Published: 2026-05-20 | Last updated: 2026-05-20
Regulatory Disclaimer: OM Bank Limited is a registered bank licensed by the Prudential Authority (SARB) under the Banks Act 94 of 1990. Products and fees are subject to change. Always verify current terms at oldmutual.co.za/bank before opening an account.
Account Fees and Features
| Parameter | Value |
|---|---|
| Monthly fee — Personal Account | From R4.95 |
| Monthly fee — Savings Account | R0 |
| Card type | Visa debit (virtual + physical) |
| Savings interest rate | Up to 7.23% per annum |
| Debit card rewards | 2.5% in points on qualifying debit spend |
| Interest-free credit period | 31 days on qualifying purchases |
| Minimum account balance | R0 (no minimum balance requirement) |
| Account currency | South African Rand (ZAR) |
| Physical card collection | At any Old Mutual branch (~346 locations) |
| Account opening | Digital (app-based), biometric verification |
Transaction Fees
| Transaction Type | Fee |
|---|---|
| POS / in-store card swipe | Included in monthly fee |
| Online card purchases | Included in monthly fee |
| EFT payments | Refer to current OM Bank fee schedule |
| ATM withdrawals (own network) | Refer to current OM Bank fee schedule |
| ATM withdrawals (other banks) | Third-party ATM fees may apply |
| Debit orders | Refer to current OM Bank fee schedule |
| Cash deposits | Refer to current OM Bank fee schedule |
| International transactions | Refer to current OM Bank fee schedule |
Note: OM Bank launched in 2025 and continues to update its fee structure. Always consult the latest fee guide at oldmutual.co.za/bank or the in-app fee summary for current transaction charges.
Eligibility Requirements
To open an OM Bank Personal Account, you must meet the following criteria:
| Requirement | Detail |
|---|---|
| Age | 18 years or older |
| Residency | South African resident |
| Identity document | Valid South African ID (green barcoded ID or smart ID card) |
| Smartphone | Required for app-based account opening and management |
| Biometric verification | Facial recognition and/or fingerprint scan required |
| Monthly income | Targeted at R8,000–R80,000/month (not a hard restriction but the designed target market) |
| Credit check | May apply for credit-linked features |
Savings Account Features
The OM Bank Savings Account is a separate product with no monthly fee:
| Feature | Detail |
|---|---|
| Monthly fee | R0 |
| Interest rate | Up to 7.23% per annum |
| Access | Instant access (not a fixed deposit) |
| Minimum balance | R0 |
| Pay Me First | Automatic savings sweep from incoming payments |
The 7.23% per annum interest rate on the savings account is notably higher than typical call account rates offered by most South African commercial banks, making it a meaningful incentive for customers to hold a larger portion of their funds with OM Bank rather than in a transactional account paying negligible interest.
Rewards Programme
OM Bank's debit card rewards programme is built into the product at no additional subscription cost:
- Earn rate: 2.5% back in points on qualifying debit card purchases
- Redemption: Points can be redeemed for cash, vouchers, or airtime
- Qualifying spend: Online and in-store Visa debit card transactions; specific exclusions (e.g., ATM withdrawals, certain merchant categories) may apply — check the OM Bank app for current qualifying categories
Interest-Free Credit Window
Qualifying debit card purchases attract an interest-free window of 31 days, adding a short-term credit element to what is fundamentally a debit product. This means that for qualifying transactions, the funds are not debited from your account immediately but after the 31-day window has elapsed, provided the balance is settled within that period.
Risk Warning
Banking and savings products carry risk. While OM Bank is a fully licensed commercial bank, deposits are subject to the risks applicable to any banking institution. The South African deposit protection scheme (administered by the Corporation for Deposit Insurance, CODI, under the Financial Sector Regulation Act) provides limited depositor protection — verify current protection levels at prudentialauthority.co.za before depositing significant funds. Interest rates are variable and subject to change. Past rates are not a guarantee of future returns.
FAQ on Terms
Is there a minimum balance on the OM Bank account? No. OM Bank does not require a minimum balance to keep the account active.
Can the monthly fee increase? Yes. Like all bank accounts, OM Bank may revise its fee structure. Current fees are published on the OM Bank website and in the app. Customers are notified of fee changes in advance in line with the Banks Act requirements.
Does the savings account have a withdrawal restriction? The savings account is designed as instant access. Check the current product terms for any notice periods or withdrawal limits that may apply.