Momentum Money FAQs
About Momentum Money
Momentum Money is a digital savings account that offers a compelling interest rate from the first rand you save, with instant access to your money when you need it. There are no minimum deposits, so you can kickstart your savings journey with any amount.
Your Savings Wallet helps you grow your money by earning interest from the first rand, and your Payment Wallet is used to set aside money for spending and making payments.
When you transfer money from your Payment Wallet to the Saving Wallet, we send an instruction to Momentum Collective Investments to invest this amount into the Momentum Money Market Fund. Although it may take up to 48 hours for us to invest the money in the Momentum Money Market Fund, we adjust your balances immediately and treat you as if the money has already been invested in the Momentum Money Market Fund.
How do I get Momentum Money?
All individual South African citizens aged 18 years or older. Foreign nationals with a valid South African permit (work, study, and asylum) also qualify to open Momentum Money. US citizens may not apply due to these individuals being impacted by the Foreign Account Tax Compliance Act (FATCA).
Yes, we verify your identity when we open your Momentum Money. We do this electronically so that you can kickstart your savings journey immediately. However, you will be required to submit a copy of your ID and proof of residence once you reach the R40 000 balance limit.
There is no minimum amount required to open Momentum Money. Make deposits of any amount, whenever you want. However, you are required to keep a minimum balance of R25 in your Savings Wallet
Yes, you need to have a minimum balance of R25 in your Savings Wallet.
Yes, but only when your Momentum Money is closed.
How does Momentum Money work?
Add your Momentum Money account details as a beneficiary on your day-to-day bank account for simple EFT deposits into your Payment Wallet. You can find your account details on the Momentum Money App by clicking “Add money”.
The money you deposit will reflect in your Payment Wallet. Simply transfer money to your Savings Wallet to earn interest.
There are no limits on the amount you can deposit into your Momentum Money. However, clients whose residence address has not been verified will have a balance limit of R40 000 on their Momentum Money.
We have partnered with Sasfin Bank to allow you to deposit money into your Momentum Money Payment Wallet.
If you mistakenly pay into the wrong account, then the unintended recipient of those funds has to repay the money themselves. Momentum Money will inform the beneficiary of the error and request repayment. We are not able to reverse the money from their account. If the recipient won’t pay back the funds, this becomes a matter between you and the recipient. We will provide the recipient’s contact details (name and mobile number) to you so that you can follow the legal process to recover the funds.
You can swipe your Momentum Money Visa card online and in-store countrywide. You can also make cardless payments via Scan to Pay at participating retailers, and send money to other Momentum Money clients using their mobile number.
The Money Market Fund is a key feature of Momentum Money
This is a unit trust fund, also known as a collective investment scheme. It is a pool of money from a group of investors (including you) used to purchase a portfolio of financial assets made up of domestic money market instruments with a term shorter than 13 months. This fund is suited to low-risk investors seeking a competitive yield without compromising on liquidity (your ability to access your money) or capital invested. Momentum Collective Investment actively manages the Momentum Money Market Fund.
Momentum Collective Investments is the investment manager of the Momentum Money Market Fund, which is a portfolio of the Momentum Collective Investments Scheme and Momentum Asset Management (Pty) Ltd, with registration number: 1987/004655/07, an authorised financial services provider (“FSP”) under the Financial Advisory and Intermediary Services Act No. 37 of 2002, FSP number: 623.
We make saving in the Momentum Money Market Fund effortless by removing the hoops and hurdles generally associated with investing in a money market fund. With no minimum deposits, you can save what you want when you want to. With no deposit fees, you can grow your savings from the first rand. There is no paperwork or waiting period when you want to withdraw your funds. You only need to transfer the money to your Payment Wallet to get real-time access to your money.
No, you only earn interest on your Savings Wallet.
This is the income that we pay you so that you can be put into the same position as if your savings were immediately invested in the Momentum Money Market Fund.
You will earn a daily compensatory benefit equal to the interest of the Momentum Money Market Fund.
Momentum Money App
You can download the Momentum Money app for free from the Google Play Store for Android devices, the App Store for Apple devices, or the Huawei App Gallery for Huawei devices. Search for “Momentum Money”.
The Momentum Money App lets you manage and use Momentum Money anywhere, anytime. You can:
- View your Momentum Money wallet balances
- Check your transactions
- View the interest you've earned
- Set a savings goal
- Create a one-time-pin (OTP) for scan-to-pay
- Transfer funds
- Send money
- Manage your card
- Manage your verified devices
- Update your details
Please email us at [email protected]. For us to investigate, you will need to provide us with the following information, as legally, we are not allowed to see your personal data:
- A screenshot of the error with sensitive data removed.
- The date and time the error occurred.
Momentum Money Visa card
A Momentum Money Visa card is a debit card that allows you to make payments with the money in your Payment Wallet.
You can swipe your card in-store and online countrywide. Tap and go for payment less than R500.
You can apply for the Momentum Money Card on the app, or by contacting Momentum Money on 0860 11 11 83.
- If you are a South African citizen you will need to provide a valid SA ID or Smart ID or driver’s license. If you are a Foreign National, you will need to provide a valid passport and work visa or study visa or asylum permit.
- Proof of address – A valid utility bill or property rental/bond statement that shows your name and address (not older than 3 months.
Client due diligence
Like all other income, and interest earned through Momentum Money carry tax obligations. You are obligated to declare interest earnings to SARS. IT3(b) certificates will be issued where you earn more interest than the minimum as prescribed by SARS, and we will email your certificate to you at the end of every financial year.
You are responsible for promptly informing us in writing if you are a tax resident anywhere outside of South Africa. Suppose you are required to pay tax outside of South Africa and tell us. In that case, we are legally obligated to withhold tax at the current rate of 15% on the interest you have earned on balances in your Savings Wallet to pay over to SARS (South African Revenue Service) every month.