Old Mutual Money Account Summary
The Old Mutual Money Account is a dual-purpose bank account that may be used for both transactions and savings. The Money Account costs R4.95 per month and requires a minimum balance of R25.00. At Old Mutual ATMs, cash withdrawals cost R7.50 for R1000.00 withdrawn, while ATM withdrawals cost R11.50 per R1000.00 withdrawn.
Old Mutual Money Account Application Process
The Old Mutual Money Account is also available for children as young as seven years old. This helps to instill the habit of saving in children at a young age. Applications can be completed in any Old Mutual branch near you, with the help of their advisers. Remember to bring the following items with you:
- South African Identity Document
- Proof of residence
- And provide your phone number
The Old Mutual Money Account is one of the primary elements influencing competition in South Africa’s entry-level banking sector. For a long time, South African banks were in a less competitive market, thus their entry-level offerings were not as tempting as they are now. When Old Mutual launched its Money Account, its distinctive selling feature was the capacity to provide:
- Easy and encouraging model of saving money (swipe and save)
- Cost-effective monthly fees and some free transactions
How old mutual money account works?
The Old Mutual Money Account, like the FNB’s’save your change’ feature, allows you to automatically save a percentage of your money spent. The amount you save should be between 1% and 15% of each card purchase you make. The money saved is subsequently invested in Old Mutual money market unit trusts, where it earns income. To be sure, the Old Mutual money market unit trusts are a low-risk savings vehicle. In 2019, the fund managed to deliver an interest rate of 7.4 percent. Since its inception, the Old Mutual Money Market Unit Trust has never had a negative return in any calendar month.
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.
- 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 process takes less than two minutes
- The account can be used to pay for prepared products like Airtime, Electricity, Data or SMS Bundles.
Old Mutual Money Account Fees
- The Old Mutual Money Account is of the most Transactional Accounts in the market right now. Their monthly account administration fee is currently R4.95 and has really low transaction fees.
- Cash withdrawal at retailer till points costs R1.20, withdrawals can be made from Shoprite, Checkers, Usave, Pick n Pay, Boxer and PEP stores
- Cash withdrawal at Old Mutual ATMs costs R7.50 per R1000 withdrawn while other banks’ ATMs is R11.50 per R1000
- International bank ATM withdrawal costs R35 plus the 3% currency conversion fee
- Debit orders cost R2.20
- SMS notifications cost R0.50 while emails and the mobile app notifications are free
- Branch statement request is R10 while getting the statement from the Mobile App and internet banking is free
- To replace your bank card is R70, changing the card pin costs R1 and closing your account will cost you R10
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.
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.