ANZ Premium Cash Management Account

Last updated: Apr 27, 2020

With ANZ Premium Cash Management Account, you will never miss out on a money making opportunity.

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.

0.1% p.a.

Maximum variable rate

0.1% p.a.

Base interest rate

$10,000

Minimum opening balance

Product Name	ANZ Premium Cash Management Account
Maximum Variable Rate	0.1% p.a.
Standard Variable Rate	0.10%
Bonus Variable Rate	0.00%
Monthly Account Fee	$0
Minimum Opening Deposit	$10,000
Minimum Age	16

Pros

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

Cons

Minimum amount required to earn interest

Shirley Liu

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Key features

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 $1,000.

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.

How to apply

Eligibility

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 $1,000.

Documentation needed

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.

What happens after I submit my application?

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.

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2 Comments

Frederick
May 18, 2016

Can a SMSF hold a Premium Cash Management Account?

Reply
- finder Customer Care
  
  Shirley
  May 19, 2016
  
  Hi Frederick,
  
  Thanks for your question.
  
  The ANZ Premium Cash Management is available for personal use only.
  
  Reply

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