |
| Old Mutual Balance Enquiry | R4.00 |
Note: These fees are effective from January 1, 2024.
How the Old Mutual Money Account Works
The Old Mutual Money Account is more than just a transactional account; it’s a tool designed to promote savings. Here’s how it works:
- SWIPE & SAVE: Every time you make a card purchase, a percentage of the transaction amount is automatically transferred to your SAVE Account. This helps you build savings effortlessly with each purchase.
- Focused Save: If you prefer a more traditional approach, the Focused Save function allows you to set a specific monthly amount to be transferred from your SWIPE Account to your SAVE Account.
- Anytime Transfers: You can transfer funds between your SWIPE and SAVE accounts anytime using the Old Mutual app, cellphone banking, or internet banking.
These features make the Old Mutual Money Account a unique and effective way to manage both your daily transactions and your savings goals.
Competitive Advantages
The Old Mutual Money Account offers several advantages that set it apart from other transactional accounts:
- Encourages Savings: The account’s SWIPE & SAVE feature makes saving money easy and automatic, turning everyday purchases into savings opportunities.
- Low Fees: With a monthly fee of just R5.25 and numerous free transactions, the Old Mutual Money Account is one of the most cost-effective options available.
- Invested Savings: The money saved through the SWIPE & SAVE feature is invested in an Old Mutual money market unit trust, which historically offers competitive interest rates.
- User-Friendly App: The Old Mutual mobile app is designed to be intuitive and easy to use, making it simple to manage your account and avoid unnecessary fees.
These advantages make the Old Mutual Money Account an appealing option for those looking to manage their money effectively while building savings.
Competitive Disadvantages
While the Old Mutual Money Account offers many benefits, it’s important to consider its limitations:
- Limited Money Transfer Options: The account can only send money to other Old Mutual Money Account holders, unlike other accounts that allow transfers to any South African phone number.
- ATM Withdrawal Fees: The R15.00 fee per R1,000 withdrawn at an ATM can add up, especially for frequent cash users.
These disadvantages may be a consideration for users who need more flexible money transfer options or who frequently withdraw cash from ATMs.
Application Process for the Old Mutual Money Account
Opening an Old Mutual Money Account is straightforward. You will need the following documents:
- South African Identity Document
- Proof of residence
- A valid phone number
Once your documents are verified, you can enjoy all the features and benefits that come with the account.
Conclusion
The Old Mutual Money Account is a robust financial product that combines daily banking with an easy way to save. With its competitive fees, user-friendly mobile app, and unique SWIPE & SAVE feature, it remains a strong choice for South Africans looking to manage their money wisely. Whether you’re looking for a low-cost transactional account or a way to build savings automatically, the Old Mutual Money Account offers a compelling solution.
