GROW YOUR MONEY WITH AN INNOVATIVE UNIT TRUST SAVINGS ACCOUNT
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. Never has one bank account done so much for so little. Start doing more with your money today. Get an Old Mutual Money Account.
Managing your money isn't always easy. You want to be able to make payments quickly and easily, and you want to be able to save. The problem is that your many payments, transfers, and withdrawals can result in costly banking charges, limiting your ability to save.
At Old Mutual we believe that a transactional account should help you put money away, not make it more difficult to save. That's why we developed Money Account, a bank account that makes transacting more affordable, simpler and more secure while also helping you to grow your savings. Pocket savings accounts don't offer the high return rates of dedicated investment accounts, and it was clear that we needed to find a way to link a high growth investment with an innovative low-cost banking account.
With the Money Account you can swipe, withdraw, and make payments just as you would with a regular account, however, your transaction costs can be lower - so much lower that you can make significant savings every month if you just follow the best practices described in our "How to use your Money Account" guide.
The Old Mutual Money Account is designed around the simple belief that people should be able to save regardless of how much they earn. Together with a close attention to budget, the unique Save Account features can help anyone put away a little - or a lot - extra every month.
Easily manage your personal finances with the new Old Mutual Money Account app even when on the go. Want instant access to your SWIPE and SAVE accounts?
Simply download the app and easily perform transactions related to payments, make transfers, view your balances and manage your beneficiaries.
With the Old Mutual Mobile App, you can manage your money on the go. Buying airtime, data, and electricity takes just a few clicks, and it's just as quick and simple to pay and manage beneficiaries, transfer funds between accounts, adjust Swipe and Save settings, and view balances, transaction histories and statements. Do more with your money, and put the power of on-the-go banking in your pocket today. Read more
If you don't have a smartphone, you can still perform many transactions with cellphone banking. By simply dialing *120*257# and following the prompts, you can use your feature phone to buy airtime, data, and electricity, pay beneficiaries, Quick Pay other Money Account holders, transfer funds between accounts, and check balances.
With Old Mutual online banking, you can exercise complete control over your finances from your desktop. Avoid queues and do all your transactions - inter-account transfers, payments, and airtime, data, and electricity purchases - from the comfort of your home. That's simple and secure access to your money, regardless of the time of day or night. Read more
With Quick Pay you can make unlimited transfers to other Money Account holders using your cellphone. You only need to know the recipient's phone number to send them amounts up to R5000 (cellphone banking) or R20,000 (app and online banking). Quick and easy transactions are just another way that the Money Account helps you do more with your money.
To make the Money Account as cost effective as possible, we've enabled in-store withdrawals for only R1.50. Forget that ATM's were ever used for withdrawing cash, and make your next withdrawal at any paypoint that allows cash withdrawals. Deposits can also be made at Shoprite, Checkers, Usave, Boxer and Pick 'n Pay stores for R7.
With the optional SWIPE & SAVE feature, you can automatically add to your SAVE account every time you swipe your card. You can set your SWIPE and SAVE percentage to be anything between 1-15% of your total daily spend - giving you control over how much you feel comfortable saving.
If you spend R100 on groceries and you've set your SWIPE & SAVE percentage to 10%, then an extra R10 will be added to your SAVE account, automatically. In total, R110 has moved from your SWIPE account - R100 for the groceries and R10 which has automatically gone into your SAVE account.
If you'd like, you can choose to have a fixed amount automatically transferred from your SWIPE account to your SAVE account every month. The best way to do this is to set your FOCUSED SAVE date (when the money is automatically transferred) to the day that you get paid. This way, there are always funds available to save. If you've set your FOCUSED SAVE transfer to R200, then R200 will be automatically added to your SAVE account every month on the date that you've chosen.
Your SAVE account is linked to the Old Mutual Money Market Fund Unit Trust, which gives your money higher growth potential on your savings than in a normal bank account. Also, you don't have to wait to access your money like you would with most investments - you can access it instantly, at any time.
Simply transfer the money you need from your SAVE account to your SWIPE account and you can swipe to make purchases immediately. Transferring between accounts can be done simply by using our Mobile Banking App, Cellphone Banking or Internet Banking - whichever you prefer.
We understand that safety and security is crucial when it comes to managing your personal finances, so we've made it a top priority with these features:
Keep your card details safe by using our unique on-and-off feature to turn your card off when it goes missing. With cellphone banking, the Old Mutual Mobile Banking App, and online banking, you can quickly and easily turn your card on and off, so that you can immediately take control of your accounts if your card falls into the wrong hands.
To make your online transactions as secure as possible, we use the latest and most advanced security software. In addition to the secure password portal, transactions have to be authorised using your phone before they go through, protecting you from unauthorised internet purchases being made on your account.
We are all about making banking more affordable and more convenient. That's why our fees for in-store withdrawals and payments are amongst the lowest in South Africa. And, because the Money Account is savings-focused, we also won't charge you for inter-account transfers or for accessing your savings when you need to.
The Money Account is unique in that it combines a real investment vehicle - the Old Mutual Money Market Unit Trust - with a low-cost bank account.
With online banking, cellphone banking, and the Mobile Banking app, you can top-up airtime, data and electricity, make payments, and activate card security features on the go.
With the SAVE account, you don't have to wait to access your savings. You can transfer funds between the SAVE and SWIPE accounts immediately and at any time.
The Money Account includes innovative security features like the card on/off function and cellphone-authorised transactions to give card and internet transactions next level security.
Step 2: Switch your Salary
To make sure that your employer or HR team has the correct details of your new Money account, simply fill out the MoneyAccount Mandate Form and email it back to us.
Step 3: Switch your debit orders
Let us take the hassle out of switching your debit orders. Just download the Debit Order Switching form and Annexure 1 form , complete these and return them with a copy of your ID to your closest branch. Alternatively, you can email your documents to MASwitching@omfinance.co.za.
Click here to view our fee changes effective from 1 April 2018.
There are 4 main ways to fund your Money Account, follow the links to find out more.
The Money Account Tap and Pay card allows you to make small purchases quickly and securely by simply tapping your card on a Tap and Pay enabled Point of Sale device. No swiping is necessary. You simply tap, pay and walk away.
Your Tap and Pay card has added protection as it never leaves your hands.
Tap and Pay payments are up to four times faster than normal PIN-based transactions, reducing the amount of time you spend in queues.