In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

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

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

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 0.10% p.a.
Standard Variable Rate 0.10% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 18

Key features

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Interest accrual

The money you keep in the Investment Cash Account earns a variable rate of interest from the first dollar. Rates are set by balance tier, so check the current rates in the key details above.

Interest payments

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


How to apply

You can't apply for the Bank of Melbourne Investment Cash Account online, in a branch or through the contact centre. To open one, contact your Bank of Melbourne Relationship Manager, Relationship Banker or Private Banker.

Eligibility

Before you speak to your banker, check the following eligibility requirements to make sure that you will qualify:

  • Minimum age. Applicants must meet the minimum age shown in the key details above. For an SMSF, the account signatory must meet it.
  • Residency requirements. You need an Australian residential address (for an SMSF, the fund must operate using an Australian address).

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Your reviews

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Ask a question

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Alison Finder

Editorial Manager, Money

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