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Compare cash management accounts

Manage your investments while earning competitive interest, with flexible access when you need it.

If you’ve reached a stage where a simple transaction or savings account is no longer the best way to manage your money, or if you’re looking for a way to simplify managing your savings and investments, it could be time to consider opening a cash management account. Most prominent financial institutions in Australia offer cash management accounts, but features can vary across institutions.

Bank Account Offer

Citi Global Currency Account

2.25 % p.a.

max rate

2.25 % p.a.

standard variable rate

Bank Account Offer

Hold up to 10 currencies. $0 monthly account fee. Enjoy one linked debit card to hold up to 10 currencies and receive foreign currencies for free. Earn up to 2.25% p.a. interest on your AUD balance.

  • Maximum Rate: 2.25% p.a.
  • Standard Variable Rate: 2.25% p.a.
  • Monthly fees: $0.00
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Compare cash management accounts below

Rates last updated December 17th, 2018
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
Citi Global Currency Account
2.25%
2.25%
0.00%
$0
$250,000 / $0
Hold up to 10 currencies.
$0 monthly account fee.
Enjoy one linked debit card to hold up to 10 currencies and receive foreign currencies for free. Earn up to 2.25% p.a. interest on your AUD balance.
ANZ SMSF Cash Hub
1.50%
1.50%
0.00%
$0
$0 / $0
This account is for SMSF trustees to access their SMSF cash balance, to make payments and investments, and to receive income to the one account.
ANZ Premium Cash Management Account
1.50%
1.50%
0.00%
$0
$500,000 / $10,000
Ongoing, variable 1.50% p.a. when you link to access card from ANZ. Available on balance $500,000 plus.

Macquarie Cash Management Account
1.30%
1.30%
0.00%
$0
$0 / $0
Receive dividend payments, track your investments spending and pay no account keeping fees. Earn 1.30% p.a. on balances $5,000 and over.
Bank of Queensland Cash Management Account
1.00%
1.00%
0.00%
$5
$0 / $5,000
Ongoing, variable 1.00% p.a. when you deposit $5,000+ each month. Available on the entire balance.
IMB Cash Management
0.05%
0.05%
0.00%
$0
$5,000 / $5,000
Ongoing, variable 0.05% p.a. when you link to IMB Visa debit card. Available on balance $250,000 and over.

Community First CU Money Market Account
0.25%
0.25%
0.00%
$0
$0 / $5,000
Ongoing, variable 0.25% p.a. for deposits under $10,000. Interest rates are tiered, with higher interest rates available on larger deposits.

Compare up to 4 providers

How does a cash management account work?

A cash management account is essentially a savings account, although some financial institutions classify them as investment accounts. Such an account tends to offer higher interest than other savings accounts offered by any given financial institution.

As an account holder you can expect easy access to funds in your account. Some such accounts come linked to online trading platforms so you don’t have to waste precious time when managing your investments.

Some financial institutions allow customers to open cash management accounts using Self Managed Super Funds (SMSFs), and trusts can open such accounts as well. You may need to meet certain requirements in order to open an account, such as a minimum opening balance and ongoing balance requirements.

How do I compare cash management accounts?

While some of the features are essentially the same, some others are not, so pay attention to the following if you plan to open a cash management account.

  • Interest rate. Some cash management accounts offer the same interest rate no matter how much your account balance is, while others offer tiered interest rates. In case of the latter, higher balances benefit through better rates. With accounts that follow tiered interest rates, balances in excess of $500,000 tend to earn highest rates.
  • Access to funds. This aspect requires your attention if you wish to access funds in your account from time to time. Depending on the account you choose, you can access money in your account through ATMs, EFTPOS, Internet banking, phone banking, cheque books, branch banking, and even BPAY.
  • Online trading. If you trade online, or if you plan to in the future, you can consider opening a cash management account that you can link to an online trading account. In such a scenario, you can look forward to a seamless integration of the two, which would give you the ability to manage your equity trading needs with ease.
  • Fees and charges. Cash management accounts tend not to charge any ongoing account keeping or management fees. Some might not charge any transaction fees, and some others might offer a limited number of free transactions per month. You might also have to pay fees for using cheques and for staff assisted transactions. Online and phone transactions are generally free.

What can a cash management account do for you?

How it can help

  • High interest rate. When compared to conventional savings accounts you can expect a cash management account to offer a better interest rate. With high balances, even a slight difference in percentage can make a noticeable difference in dollar value.
  • Easy access to funds. A cash management account tends to give you easier access to funds when compared to a conventional savings account. While a typical savings account might limit access to funds through online and phone banking, with your cash management account you can access funds at ATMs and you can also use your money to pay bills via BPAY.
  • Ideal for SMSFs. A cash management account gives you easy means to simplify your tax returns, super fund accounting, and long term record keeping, given that all related transactions appear on a single statement. With some such accounts, you can download statements from the preceding 10 years on your own.

Here are the risks

  • Opening and ongoing balance requirements. Cash management accounts normally have minimum account opening balance requirements, which can be in between $5,000 and $10,000. While some have ongoing minimum balance requirements as well, some others don’t.

What are some common pitfalls and traps?

Start by finding out if the Australian Government guarantee that offers protection to aggregated deposits up to $250,000 applies to the financial institution you wish to deal with, because if it does not you might have to fend for yourself in the case of any eventuality.

If your account comes with a linked debit card you might be able to use it overseas. In such a scenario make sure you find out about overseas ATM fees and currency conversion fees at the onset, because these can be rather high. Your financial institution might impose a fee if your balance falls below the ongoing minimum balance requirement, so this aspect requires your attention as well.

Potential interest earned on selected cash management accounts

The following table shows how much interest is earned with an initial deposit of $5000 and monthly deposits of $1000 over a 12-month period.

AccountMaximum variable rate p.a.Interest earned over 12 months
AMP Cash Manager1.00% p.a.$158.36
Macquarie Bank Cash Management Account1.00% p.a.$147.75
Bank of Queensland Cash Management Account1.00% p.a.$153.06
NAB Cash Manager1.00% p.a.$105.38
St.George Investment Cash Account1.00% p.a. Ongoing, conditions apply$26.27

Find the answer to frequently asked questions below

Q. What eligibility criteria do I have to meet to apply for a cash management account?

You should meet the account’s minimum age requirement, which can be 16 years or 18 years. You should also be a resident of Australia.

Q. Can I apply for such an account online?

Yes, many financial institutions give you the ability to apply online. As a new customer, you would have to go through a legally required identity verification process.

Q. Can I use a cash management account for direct debits and credits?

This depends on the account you choose, but know that this is possible. You can also use some such accounts to set up recurring payments.

The latest news in banking and investments

Savings Account Offers

Important Information*
ING Savings Maximiser

Maximum Variable Rate

2.80

Standard Variable Rate

1.00
AMP Saver Account

Maximum Variable Rate

2.55

Standard Variable Rate

2.10
Bankwest Hero Saver

Maximum Variable Rate

2.60

Standard Variable Rate

0.01
HSBC Serious Saver

Maximum Variable Rate

3.10

Standard Variable Rate

1.40

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4 Responses

  1. Default Gravatar
    MaryApril 2, 2018

    I will be receiving proceeds of sale of my home of about $1900000 and wish to invest it for about 2 months when I will be paying most of it as balance owing on a retirement unit I am buying. I want to maximise my interest for this period and seek advice.

    • finder Customer Care
      JoshuaApril 2, 2018Staff

      Hi Mary,

      Thanks for getting in touch with finder.

      You might want to consider storing your money in a high-interest savings account. We have a page that you might want to check.

      On that page, you will see a table that allows you to conveniently compare high interest savings accounts. Click on the “Go to site” green button when you finally found a product that fits your needs and preference.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  2. Default Gravatar
    AlexanderNovember 30, 2017

    Please advise which Bank will open a Cash Management account with cheque book facility and pay interest on total balance on my self managed super fund account

    • finder Customer Care
      HaroldNovember 30, 2017Staff

      Hi Alexander,

      Thank you for your inquiry.

      While we cannot recommend what is best for you, we can offer you a general information. As per checking you are already on the right page where you can compare the banks that offers Cash Management account. You can follow the process provided below to optimize your comparison procedure.

      I hope this information has helped.

      Cheers,
      Harold

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