ANZ Premium Cash Management Review & Information

Product details

The Australian and New Zealand Banking Group (ANZ) Premium Cash Management Account works as a hub for your investment money, giving you easy access when needed and earning interest when you don’t. You are given multiple at call withdrawal options including ATM withdrawals for added convenience. Free transactions are limited, giving you reason to think twice before spending your investment money.

Product Name: ANZ Premium Cash Management Account

Maximum Variable Rate: 1.50% p.a.

Standard Variable Rate: 1.50% p.a.

Bonus Variable Rate: 0.00% p.a.

Introductory / Bonus Offer Conditions: Must hold $10,000+ in account to start earning an interest.

Monthly Fee: $0

Minimum Opening Deposit: $10,000

Internet Banking: Yes

Internet Transaction Fee: $0

Phone Banking: Yes

Phone Transaction Fee: $0.50

Joint application?: Yes

Minimum Age Requirement: 16

Maximum Age Requirement: No Maximum Age

Covered by Government Guarantee?: Yes (Up to $250,000 per person, per institution)

What are the features of the ANZ Premium Cash Management Account?

Account service fee. You are not charged any monthly account service fee.
Available transactions methods. You can access your money using ANZ ATMs, EFTPOS, phone and internet banking, BPAY or at an ANZ branch. A cheque book facility is also available if requested.
Free transactions. You are allowed up to five free transactions each month, not including internet banking which are always free. After you have met that threshold you will be charged $2.50 for branch transactions and $0.50 for electronic or cheque transactions.
Minimum account balance. You must maintain an account balance of at least $500,000.
Interest rates. The interest rate applied to your balance is variable and tiered, growing in value as your account balance grows.
Interest calculation. Interest will be calculated on your daily balance and paid into the account once a month.
ATM access. With a linked access card from ANZ, you can make enquiries and withdrawals at ANZ ATMs across Australia for free. You will not be charged any fees from ANZ for using an ATM outside of their network, but the provider may reserve the right to.

Pros

Make your savings work harder with tiered rates
Access to funds
No monthly fees

Cons

Minimum amount required to earn interest

How do I apply for the ANZ Premium Cash Management Account?

If you do decide that this is the right account to manage your investment funds from, you can apply online. If you prefer, you can also apply in person at a local ANZ branch, just make sure that you meet the eligibility requirements before getting started:

Minimum age. Applicants for this account can be as young as 16 years of age.
Residency requirements. You must have a residential address in Australia in order to apply for this account. If you are applying from overseas, there is a special application form that you can use for non-residents.
Depository requirements. ANZ requires a minimum opening balance of at least $10,000 before activating the account. After that, the ongoing balance requirement is $500,000.

It should take about 10 minutes to complete the application, which will go even faster if you have the following documentation available:

Tax file number. A tax file number (TFN) or exemption code provided on interest earning accounts assures that the withholding rate on your earned interest is correct. It is not mandatory to fill in this section of the application, but if you don’t ANZ will withhold tax at the highest marginal rate.
Identification. Your driver’s licence, passport, or Medicare card will contain information that can be used by ANZ to confirm your identity. New customers may need to visit a branch in order to complete this step in the process.

After submitting your application online, it will be reviewed by ANZ and so long as your identity can be confirmed and you meet the other eligibility requirements, the account will be activated within two business days. At this point your ANZ access card will be issued in order to enable you to make withdrawals and purchases from the account.