Old Mutual Money Account Review 2025: Affordable Banking with Built-In Savings

The Old Mutual Money Account, offered by Old Mutual Limited (JSE: OMU), is a versatile financial product combining a SWIPE Account for daily transactions with a SAVE Account for automated savings, serving over 1.5 million clients (2024 estimate). Priced at a low R5.25 monthly fee with a R25 minimum balance, it promotes financial discipline through features like SWIPE & SAVE (1–15% of purchases saved) and Focused Save (monthly transfers), with savings invested in an Old Mutual money market unit trust yielding 5.5–6.0%. This comprehensive review, updated for 2025, details the account’s features, fees, application process, and competitive positioning, highlighting new additions like an AI-driven savings optimizer and PayShap integration. In South Africa’s competitive low-cost banking sector, with a stable economy (7.5% repo rate, 4.5% inflation), the account rivals Capitec Global One, TymeBank EveryDay, and Absa Transact, catering to budget-conscious users, students, and savers.

Overview of the Old Mutual Money Account

Launched in 2016 by Old Mutual, a 180-year-old financial services giant with R1.2 trillion in assets under management, the Money Account targets cost-conscious South Africans seeking affordable banking with savings incentives. Its dual structure—SWIPE for transactions, SAVE for investments—sets it apart, with savings earning 5.5–6.0% in a money market unit trust, outpacing inflation (4.5%). Serving 1.5 million clients, the account’s R5.25/month fee and free POS transactions ensure accessibility. In 2025, Old Mutual introduces:

• AI-Driven Savings Optimizer: Recommends optimal SWIPE & SAVE percentages based on spending patterns.
• PayShap Integration: Instant transfers to other Old Mutual accounts, expanding transfer options.
• Green Savings Option: 6.0% interest for savings allocated to ESG-focused funds.

Regulated by the South African Reserve Bank (SARB) with CODI insurance (R100,000 per depositor), the account competes in a market where 60% of new accounts are low-cost, driven by Capitec’s 20% market share and TymeBank’s digital kiosks. X feedback praises its low fees but notes transfer limitations as a pain point.

Market Context for 2025

South Africa’s banking sector, with R6.5 trillion in deposits (2024), thrives on digital adoption (80% app-based transactions) and SME growth (8% of GDP), fueled by a 7.5% repo rate and 4.5% inflation. The two-pot retirement system boosts disposable income, increasing savings demand. Low-cost accounts dominate, with Capitec (9 million users) and TymeBank (2 million) leading accessibility, while Old Mutual’s 1.5 million accounts emphasize savings integration. Regulatory scrutiny over fee transparency and competition from fee-free accounts (TymeBank, FNB Easy Zero) challenge Old Mutual, but its ESG focus and rewards (10% cashback) align with market trends.

Key Features and Benefits

The Old Mutual Money Account blends transactional ease with savings automation, enhanced by a robust mobile app and security features. Below is a detailed breakdown for 2025.

Core Features

• SWIPE & SAVE: Automatically transfers 1–15% of each card purchase to the SAVE Account, invested in a money market unit trust (5.5–6.0% returns).
• Focused Save: Automates monthly transfers (R50–R5,000) to the SAVE Account on a chosen date.
• Card Purchases: Free for in-store, online, or in-app transactions (Visa-enabled).
• Mobile App: 4.7/5 rating, supports transfers, balance checks, statements, and budgeting (AI-driven optimizer in 2025).
• Security: Toggle card on/off via app for lost/stolen cards, OTP for transactions, biometric login.
• Statements: Free monthly e-statements via app or internet banking.
• PayShap: Instant transfers to other Old Mutual accounts (2025).
• Rewards: Old Mutual Rewards (10% cashback at Pick n Pay, Dis-Chem).

Benefits

• Low-Cost Banking: R5.25/month fee, free POS transactions, and no fees for digital services.
• Savings Growth: SAVE Account’s 5.5–6.0% returns outpace inflation, with green savings at 6.0% (2025).
• Convenience: App-driven management, anytime transfers between SWIPE and SAVE Accounts.
• Accessibility: No minimum income requirement, open to all with R25 balance.

Ideal For

• Budget-conscious individuals and students seeking low fees.
• Savers wanting automated savings with competitive returns.
• Tech-savvy users prioritizing app-based banking.

Updated Fees for 2025

The Old Mutual Money Account remains cost-effective, with fees effective from January 1, 2025. Below is a summary:

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 (≤R1,000)	R10.00
Immediate Payment (R1,001–R10,000)	R20.00
DSTV Payment	R5.50
Send Money (R1,001–R3,000)	R14.00
International ATM Withdrawal	R40.00
Old Mutual Balance Enquiry	R4.00

Note: Fees include VAT. ATM withdrawals are costly (R15/R1,000 vs. Capitec’s R10/R1,000), encouraging digital transactions.

How the Old Mutual Money Account Works

The account’s dual structure promotes seamless transactions and savings:

• SWIPE Account: Handles daily spending (POS, online purchases, bill payments) with free card swipes and PayShap transfers (2025).
• SAVE Account: Receives automated savings via SWIPE & SAVE (1–15% of purchases) or Focused Save (monthly transfers), invested in a money market unit trust (5.5–6.0% returns).
• Transfers: Move funds between SWIPE and SAVE Accounts anytime via app, internet banking, or USSD (120444#).
• Green Savings: Allocate savings to ESG funds for 6.0% interest (2025).

Example: A R100 grocery purchase with 10% SWIPE & SAVE transfers R10 to the SAVE Account, earning 5.5–6.0% annually. A R500 monthly Focused Save transfer builds R6,000+ in a year, including interest.

Competitive Advantages

• Automated Savings: SWIPE & SAVE and Focused Save make saving effortless, with 5.5–6.0% returns beating inflation (4.5%).
• Low Fees: R5.25/month and free POS transactions undercut Capitec (R7/month) and Absa Transact (R5.50/month).
• Invested Savings: SAVE Account’s money market unit trust outperforms standard savings (e.g., TymeBank’s 7.0% requires active saving).
• User-Friendly App: 4.7/5 rating, AI-driven optimizer (2025), and biometric security ensure ease and safety.
• Rewards: 10% cashback at Pick n Pay, Dis-Chem via Old Mutual Rewards.
• SARB Regulation: CODI insurance up to R100,000 per depositor ensures trust.

Competitive Disadvantages

• Limited Transfers: Money transfers restricted to other Old Mutual Money Accounts, unlike Capitec or TymeBank’s universal phone number transfers.
• High ATM Fees: R15/R1,000 for withdrawals vs. TymeBank’s R10/R1,000, penalizing cash users.
• Basic Features: Lacks premium perks (e.g., lounge access, concierge) offered by Discovery Gold or RMB Private Bank.
• Service Feedback: X posts note occasional app delays (1–2 seconds for transfers), though within industry norms.

Comparison with Competitors

Feature	Old Mutual Money	Capitec Global One	TymeBank EveryDay	Absa Transact
Monthly Fee	R5.25	R7.00	R0.00	R5.50
Savings Rate	5.5–6.0%	5.5–7.0%	7.0%	None
Card Purchases	Free	Free	Free	Free
ATM Withdrawal	R15.00/R1,000	R10.00/R1,000	R10.00/R1,000	R12.00/R1,000
Rewards	10% cashback	None	Smart Shopper (double points)	10% cashback
Transfers	Old Mutual accounts only	Any SA phone number	Any SA phone number	Any SA phone number
App Rating	4.7/5	4.8/5	4.6/5	4.5/5
Unique Feature	SWIPE & SAVE, green savings	High savings rate	Instant account opening	No income requirement

Insight: Old Mutual’s automated savings and low fees rival Capitec and Absa, but TymeBank’s fee-free model and universal transfers appeal to broader users. Old Mutual’s transfer limitation is a key drawback.

Application Process for the Old Mutual Money Account

Opening an Old Mutual Money Account is simple and accessible:

1. Verify Eligibility:
   • Age 18+, South African citizen or permanent resident.
   • Valid SA ID and proof of residence.
   • Active phone number (linked to account for OTPs).
   • No minimum income requirement, R25 minimum balance.
2. Gather Documents:
   • Valid South African ID (smart ID or green book).
   • Proof of residence (e.g., utility bill, not older than 3 months).
   • Optional: Proof of income for higher transfer limits.
3. Apply:
   • Online: Visit https://www.oldmutual.co.za/personal/bank-and-save/money-account/ or download the Old Mutual app (iOS/Android).
   • In-Person: Access 150+ Old Mutual branches or kiosks (Pick n Pay, Checkers).
   • USSD: Dial 120444# to start the process.
   • Complete the application with personal details, upload documents, and verify via OTP.
4. Processing:
   • Instant approval for digital applications (5–10 minutes).
   • Physical applications: 1–2 days, with card delivery in 5–7 days.
   • Receive a Visa debit card (physical or virtual) upon approval.
5. Support:
   • Call 0860 60 60 60 (8 AM–5 PM, weekdays).
   • Email moneyaccount@oldmutual.com or use app live chat.

Tip: Apply via the app for instant approval and set up SWIPE & SAVE (5–10%) to maximize savings from day one.

Why Choose the Old Mutual Money Account in 2025?

The Old Mutual Money Account excels for:

• Affordability: R5.25/month fee, free POS transactions, and no digital banking costs.
• Automated Savings: SWIPE & SAVE (1–15%) and Focused Save build wealth effortlessly, with 5.5–6.0% returns.
• Digital Convenience: 4.7/5-rated app, AI optimizer (2025), and PayShap for instant transfers.
• Security: Card toggle, biometric login, and OTPs ensure safety.
• Rewards: 10% cashback at Pick n Pay, Dis-Chem enhances value.
• ESG Options: Green savings at 6.0% align with sustainability goals.

Drawbacks include:

• Transfer Restrictions: Limited to Old Mutual accounts, unlike Capitec’s universal transfers.
• High ATM Fees: R15/R1,000 discourages cash withdrawals.
• Basic Perks: No premium features like lounge access or concierge, unlike Discovery or RMB.
• Service Delays: X feedback notes occasional app slowdowns (1–2 seconds), though rare.

Expert Analysis: Is the Old Mutual Money Account Worth It?

For budget-conscious individuals, students, and savers, the Old Mutual Money Account’s R5.25 monthly fee and free POS transactions offer exceptional value, rivaling Capitec (R7/month) and Absa Transact (R5.50/month). The SWIPE & SAVE feature (1–15%) and 5.5–6.0% returns make saving seamless, ideal for those spending R5,000–R20,000/month, potentially saving R600–R2,400/year. The 2025 AI optimizer and PayShap integration enhance usability, while the app’s 4.7/5 rating ensures convenience. However, the inability to transfer to non-Old Mutual accounts limits flexibility, and R15/R1,000 ATM fees penalize cash users (use till points at R2.30). Compared to TymeBank’s fee-free model or Capitec’s broader transfers, Old Mutual suits disciplined savers avoiding cash. Maximize value by using digital banking, setting SWIPE & SAVE at 5–10%, and opting for green savings (6.0%).

Conclusion

The Old Mutual Money Account in 2025 remains a compelling choice for South Africans seeking affordable banking with integrated savings, serving over 1.5 million clients with a low R5.25 monthly fee and a 5.5–6.0% savings rate. Its SWIPE & SAVE (1–15%), Focused Save, and 2025 enhancements—AI-driven optimizer, PayShap, and green savings—promote financial discipline in a stable economy (7.5% repo rate, 4.5% inflation). While transfer limitations (only Old Mutual accounts) and high ATM fees (R15/R1,000) are drawbacks, free POS transactions, a 4.7/5-rated app, and 10% cashback rewards add value. For savers prioritizing low costs and automation, the Old Mutual Money Account is a top contender.

Key Citations

• https://www.oldmutual.co.za/personal/bank-and-save/money-account/
• https://www.oldmutual.co.za/about-us/our-businesses/old-mutual-limited/
• https://www.sarb.co.za/
• https://www.financialmail.co.za/companies/financial-services/2023-09-21-old-mutual-eyes-growth-in-banking/