To effectively save money, you need to find the right balance between responsible spending and saving. However, this sometimes proves challenging when unexpected events and costs affect your ability to save. For this reason many people believe that saving is more of an ideal than a likely reality. But, it’s very possible to save with the right bank account.
Some bank accounts are designed for transacting while others are intended for saving, but there hasn’t, up until now, been an account that is equally good at both. Since savings and transactions are two sides of the same coin, it made sense to us at Old Mutual to combine the two functions in a single banking product.
We saw a need for a bank account that allowed South Africans to draw cash and pay bills while also helping them to put aside and grow their savings. The result was the Old Mutual Money Account. With these unique linked accounts, you can now enjoy a high average return rate, save on banking fees, and put more money away.
With the Money Account you get the functionality of a regular cheque account, but with additional innovative features designed to optimise your saving. The first step to saving is to cut unnecessary costs such as those charged for using an ATM or branch. To make banking easier and cheaper, we offer our customers the following transactional capabilities:
Easily transact on the go with online banking. You can access your account from anywhere, at any time and use your online banking to easily complete a whole range of tasks, such as buying airtime, data, and electricity online, making peer to peer or merchant payments, and printing bank statements.
To ensure that you can access your funds from anywhere, we also offer a banking app. This allows you to make many of your online banking transactions – payments, airtime and data purchases, and transfers – from your cellphone.
Our out-of-branch transactional capabilities aren’t limited to an app and online banking. For customers who don’t have smart phones, there’s also USSD cellphone banking to ensure that they are always able to check their balances, transfer funds between accounts, and buy airtime, data, and electricity.
You’ll never be able to save if your banking charges are through the roof. To help our customers save, we offer a low administration fee of R4.50 per month. With this, customers are able to swipe for free, and make online purchases for free. Cash can be drawn at the till for R1.50 while debit orders cost R3.50 each.
The problem with the ‘pocket’ approach to savings is that it’s so easy to spend money, rather than put it in your pocket. To make saving a focus, you need a bank account that actively helps you save, either by automating monthly savings or by transferring a percentage of every swiped transaction to a savings account. The Money Account does both, ensuring that savings, however small, are transferred from the transactional account to a savings account.
The Swipe & Save feature facilitates saving in the most personalised way. You can choose to set this feature to automatically transfer money to your savings account every time you swipe your card in store. This can be anything between 1% and 15% of the cost of your transactions. Not only does this give you a convenient way of saving, it also puts you in complete control of how much you save.
Should you prefer to know how much you’re saving each month, you can also choose a fixed, predetermined amount to be automatically transferred to your savings account each month. The Focused Save lets you choose a date most convenient to you and removes the hassle of having to manually transfer your savings by doing it for you.
To really grow your money, you need a savings account that will not only match inflation, but beat it, soundly. So, when we developed the Money Account, we created a one-of-a-kind savings account – a Money Market Unit Trust account that allows our customers to enjoy an impressive average rate of return, while also giving them access to their funds at any time.
If you would now like to learn how to open a Money Account, visit the Money Account page.