Momentum Money’s goal has been to help you save and grow your money. After careful consideration, the difficult decision was made to discontinue the Momentum Money product. We understand that this may cause you inconvenience, and we sincerely apologise for this. This decision was not made lightly, and we are committed to supporting you through this transition.
What does this mean for my Momentum Money savings?
Your savings will continue to earn interest until we are able to process the refund of your available balance. Rest assured that your funds remain secure and are still invested in the Momentum Money Market fund, managed by the Momentum Asset Management Team. Momentum Money will promptly begin the process of refunding your money into your nominated bank account. Please let Momentum Money know by 31 October 2024 what bank account you would like them to use for the refund.
Below are some options we have available for you to request your refund.
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OPTION 1: FASTEST OPTION
Your money will reflect in 3 business days.
Get the app on Google Play, the App Store or AppGallery. |
OPTION 2: SERVICE CENTRE Send your bank confirmation letter to Your money will reflect in 30 business days.
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Important note: For security, all refunds will only be paid to a valid South African bank account in your name—strictly no third-party accounts.
What does it mean for my cashbacks?
You will continue to earn Multiply Premier cashbacks from our partners until 31 December 2024. From 1 October, cashbacks will no longer be paid into your Momentum Money account. Your cashbacks will accumulate and will be deposited into the account you selected for your Momentum Money balance to be paid into. Your first payment will be made in the first week in November.
How can I continue saving with Momentum?
You can engage with your financial adviser to explore other savings options with Momentum. If you would like help with finding an adviser, visit momentum.co.za/planner.