Old Mutual Money Account R4.95 Low Fee Bank Account in South Africa That Turns Every Swipe into Savings
With a R4.95 monthly fee, tap-to-pay convenience and a Swipe & Save feature that invests your spare change into a money market, the Old Mutual Money Account gives South African cardholders a low-fee way to grow their savings
Old Mutual Money Account: a low-fee daily account for South Africans
The Old Mutual Money Account offers a genuinely affordable transactional option in South Africa, charging just R4.95 per month and requiring a R25 minimum balance. For anyone tired of bloated monthly fees, this account keeps banking simple while offering tap-to-pay and free card purchases in-store and online.
Beyond the tiny admin fee, everyday costs stay low: ATM withdrawals cost R15 at local ATMs and R40 abroad, while debit orders and immediate payments remain competitive. This makes the Old Mutual Money Account a strong contender when you compare low fee bank account options in the RSA market.
Smart saving tools: Swipe & Save and money market growth
One standout is Swipe & Save — every time you swipe the card you can automatically save a set percentage (1% to 15%) that gets invested into the Old Mutual Money Market Unit Trust. That means daily purchases turn into disciplined saving without extra effort, ideal for building an emergency buffer in rand.
The money market investment aims to deliver better returns than a basic savings account while preserving capital and liquidity. Combined with Focused Save and instant transfers via the app, the Old Mutual Money Account helps South Africans grow cash quietly and securely.
Mobile app convenience and local features
The Old Mutual app reflects how people in South Africa manage money today: check balances, set alerts, change limits and switch tap-to-pay on or off in seconds. You can deactivate a lost card immediately, request payments from friends, and track your Swipe & Save contributions without needing to visit a branch.
Local integrations like Pick n Pay cash deposits, DSTV payments and affordable cash-at-till options make the account practical for daily life. The rewards programme adds extra value for routine spending, so cardholders in SA get both convenience and small perks for regular purchases.
Fees, how to apply and why choose Old Mutual
Understanding the fee schedule is simple: low monthly admin fee of R4.95, free EFT deposits, small charges for ATM withdrawals and cash deposits at retailers. For budget-conscious customers this balance of low fixed costs and helpful features keeps banking affordable without sneaky extras.
Applying is straightforward for South African residents: ID, proof of residence and your cellphone number are enough to get started. If you want a low fee bank account with built-in saving mechanics and a trusted money market investment, the Old Mutual Money Account is a pragmatic choice for managing Rand finances and growing savings in everyday life.