OM Bank

OM Bank is a wholly owned subsidiary of Old Mutual Limited (JSE: OMU), one of Africa's largest and most established financial services groups, founded in Cape Town in 1845. Old Mutual is listed on the Johannesburg Stock Exchange and has more than 178 years of operational history in South African financial services.

The OM Bank Personal Account has a monthly fee from R4.95 per month. The Savings Account has a R0 monthly fee. These fees are among the lowest for full-service bank accounts in South Africa as of 2026.

The OM Bank Savings Account pays up to 7.23% per annum on the balance, which is notably higher than the call account rates offered by most South African banks. The interest rate is variable — check the current rate in the OM Bank app or at oldmutual.co.za/bank.

OM Bank's rewards programme earns you 2.5% back in points on qualifying debit card purchases. Points accumulate in your rewards balance and can be redeemed for cash, vouchers, or airtime directly through the app. Specific qualifying merchant categories may apply — check the current programme rules in the app.

Yes. Your OM Bank physical Visa debit card can be used at any South African ATM that accepts Visa. ATM withdrawal fees apply — consult the current OM Bank fee schedule in the app for per-withdrawal charges. Note that OM Bank does not operate its own ATM network and relies on third-party ATMs.

Once your account is open, request a physical card via the OM Bank app. The card is prepared and sent to an Old Mutual branch of your choice. You collect it in person with your ID document. OM Bank does not currently offer home delivery for physical cards.

The Old Mutual Money Account (the predecessor product) will be discontinued on 30 June 2026. Existing Money Account holders are encouraged to migrate to OM Bank to continue accessing banking services. Old Mutual has been actively contacting Money Account customers to assist with the migration process.

No. OM Bank does not require a minimum balance to maintain the account or avoid fees. The monthly fee of R4.95 applies regardless of balance.

At the time of writing (May 2026), OM Bank's primary offering is the Personal Account with a Visa debit card and Savings Account. A credit facility with 31 days interest-free on qualifying purchases is available. Full personal loan and credit card products were in development; check OM Bank's current product page for the latest offerings.

- Phone: 0860 OMBANK (0860 662265)