Frequently Asked Questions

• You need a valid South African identity document (ID).
• You need a current payslip not older than one month.
• You need bank statements for the last three months indicating three consecutive monthly salary deposits.
• You need proof of residence not older than 3 months. This can be any household utility account in your name, e.g. electricity, water, Telkom etc. or a bank, or credit card statement that has your name and current residential address on it.

Our personal loans work as follows:

• A minimum loan term of 3 months.
• A maximum loan term of 60 months.
• You could qualify for a personal loan of up to R175 000.
• Your interest rate is fixed at the time of your personal loan application.
• To apply for a loan over a period of 3 - 12 months, you need to be permanently employed at the same employer for at least 3 months..
• To apply for a loan over a period of 12 - 60 months, you need to be permanently employed at the same employer for at least 12 months..
• The interest rate applied is based on your personal credit profile.
• Only individuals, not businesses, may apply for a personal loan.
• Credit Life Insurance is only applicable on loans with a term of 12 months and more.

• You need to be at least 18 years old.
• You need to be earning at least R2 500 per month.
• The term of your loan must end before you turn 60 years of age.

Interest Rate - Each customer's situation is unique. The interest charged on your loan will be calculated based on your personal credit profile.

Monthly Service Fee - A standard monthly service fee is applied to all loan accounts and is charged on a monthly basis.

Credit Life Premium - A credit life premium is charged monthly and the premium is based on the rand value of your loan at the time of application

If you apply online and have all required documents and you qualify, we will pay out the loan and notify you via SMS within 24 hours of your loan application being approved.

Credit life is an insurance policy that provides cover in respect of your loan in events such as death, disability or retrenchment.

Old Mutual Finance is entitled to require you to take out credit life insurance to ensure the loan is repaid if you die, become disabled or are retrenched. Old Mutual Finance has arranged a policy through OMART, which is an Old Mutual insurance company.

You can either take this policy or provide your own policy when you apply. Not any policy will be accepted by Old Mutual Finance. It must be a policy that provides at least the same protection to you and Old Mutual Finance. Therefore it must cover at least the outstanding balance in the case of death, or permanent disability, if you are temporarily disabled it must cover the instalments for 24 months and if you are retrenched, it must cover the instalments for at least 12 months. It must also not have unreasonable exclusions or waiting periods.

If you know that you will be retrenched when you take out the loan and the cover, the policy will not pay out. If you injure yourself on purpose or commit suicide, the policy will also not pay out. If the disability or death is as a result of existing medical conditions not disclosed, exclusions will apply.

The credit life policy summary is available for you to read and you will get a copy. The cost of the credit life cover will be shown to you when we provide you with the loan offer.

If you have any further questions regarding the credit life policy or you would like to use your own policy, we need to refer you to a specialist to assist you, before we can finalise the loan. Please call them directly on 0860 000 886.

We look at your previous credit record when assessing your loan application; if you don't have previous debt we may not be able to proceed, but we will consider your personal circumstances and let you know what the outcome of your application is. You may only qualify for a small loan until you have built up a good track record.

You need to provide us with a sworn affidavit from a South African police station indicating your current residential address.

We are able to offer you an affordable, yet innovative solution Download the Money Account Fee Structure.

• You need to be a South African Citizen with a valid South African ID.
• You need to be 18 years or older.
• You must bring along your valid South African ID (no driver's license accepted), proof of residence for FICA purposes and your mobile phone.

Yes, if you are an existing Money Account holder, the biological parent or legal guardian of the child and the child is between the ages of 7 - 17 years.

You can open an account for a minor at your nearest Old Mutual branch and will need to bring along the following:

Parent
1) Parents original ID
2) Minors Original Birth Certificate (Unabridged/Abridged - surname should match parents surname)
3) Parent's FICA document
4) Your cellphone
5) Cellphone number for the minor

Guardian
1) Guardian original ID
2) Minors original Birth Certificate
3) Guardian FICA document
4) Proof of guardianship court order/certificate of adoption
5) Your cellphone
5) Cellphone number for the minor

• An original South African green bar coded ID Book or a Smart ID Card
• Passports, driver's license or temporary ID's will not be accepted.
• Proof of your current South African residential address. The documents must reflect your name(s) / initials and surname together with your current residential address. Please note that proof of residence must be original and not older than 3 months.
  
  The documents you may use are:
  • Bank Statement
  • Bank E - Stamped Statement
  • Bank Account Transaction History
  • Official Letter from the Bank
  • Cellular Phone Account /Invoice or correspondence from the service provider
  • Fixed Line Account (Telkom/Neotel) or correspondence from the service provider.
  • Retail Invoice or Statement of Account (Must reflect the clients account number on the document)
  • Correspondence or fee statements from Educational Institution or associations and bursary suppliers
  • Investment Statement
  • Loan Statement (includes Credit Card Statements)
  • Mortgage Statement
  • Insurance Policy Schedule or correspondence (Long or Short term)
  • Letter from SARS/ SARS Tax Assessment Notice
  • IRP5/IT3a Tax certificate supplied by Employer
  • Medical Aid Statement or medical accounts from medical practitioners
  • Motor Vehicle License/Fines
  • Municipal Account (Rates & Taxes)
  • Municipal Letter
  • Ward Councillor Letters
  • Payslip/Salary Advice
  • Property Rental Statement
  • Settlement Letter from credit provider / Paid up Letter
  • Official Letter from Tribal Authority
  • TV License Statement
  • Correspondence from SABC
  • Utility Bill (Eskom or Municipality electricity/water account)
  • Sworn Affidavit by co-habitant
  • Declaration by co-habitant
  • Property Lease or Rental Agreement
  • Employer Letter (only where employee's reside at employer's premises)
  • Confirmation from a body corporate or share blocks association
  • Debt Collectors Letters and Attorney Correspondence
  • MultiChoice/ DSTV Account or correspondence reflecting the account number of the client
  • Security Services Accounts/Correspondence
  
  
  

Either online or at your closest Old Mutual branch.

We offer you unlimited free swipes because we want to encourage all our customers to consider the more affordable safer, cash free lifestyle. But we do understand that at times, you will need some cash.

Your daily transactional limits are:

• ATM and Store cash withdrawals - R5 000 daily
• Temporary ATM withdrawal Limit - You can increase your daily withdrawal limit to R10 000 which will be valid until 7PM on the day it has beeen increased. To increase your withdrawl limit you must contact our service center on 0860 222 252. The cost will be R20.00 per increase request
• EFT via Internet/Cellphone/Mobile banking - R50 000 daily can be increased to R100 000 via online banking
• Card Purchases - R50 000 daily. R10 000 per transaction
• Online purchases - R50 000 daily

We encourage you to swipe because you have access to unlimited swipes with zero transactional fees. But we do understand that there are times when you need to get cash so, we made it easy for you.

• You can withdraw cash from a Pick n Pay, Boxer, Shoprite or Checkers store for just R2.50 per cash withdrawal.
• You can perform a cash withdrawal only or you can withdraw cash with a purchase of goods.
  Just inform the cashier that you would like to process a cash withdrawal, hand your card to the cashier, and you will be asked to enter your card pin to proceed with the transaction.Please make sure that the cashier gives you the right amount of money.
  
• Your day of searching for an ATM belonging to your bank is a thing of the past. You can withdraw cash from any SASWITCH ATM. You will only pay R8.50 for each of your first 4 withdrawals for the month and after that R13.00 per cash withdrawal.
• The daily withdrawal limit is R5000 per day. (Temporary Cash Limit - R10 000)

1. Cash deposits
Cash deposits can be made at any till point of a Pick 'n Pay or a Boxer store.

• Inform the cashier that you would like to do a mobile deposit.
• Using Cellphone Banking, dial *120*257# or the Money Account mobile app generate a wiCode - this 9 digit code is valid till midnight after it has been generated.
• The cashier will then select the option to make a cash deposit on the terminal.
• You will then need to provide the cashier with the 9 digit wiCode.
• Hand the cash you would like to deposit to the teller.
• Cash is deposited and funds will immediately reflect in your account.

The cashier should give you a receipt/slip as proof of the transaction

2. Electronic fund transfer (EFT)
You can do an EFT into your Money account by using your Money Account banking details.

• Account Number - Your 10 digit number that was provided to you during the acquisition process. Your account number is displayed on your Internet Banking, Cellphone Banking and Mobile Banking App profiles.
• Account Type - Savings
• Bank - Bidvest Bank
• Branch Code - 462005

3. Switch Your Salary and Debit Orders

Step 1: Open an Old Mutual Money Account.
Either online or at your closest Old Mutual branch.

Step 2: Switch your Salary
To make sure that your employer or HR team has the correct details of your new Money account, simply fill out the MoneyAccount Mandate Form and email it back to us.

Step 3: Switch your debit orders
Let us take the hassle out of switching your debit orders. Just download the Debit Order Switching form and Annexure 1 form , complete these and return them with a copy of your ID to your closest branch. Alternatively, you can email your documents to MASwitching@omfinance.co.za.

You can submit these documents at your closest branch or email them to MASwitching@omfinance.co.za.

• Copy of ID
• Money Account Mandate form
• Annexure 1 form
• Debit Order Switching form

Old Mutual Money Account is a transactional product which is offered by Old Mutual in association with Bidvest Bank Limited.

462005.

You can reset your cell phone banking Pin, in the branch or through the Old Mutual Money Account service center on 0860 222 252. A one-time PIN will be sent to you via SMS. You will then be required to enter this one-time PIN and set your new PIN.

Contact the Old Mutual Money Account Service Centre on 0860 222 252 to reset your Internet Banking password. Make sure that you have your cellphone with you. You will be required to validate the instruction to have your password reset. A one-time password will be sent to you via SMS. You will then be required to enter this one-time password and set your new password. The internet banking password can be reset with the mobile app.

R25.00

No, you can only transfer money to your SAVE account from your SWIPE account. This transaction is free so start saving today.

Yes Money Account Card is a VISA card and can be used internationally. The service centre should be informed of your travels and which countries you will be visiting. Our service centre number is 0860 222 252

To reset your card pin you can contact our service center on 0860 222 252.

You can apply for a personal loan online. Apply Now.

We have over 300 branches nationwide. To find your nearest Old Mutual branch, click here.

Click here to go to the 'Contact us' page to see all the ways you can contact us.