Old Mutual Money Account R4.95 low-fee everyday account with automatic Swipe & Save and money market returns in South Africa

Why the Old Mutual Money Account makes sense in South Africa

The Old Mutual Money Account is built for everyday banking in South Africa, with a tiny monthly fee of R4.95 and a minimum balance requirement of just R25. That low cost, paired with free card purchases and competitive ATM rates, makes this account ideal for students, young professionals and families who want to keep banking fees under control while still accessing modern features.

This account stands out because every swipe can help you save. The automated Swipe & Save feature rounds or percentages off card spends and invests them into Old Mutual’s money market vehicle, turning routine spending into steady growth without you having to think about it.

Fees, withdrawals and the mobile experience

Old Mutual keeps fees transparent: R15 for local ATM withdrawals, R40 for international, and small charges for deposits or immediate payments. The monthly R4.95 administration fee is clear and makes total cost predictable compared with traditional current accounts that carry higher hidden fees.

The Old Mutual app matches local expectations — easy balance checks, manage limits, freeze/unfreeze cards, and notifications for every transaction. South Africans who prefer cellphone banking will find the app straightforward and secure, and the rewards for card purchases add extra value over time.

Savings growth: Swipe & Save and money market returns

The defining feature is Swipe & Save: you can set it to save between 1% and 15% of card spends or round up purchases so saving happens automatically. Those savings are invested in the Old Mutual Money Market Unit Trust, which aims for stable, liquid returns that typically beat standard transactional interest rates.

Because funds go into a professionally managed money market fund, you get diversification across short-term government and corporate instruments. That means your emergency cash stays accessible but still earns meaningful returns compared with leaving money idle in a low-interest account.

How to apply, who benefits and a clear call to action

Applying is straightforward for South African residents: have your ID, proof of address and cellphone ready, and you can open an account via the Old Mutual app or online portal in minutes. The account is particularly useful for people who want low monthly costs plus automated savings without changing day-to-day habits.

If you want to stop paying unnecessary bank fees while building a simple savings habit, this Old Mutual Money Account is worth a close look. Visit the Old Mutual website or download the app, compare fees and start your application today to lock in low-cost everyday banking and automatic money market growth.