When would I need a bank account?

A bank account is something you need the minute you start interacting with money. Most people in South Africa only open a bank account when they are in high school or starting a job. Some parents open up bank accounts for their children when they are still quite young (primary school-going age).

Why do I need a transactional account?

We all need to make payments quickly and easily and we know it’s important to save. The Old Mutual Money Account helps you do both. It has both a transactional account that makes transacting simple, secure and affordable and a savings or investment account to help you grow your money. The Swipe Account– that’s the transactional account – allows you to do almost everything your current bank account does but at a very low R4.50 per month (service fee). The Save Account is tied to the Old Mutual Money Market Unit Trust. To access your savings, you simply transfer funds from that account into your Swipe Account. Funds are available immediately, and there’s no extra cost for early withdrawal.

With  Swipe and Save you can add to your SAVE account every time you swipe your card. Set your percentage to be anything between 1-15% of your total daily spend.

How much does it cost?

Old Mutual Money Account is one of the most affordable, low cost transactional accounts in South Africa. With the Old Mutual Money Account you can swipe for free, transact on the go, and get access to a one-of-a-kind unit trust account. And all for only R4.50 a month.

DID YOU KNOW?
You can access your savings at any time. No filling in forms, simply transfer the amount you need, at no extra charge.

Why Old Mutual?

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We offer a competitive fee structure that includes a monthly service fee of only R4.50.

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Two accounts – a savings and transactional account - in one!

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We want to help you save regardless of how much you earn. You can invest as little or as much as you want every month.

What we offer

Old Mutual Money Account offers you a transactional and savings account in one.

Disclosure

The Old Mutual Money Account is an offering by Old Mutual Transaction Services (Pty) Ltd in association with Bidvest Bank Ltd and Old Mutual Investment Administrators, a licensed financial services provider. Old Mutual Investment Administrators (Reg No. 1988/03478/07), a licensed financial services provider and Old Mutual Unit Trust Managers (RF) (Pty) Ltd is a registered manager in terms of the Collective Investment Schemes Control Act 45 of 2002. The fund fees and costs that Old Mutual Unit Trust Managers charge for managing your investment are set out in the relevant fund's Minimum Disclosure Document (MDD) or table of fees and charges, both available on Old Mutual Unit Trusts Managers' public website, or from Old Mutual Unit Trusts Managers' contact centre. Old Mutual is a member of the Association for Savings & Investment South Africa (ASISA).

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