Individual Banking

In order to provide products that truly meet our customers’ needs, Absa has chosen to close the Absa Money Market Fund on 6 July 2021.

Read our closure letter for full details of the closure.

Self service
Business Banking

For business account holders

Tell me more

Self service
Corporates and institutions 

For corporate account holders

Tell me more

What you need to do

You will need to move your funds before the AMMF is closed. You can choose to keep your existing account number and enjoy similar if not better returns than the AMMF* by switching your funds into a Cash Invest Tracker bank account (CIT).

Alternatively, you can withdraw your funds to another Absa investment product, an existing Absa transactional account or a non-Absa account.

Switch to Cash Invest Tracker

Keep your account number, transact easily, and get guaranteed capital and better returns.

Tell me more

Switch to another Absa investment

A range of savings and investment products similar to the AMMF. 

Tell me more

Withdraw your funds

Transfer your funds to your Absa bank account or another account.

Tell me more

Remember

If you haven’t made a decision by 6 July 2021, don’t worry. We’ll conveniently move your funds to a Cash Invest Tracker bank account in your name, with all the benefits above including uninterrupted returns.

Switch to a Cash Invest Tracker bank account

On the Cash Invest Tracker bank account (CIT), not only is your capital guaranteed by Absa bank, you’ll also use the same account number. Plus you’ll be able to transact online, with your banking app, at any ATM, in any branch or by using your card. Cash Invest Tracker bank account has, since inception, outperformed the AMMF.

Laptop

Same account number

Keep your AMMF account number.

Shield

Better returns

Since inception, AIT has outperformed AMMF. *

Mobile

Instant access

Withdraw or deposit funds instantly, anytime.

Laptop

Guaranteed capital

Your funds are now guaranteed by Absa bank.

Shield

Lower costs

No monthly fees or initial account transfer fee.

Compare the Absa Money Market Fund to Cash Invest Tracker

Cash Invest Tracker bank account Absa Money Market Fund
  • Capital is guaranteed by Absa bank.
  • Capital is not guaranteed.
  • Since its inception, CIT has outperformed AMMF. *    
  • Interest rate follows market movement.    

View CIT Terms and Conditions
*Past performance is not indicative of future performance. Terms and conditions apply.

Call me back

What to do next

Whether you’d like to switch your funds or withdraw all your company’s Money Market funds into a bank account of your choice, call your banker.

Switching is easy and will take no longer than 48 hours and you will not lose any interest while this happens. If you are registered for digital banking, you can switch right now.

To switch, you can

  • Login into your Absa Banking App and follow these instructions to switch your AMMF funds
  • Login into your Absa Online profile and follow these instructions to switch your AMMF funds
  • Contact your business banker 
  • Call our Call Centre on 0860 111 515
  • Go to your nearest branch    

You can withdraw all your Money Market Funds into the bank account of your choice. If you are withdrawing to an Absa bank account, you can do this instantly using your Absa Banking App or Absa Online.

To withdraw, you can

  • Login into your Absa Banking App and follow these instructions to switch your AMMF funds
  • Login into your Absa Online profile and follow these instructions to switch your AMMF funds
  • Contact your business banker 
  • Call our Call Centre on 0860 111 515
  • Go to your nearest branch    

Absa offers a range of investment products to suit almost any investment plan and ideal for replacing your AMMF account.

Frequently Asked Questions
  • Why is Absa closing the AMMF?
    • Absa is committed to providing all our customers with the best banking experience and products. To this end, we regularly assess all our products to ensure that they are aligned to our customers’ needs and expectations.
    • Absa Fund Managers recently reviewed the Absa Money Market Fund (AMMF) and established that most of the retail client population sampled, believe that the AMMF capital and its associated returns are guaranteed by Absa Bank Limited. However, the AMMF is not a bank account - it is a collective investment schemes product (known as a Unit Trust, before the change in legislation), and therefore capital and returns are not guaranteed. We have therefore decided to close the AMMF as of 6 July 2021 (the closure date), in the best interest of our clients, and given our findings that most retail clients believe that their capital and returns are guaranteed.
  • Why did I not receive a letter as a Absa Money Market Fund account holder?

    There are two reasons you may not have received the AMMF Closure letter

    • All customers were either emailed or posted AMMF Closure letter. You might have not received the email because we have the incorrect email on record or postal address.
    • Because of the important nature of this transition, customers with email addresses on file were sent emails, regardless of their preferred communication method Customers with a postal address will received a closure letter in the post.
    • A copy of the closure letter will also be available for reprint on Absa Online/App and our branches
  • Why should I move my funds to CIT/AIT?
    • The AMMF will be closed in terms of section 102 of the Collective Investment Schemes Control Act. Section 102 states that all funds in a Money Market Fund must be paid out to the respective account holders in the event of its closure.  We will therefore, as part of this process, pay out the funds in the AMMF to each individual investor, on or before the closure date.
  • Will I lose any money by going to the Absa investment bank (AIT/CIT) account earlier than the 90-day period?
    • Customers are not going to be financially prejudiced/disadvantaged for moving into AIT/CIT earlier. There are no monthly admin fees related to AIT/CIT. Normal Transacting fees will apply to depositing at a teller or ATM for example as they currently apply to all bank accounts 
    • A pricing brochure is available should you want to compare Fees/Charges. These can be accessed on our website, https://www.absa.co.za/rates-and-fees/
    • Historical performances shows that the interest rates on AIT/CIT have been comparable   to Money Market Unit Trusts Funds, therefore a customer would not be at a disadvantage for moving into AIT/CIT.    
    • AIT/CIT is a bank guaranteed product whilst the Money Market Fund is not. Money Market Funds are unit trusts in nature and capital cannot be guaranteed. 
  • Which customers will be impacted by the closure of the AMMF?
    • All customers who have one or more existing Absa Money Market Fund account/s. 
    • The impact is that customers have 90 days from date of the AMMF Closure letter to select where they choose their funds to be transferred to. 
    • Should they not elect any choice, the Bank will move their funds into an interest earning CIT/AIT Account.
  • Is there an alternative product similar to MMF that will be available to customers?

    Yes, a new Money Market Fund, called the Absa Prudential Money Market Fund (APMMF) will be available from 1 April through Financial advisers. The APMMF will not be accessible or serviced via the Absa Bank platforms, as per the closing product.  This will allow us to align the APMMF with the rest of our Unit Trust fund offering.  Those clients, who seek unit trusts, will have an opportunity to invest in the APMMF, while the clients who thought they were invested in a bank product will have an opportunity to go into a bank product called Absa investment bank account per the Closure letter.

  • What is the difference between the existing AMMF and the new APMMF being opened by Absa?
    • The Absa Prudential Money Market Fund has an enhanced investment policy but follows similar strategy, risk profile and returns to the current Money Market Fund.     
    • Speak to an Absa financial adviser for more information.
  • Will I be allowed to remain in the current Absa Money Market Fund?
    • No. The current Absa Money Market Fund will be closed permanently and will no longer exist.
    • The APMMF is a new product that comes with an enhanced investment policy but similar strategy, risk profile and returns to the current Money Market Fund    
  • What are my options?

    Should you wish to invest in any of our other unit trust products you may contact your financial adviser. 

  • What channels will I be able to use to access these options?

    Should you require further information then please feel free to:
    Visit our web site www.absa.co.za/mmfclosure 
    Log onto Online Banking or the Absa Banking App.

    You can also visit your nearest branch to discuss your options with your banker or Financial Adviser who will be in a position to further explain the options.

    Please also see below for more contact details for your convenience    

  • By when should I make my options?

    From date of AMMF Closure letter, you will have 90 days to exercise your choice.

  • What happens if I do not exercise my choice?

    If you do not exercise your choice, you will be defaulted to the Absa Investment bank account. You will retain your Absa Money Market Fund account number and the transacting functionality of your account will continue as normal (i.e. use of Absa ATMs/Branches to deposit and withdraw funds etc)

  • What are my options if I do not choose before the 90 days lapses and I am invested in an Absa investment bank account?

    Please note that at any point in time, you will still have freedom of choice in relation to your investment amount – even after the funds have been moved to the Absa investment bank account.

  • As I only have the Money Market Fund with the bank, who can assist on how to move the money out of the account?
    Customer Type Who to contact Contact details
    Retail and Private Banking Customers AIFA Advisors allocated to the Branches

    Retail customers: email saving@absa.co.za or contact 0860 111 515

    Private Bank customers; email privatebanking@absa.co.za or contact 0860 553 553    

    Wealth Clients Wealth Advisors wealthassist@absa.africa or contact 0860 265 265
    Business Banking Clients Investment Advisors

    MyBusinessBanker@absa.africa

     Or contact 0800 227 592

    CIB Clients

    Money Market desk

    Cash Solutions team

    Coverage  Bankers    

    absamm@absa.co.za or contact 011 895 5521
    Other Unit Trust – Retail utenquiries@absa.co.za or contact 0860 111 456
How to move your funds digitally
  • Absa Banking App

    Step 1:

    Log in to your Absa Banking App

    Step 2:

    Select your Money Market Account

    Step 3:

    Select “Tap here to see your options”

  • Absa Online Banking

    Step 1

    Log in to internet banking.

    Remember: only enter your password if the SurePhrase shown matches the one you set

    Step 2

    After logging in select the “Accounts” tab in Absa Online.

    If your profile defaults to Express Banking,

    select “Full Service” in the top right to go to Absa Online

    Step 3

    Scroll to down to the “Absa Offers” section

    It will be near the bottom of the page

    Step 4

    Select the discontinuation notice. It will be the first offer

    The notice is titled “The Money Market Account is being discontinued”

     

     

Switch your funds now

Call me back

Need more help

Call Centre: 0860 111 515

Speak to your Business Banker

Visit your nearest branch