How to Open Old Mutual Money Account

Old Mutual is one of the most trusted companies when it comes to insurance and investment in South Africa. Most people are not aware that they also offer a savings account, which goes by the name the Money Account. With this account, Old Mutual states that it aims to make it easy for people to both save and transact. That’s done at a cheap administrative rate of only R5.25 per month. In this post, we will show you how to open an Old Mutual money account.

How to Open an Old Mutual Savings Account

The following are the options for those looking to open an Old Mutual money account;

  1. You can open an Old Mutual savings account online. Go to the Old Mutual website and click on Open Account. You will need to enter your ID number and your cellphone number to proceed. The number is needed because you will receive a number to verify your identity as part of the process of opening your account.
  2. Another option for those looking to open Money accounts is to visit their nearest Old Mutual branches. You can use their branch locator to find one that is near you. Again, you will need to have your ID and phone as part of the process.

What can you do with a Money Account?

That is how to open an Old Mutual money account. But what can you do with such an account? We noted earlier that the account is preferred since it is so affordable to run. The following is how you can use the account;

  • You can use your card to make purchases
  • As an example, you can pay DSTV using the app
  • You can switch your salary to the Money Account
  • You can also use it for debit order payments
  • Buy airtime and data
  • Buy electricity tokens
  • Earn rewards
  • Use the mobile app for various other transactions
  • Send money to people’s phone numbers

How do I get money into the account?

The Old Mutual Money account is just like any other bank, with added benefits. The following is how you can get money into your account;

  • Through salary deposits
  • You can deposit cash at retailers
  • You can swipe money into the account at select retailers
  • Deposts can be made at a branch
  • You can transfer money from another account


In this article, we highlighted how to open an Old Mutual Money account. It was noted that the major appeal for such an account is affordability. The account also comes with both a transaction and savings component and you can easily move your money between the two. You can have your salary deposited into this account, earning you a lot of rewards.

When will I get my Old Mutual loan?

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