How to save on bank fees

Banks exist to do two things: give you access to your money when you need it, and help you save it when you don't. But it's hard to grow your money when you are accruing hundreds of rands in banking charges every month. What you need is a way to cut banking costs while also allowing your money to grow - one that takes advantage of the many incentives that banks are giving customers to become less dependent on branches and ATMs.

With our monthly admin fee at R4.95, below is a list of the FREE transactions and value that the Money Account gives you.

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

HINTS AND TIPS TO REDUCE BANK FEES

Here are some hints and tips, with small behavior changes can help you save money on your fees and have more to spend on the things you enjoy.

  • Use your Money Account card for purchases (at no cost)
    • Drawing cash at an ATM is expensive, so wherever possible, use your card for purchases at retailers, online purchases and for in app purchases eg. Uber
    • If you are an Old Mutual Rewards customer you will also earn points for card purchases > R100
  • Use retailer’s tillpoints for cash withdrawals
    • If you need cash, use a retailer tillpoint for the cash withdrawal and not an ATM. It’s much cheaper, safer and more convenient
    • Try to manage the number of cash withdrawals needed in a month – a bit of planning can save money on cash withdrawal fees
    • An alternative to a cash withdrawal is to Send Money on the Mobile Banking App or USSD channel to quickly and easily send money to a valid South African mobile number
  • Use digital self-service channels
    • Do your banking digitally including beneficiary payments using the Money Account self-service channels – Mobile App, Cellphone Banking (USSD) or Internet Banking. It’s way more convenient, removes the hassle of dealing with cash, saves time and money and puts you in control of your banking
    • Avoid checking your account balance at an ATM but rather use the Money Account self-service channels – Mobile App, Cellphone Banking (USSD) or Internet Banking

  • Avoid unnecessary fees
    • By ensuring that you have sufficient funds are in your accounts to cover debit orders and when making card purchases or cash withdrawals

Please see attached the latest Money Account fees as of 1 July 2021