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Our verdict

This account allows you to set up a flexible cash hub for your SMSF investments.

This could be the ideal setup for a Self Managed Super Fund (SMSF) account if you’d like your money separate from your personal cash.

Pros

$0 monthly account service fee
Free unlimited Internet banking every day

Cons

Limited withdrawals every month
Fees apply for phone banking transactions
Foreign currency fee applies on overseas transactions

By keeping your money secured inside of the Bank of Melbourne Investment Cash Account you still earn interest while you wait for your next big investment opportunity. This account allows for free on call withdrawals every month, so funds are accessible.

Details

Key details

Product Name	Bank of Melbourne Investment Cash Account
Maximum Variable Rate	1.00% p.a.
Standard Variable Rate	1.00% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Key features

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Interest accrual

The money you have stored in the Investment Cash Account will be earning a competitive rate of interest. The rates are tiered so that the more money you have, the higher the interest rate.

Interest payments

Interest is calculated daily and paid into the account monthly allowing you to benefit from compound interest.

Monthly fees

Pay no monthly maintenance fees with this account.

Withdrawals

You are allowed up to 5 free withdrawals each month, including two which can be done over the counter with the help of a Bank of Melbourne representative.

Internet banking

Free unlimited internet banking is provided with this account.

Fees for withdrawals

Once your monthly free allowance for withdrawals has been exhausted you will be charged a nominal fee for making a withdrawal. Over the phone that fee is $0.20, at an ATM or EFTPOS it is $0.60, and staff assisted or Bank@Post is $2.50.

ATM access

You have access to your money through ATMs provided by the Bank of Melbourne, Westpac, St.George and BankSA. Using ATMs in other networks will incur additional charges.

Overseas transactions

Withdrawals made at an overseas location will be charged $5 per transaction.

Currency conversion

Any transaction made in a foreign currency will be charged 3% of the Australian dollar amount.

How to apply

If you have decided that this is the right account to manage your investment income from you can fill out an application online in just ten minutes.

Eligibility

Before you apply online, check the following eligibility requirements to make sure that you will qualify:

Minimum age. Applicants must be at least 14 years old to qualify for the Bank of Melbourne Investment Cash Account.
Residency requirements. You must be an Australian permanent resident or citizen.

Depository requirements. The opening balance requirement is $10,000.

Documentation needed

You will also have to be able to provide Bank of Melbourne with certain documentation in order for them to be able to process your request for an account:

Tax file number. By providing your tax file number (TFN) or exemption code you will not be charged at the highest tax rate on your earned interest income.
Identification. You will have to provide a photo identification document and other proof of identity if you are new to the Bank of Melbourne.

What happens after I submit my application?

Once the Bank of Melbourne has confirmed your information and identity they will contact you with the details of your account. If you are new customer you may need to visit a local branch in order to provide additional details.

Sources

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Alison Finder

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Bank of Melbourne Investment Cash Account