Enjoy competitive interest and 24/7 access to your funds with this cash management account.
No matter what your savings goal is, it’s vital that you find a bank account that pays competitive interest on your balance. At the same time, you need to be able to quickly and easily access your funds.
Alison Banney is the banking and superannuation editor at Finder. She has written about finance for over 8 years, with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business. She has previously worked at Westpac, and has written for several other major banks including Greater Bank, bcu and Gateway Credit Union. Alison has a Bachelor of Communications from Newcastle University, with a double major in Journalism and Public Relations. She has ASIC RG146 compliance certificates for Financial Advice, Securities and Managed Investments and Superannuation. Outside of Finder, you’ll likely find her somewhere near the ocean.
Key features
Earn interest on your savings
The Bank First Cash Management Account offers a competitive variable interest rate on your savings balance. Interest rates are tiered so that the bigger your balance, the higher the interest rate you can earn. The interest rate tiers are as follows:
$0–$4,999
$5,000–$19,999
$20,000–$49,999
$50,000–$99,999
$100,000 and over
24/7 access to your funds
You can make deposits into and withdrawals from your cash management account whenever you wish. Both Internet and phone banking can be linked to the account, so you have quick access if ever you need funds to pay a bill or make a purchase.
Minimum opening deposit
The account has a minimum opening deposit of $5,000.
Interest calculated daily
Interest is calculated daily and credited to your balance quarterly.
Online calculator
Bank First provides a handy online budget planner calculator to help you work out how much you can save with a cash management account. You can also use it to calculate the extra interest you would earn with a larger savings balance.
If the features of the Bank First Cash Management Account sound perfect for you, click one of the "Find out more" links on this page. The link will take you to the bank's website where you can read up on all the features, terms and conditions of the account.
Eligibility
You'll also find all the information you need to complete an account application. First, make sure that you satisfy all the eligibility criteria for opening an account:
Minimum age. You must be at least 18 years of age.
Residency requirements. The account is only available for Australian residents.
Deposit requirements. You need a minimum opening deposit of $5,000.
Documentation needed
There are four ways you can apply for a cash management account from Bank First:
Online. Fill out an online application form via the Bank First website. You need to provide your name, address, date of birth and contact information, as well as proof of ID if you're a new customer. Existing customers also have the option of opening a cash management account through the bank's Internet banking portal.
You will need to specify your opening deposit amount when you apply for an account. Remember this must be at least $5,000. Applications are processed as quickly as possible so you can start saving.
The Bank First Cash Management Account offers competitive interest rates, with the flexibility of easy access to your money. Compare it with other cash management accounts to find the right account for your savings goals.
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