WATCH: Want to save, invest and earn real rewards as you spend? Old Mutual has the perfect tool for that

Many South African households have had to find ways to tighten their budgets and drastically reduce their spending during this past rough year, says Brett Cameron, Head of Rewards at Old Mutual. “The best recovery strategy is to make the most of opportunities that support your financial security and your financial goals.”

One such opportunity is the Old Mutual Money Account, which is designed to help customers to save and invest as they spend, and then supports them further by rewarding them with points and benefits, if they are also Old Mutual Rewards members.

“It’s a simple but effective way for households to build an emergency fund, improve their finances and stay motivated,” says Cameron.

How does the Old Mutual Money Account work?

The Old Mutual Money Account is an innovative transactional account that’s linked to a unit trust savings and investment pocket.

“Because it operates as a normal debit account, the Old Mutual Money Account provides easy access to your money via a Swipe account option at the point of sale, ATM withdrawals, cash out at shops, and online purchases.

“But what sets this account apart is that you can activate a Swipe and Save functionality — via the app or internet banking — which accesses the savings and investment pocket, allowing South Africans to save, invest, and earn as they spend.”

The unit trust fund underlying the savings and investment pocket aims to deliver regular returns that outperform earnings on bank deposits over time, while preserving capital.

This makes the Old Mutual Money Account ideal for you if you want easy access to your cash while at the same time building a ‘rainy day fund’ that provides a regular additional source of income and maximum capital protection.

According to Cameron, combining a transactional account with a savings and investment function gives Money Account holders a great opportunity to “save at a higher rate”.

Benefits for Old Mutual Rewards members

Good news for members of Old Mutual Rewards is that if you open an Old Mutual Money Account you will receive additional points for using the card to make purchases, unlocking many more benefits for enjoyment ahead of the festive season.

Old Mutual Rewards, the only rewards programme that rewards South Africans for taking steps towards achieving their financial goals, is open to absolutely everyone, whether or not you’re an Old Mutual customer. And membership is free. Click here to join Old Mutual Rewards now.

By completing a range of helpful activities and informative online courses, members of Old Mutual Rewards accumulate further points for each step they take towards being financially smarter and healthier.

You can spend these points on:

    airtime and data
    food, clothing, and groceries at retailers nationwide

How does the Old Mutual Rewards programme work?

Old Mutual Rewards has five tiers that provide Rewards members with a variety of benefits. Benefits range from discounted domestic and international flights, to discounts on the quick and efficient tax filing service provided by TaxTim.

For example, for those who are on level two through to level five, free professional legal advice and emergency medical assistance is only a phone call away.

When you get to tiers three through to five, you can enjoy generous gym rebates if you’re a member of Virgin Active or Zone Fitness.

When you reach tier five, you can make free use of the Take Me Home Service. This pre-arranged designated driver service ensures you always arrive home safely after an evening out.

How do I access the Money Account?

The Money Account is available on the zero-rated Old Mutual App. It offers users the option of transacting on a mobile device with USSD, which does not require an internet connection.

“The Old Mutual Money Account really stands out in South Africa because it provides financial convenience, while encouraging financial freedom and giving you access to the tools you need to build and sustain prosperity,” says Cameron.