Are you looking for an account that lets you park your funds and earn competitive interest?
The Australian Military Bank Cash Management Account gives you easy access to funds in your account after seven days of account opening. This account comes with a minimum account opening balance requirement of $5,000. It offers interest using a tiered system. You don’t have to pay any ongoing monthly fees to maintain this account.
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You can open the Australian Military Bank Cash Management account with a minimum of $5,000.
Interest rate
The bank pays interest using a tiered basis. If the balance in your account is from $5,000 to $24,999 it earns 0.05% p.a. If you have $25,000 to $99,999 in your account you earn 0.25% p.a. Balances of $100,000 or more can earn up to 0.25% interest. If the balance in your account falls below $5,000 it does not earn any interest.
Earning interest
The bank calculates interest on the account's daily balance. It makes interest payouts quarterly, at end of March, June, September and December.
Funds at call
You can access funds in your account at any time after seven days from the date of account opening.
Minimum withdrawal
The minimum you can withdraw through a single transaction is $1,000.
Branch withdrawals
You can make unlimited withdrawals by visiting Australian Military Bank branches. To make a branch withdrawal you have to provide written authorisation along with a suitable form of ID. If you wish to withdraw $2,000 or more you have to provide a valid photo ID. For withdrawing large sums you'll have to give the bank at least 24 hours advance notice, which you can do in writing or verbally.
Online and phone banking
You can use the bank's online and phone banking systems to view different kinds of account related information. You can use the online banking platform to print a list of transactions from up to the last 12 months.
Direct credits
Setting up direct credits with this account is easy, which simplifies how you move funds into your account.
Account keeping fees
This account does not attract any ongoing monthly fees.
Statements
You get a printed statement every quarter. You can request for more frequent statements and for copies of statements, for which you'll have to pay applicable fees.
Financial claims scheme
The government's Financial Claims Scheme provides protection to up to $250,000 of your combined deposits at the Australian Military Bank.
How to apply
Eligibility
When you open a Cash Management Account you have to become a member of the Australian Military Bank. Applying for the account is easy and you can do so online, over the phone or by walking into your closest branch. To apply, you have to meet these eligibility criteria:
Minimum age. You are over 18 years of age.
Residency requirements. You are an Australian citizen or a permanent Australian resident.
Depository requirements. You can open the Cash Management Account with a minimum of $5,000.
Documentation needed
Completing the application successfully requires that you submit different kinds of information:
Identification. If you're not an Australian Military Bank member you have to complete an identity verification process. You can do this online using your Australian driver's license or Medicare card.
Tax file number. If you don't want the bank to deduct withholding tax from the interest you earn make sure you provide your tax file number.
Other information. The application requires your name, date of birth, home address, email address and phone number.
What happens after I submit my application?
If you don't have all the required information to complete your online application you can save it and return to it later. Upon submission, you get a reference number that you can use to track your application's status at any time.
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.
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