Old Mutual Money Account, R4.95 Monthly, South Africa’s Top Low-Fee Account with Swipe and Save
Only R4.95 a month lets the Old Mutual Money Account turn every swipe into automatic savings with money market returns and a handy South African banking app
Why the Old Mutual Money Account stands out in South Africa
The Old Mutual Money Account is a low-cost transactional account built for everyday South African life, charging just R4.95 per month and requiring a minimum balance of R25. It combines the convenience of a current account with automated savings mechanics that suit salaried workers, students and informal traders alike.
With free card purchases locally and clear ATM and cash deposit fees, the Old Mutual Money Account removes complexity so you can focus on budgets, groceries at Pick n Pay or airtime top-ups using cellphone banking. The account’s local focus makes it a practical choice for people who want to keep costs down and savings growing.
Fees, returns and the Swipe & Save edge
Fees are transparent: monthly admin R4.95, ATM withdrawals R15, cash deposit at selected retailers such as Pick n Pay around R19.95 and international ATM withdrawals R40. The Old Mutual Money Account also offers competitive returns because saved amounts are invested in Old Mutual Money Market Unit Trusts rather than left idle.
The standout feature is Swipe & Save, which rounds or saves a percentage of each card purchase into a money market unit trust. Over time, those automatic contributions earn money market returns, so routine spending becomes a steady savings plan without forcing you to change how you spend.
Mobile app, security and rewards
The Old Mutual mobile app is made for South Africans who manage finances on the go: check balances, set notifications, freeze or unfreeze cards and enable tap-to-pay for convenience. Notifications and two-factor steps are tailored to local behaviour, so you’ll get timely alerts about EFTs, debit orders and DSTV payments.
Security is robust: you can deactivate cards instantly if lost and re-activate when found, and the app supports quick payment requests and rewards for card purchases. The Old Mutual Money Account’s rewards programme converts everyday swipes into redeemable points and adds another layer of value to regular banking.
How to apply and why it makes sense
Applying for the Old Mutual Money Account is straightforward for South Africans: you need your ID book or ID card, proof of residence and a mobile number. The sign-up can be completed via the app or at a branch, and you’re ready to start with R25 in the account and R4.95 monthly maintenance thereafter.
For anyone seeking a low-fee transactional account that doubles as a savings vehicle, the Old Mutual Money Account is a strong pick. It suits those who want predictable costs, automated saving via the money market unit trust and a local banking experience tuned to the South African market and spending habits.