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We’re led to believe that you can never have it both ways – you can’t have your cake and eat it. And that’s a problem because most people want to be able to spend their money and save it with equal ease, while most bank accounts are designed primarily either as a current account or as a savings account. Some cheque accounts allow you to move funds into a savings pocket, but the interest rates offered by these products don’t even match inflation.

What South Africans need to make the most of their money is an account that allows them to grow their savings, draw cash, swipe, and pay online. And that is why we developed the Old Mutual Money Account.

ONE CARD, TWO ACCOUNTS

Having seen the limitations of the pocket approach to savings, we wanted to offer something better: two linked accounts that customers could transfer money between as they wished and at no additional cost. And, because the second account was intended to grow one’s savings, it would have to offer a return rate high enough to beat inflation.

THE SAVINGS ACCOUNT

Let’s look at the savings account in the Money account.

MONEY MARKET UNIT TRUST

The solution was to link a transactional account – one with which you could swipe, make withdrawals and pay online – with a money market unit trust account. This makes it possible for our customers to earn an impressive average rate of return while allowing them to transfer their funds back and forth between their current and savings account quickly and easily.

SWIPE & SAVE

The guiding principle behind the Money Account is saving, and one of the features we’re most proud of is the Swipe & Save function. With this feature, you can set your account to automatically transfer money to your savings account every time you swipe your card in store. This amount can be set to anything between one and fifteen percent of your swipe transactions, giving you complete control of how much you save.

THE TRANSACTIONAL ACCOUNT

LOW COST

We wanted to make the Money Account as affordable as possible, and this unique account will now cost you only R4.50 a month. With that, you can swipe for free and as many times as you like, make online purchases for free, and draw cash at the till for R1.50. In a previous article we actually compared the costs of a dozen, varied transactions made on a Money Account to the cost of the same transactions made on a more expensive account. You can see the results in this blog on how to save on bank fees.

ONLINE BANKING, CELLPHONE BANKING, MOBILE BANKING APP

With digital banking, you can access your money from anywhere, at any time. It doesn’t matter whether you’re on a computer, smart phone, regular cell phone. You can always make those frequent and important purchases: airtime, data, and electricity. And if you have an internet-enabled device, you can also make peer to peer payments and merchant payments, transfer funds between your own accounts, and print bank statements.

SECURITY

Of course, neither a savings account or transactional account is of any use if it is not secure, and the Old Mutual Money Account is designed with some innovative security features to make your personal finances as safe as possible. Our off-and-on feature allows you to turn your card of when it goes missing, and then turn it back on when you find it. This is a convenient and cost-saving alternative to cancelling a card that would then have to be replaced.

Of course, this is just one of many features designed to make the Money Account safer and easier to use. To learn about its other innovative features, visit our website.