Old Mutual Money Account Review 2023

The Old Mutual Money Account is a daily transactional account with a monthly account fee of R4.95. A minimum balance of R25.00 is required to be maintained in the account. For cash withdrawals at the till point, the account charges R2.00.

Account holders can enjoy a number of free transactions with their Old Mutual Money Account. When you open an account, you get the following free account features:

• Card purchase (in Retail stores, online or in App)
• Access to Mobile App, Cellphone (USSD) & Internet Banking self service channels
• Quick Pay
• SWIPE & SAVE % (Set a % between 1% and 15%)
• Focused Save (automate a monthly Swipe to Save transfer on a date of your choice)
• Switch Card on/off (security feature)
• Transfer between SWIPE & SAVE account
• Access monthly statements on the Mobile App & Internet Banking
• View account balances, manage account limits & settings and much more on the Mobile App
• Bank Account confirmation letter
• Earn points for card purchases (swipes) on the Old Mutual Rewards programme

Old Mutual Money Account also charges fees, these fees are tabled below.

Old Mutual Money Account Fees 2023

How old mutual money account works?

The Old Mutual Money Account, like the FNB’s’save your change’ feature, allows you to save a percentage of your money spent automatically. Each card purchase result in a savings of between 1% and 15%. The saved money is then invested in an Old Mutual money market unit trusts, where it earns interest.

In 2019, the fund generated an interest rate of 7.4%. The Old Mutual Money Market Unit Trust have a good track record and has shown great returns since its inception.
The account comes with the following features:

There are 2 more options to save apart from the ‘swipe and save’ feature:

• Focused Save function. The Focused Save function is the more traditional way to save your money.
  You merely set a regular specific monthly amount that is to be transferred from your Transact Account to your Save Account.
• Anytime time transfer of funds using your Old Mutual app, cellphone banking or internet banking.

Account features

• There are free card purchases whenever you swipe your debit card
• You get access to monthly statements on the Mobile App and the Internet Banking at no cost
• The minimum account balance is R25.
• Using the mobile app, you can also set your preferred account notification to keep track of all your transactions.
• You are able to pro-actively request payment from another account holder using the Mobile App, much like sending a “please call me” message. The recipient of the payment request can simply click on the message and authenticate the transaction, without having to log into the App.
• There is an option to pay a fellow Money Account user using their cellphone number.
• For security reasons, you are able to de-activate the Money Account card if it is lost or stolen and re-activate once it has been found.
• The tap to pay feature can be enabled for low-cost transactions, however, you can keep the function disabled to increase the security of your account.
• As a Money Account customer, you can use the App to purchase and initiate a claim for the Group’s Old Mutual Family Funeral product.
• The account can be used to pay for prepared products like Airtime, Electricity, Data or SMS Bundles.

Competitive advantages of the Old Mutual Money Account

• An easy and encouraging way to save money
• competitive monthly fees and a lot more free transactions
• the money saved is invested in a money market unit trust yielding you competitive interest
• using the Old Mutual’s friendly mobile app can avoid a lot of fees since most transactions are done from the App are free

Competitive disadvantages of Old Mutual Money Account

• The Money Account can only send money to a recipient who also has an account, unlike other transactional accounts like FNB mobile app‘s ewallet that allows you to send to any South African phone number.

Old Mutual Money Account Application Process

The following documents are required when applying for the Old Mutual Money Account:

• South African Identity Document
• Proof of residence
• And provide your phone number

Conclusion

The number of South Africans who are saving money is still very low hence a product that encourages the saving habit is much needed. The money saved with the Old Mutual Money account is at low risk and returns much higher interests than most savings accounts.