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Bank First Cash Management Account

Last updated: Apr 27, 2020

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.

0.1% p.a.

Maximum variable rate

0.1% p.a.

Base interest rate

$5,000

Minimum opening balance

Product Name	Bank First Cash Management Account
Maximum Variable Rate	0.1% p.a.
Standard Variable Rate	0.10%
Bonus Variable Rate	0.00%
Monthly Account Fee	$0
Minimum Opening Deposit	$5,000
Minimum Age	18

Pros

Get quickly and easily access to funds while earning competitive interest
Tiered Interest rate
24/7 access to your funds

Cons

Minimum opening deposit is $5,000

Alison Banney

Alison Banney is the banking and investments editor at Finder. She has written about finance for over six 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 BCU, Greater Bank 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.

Launch savings calculator

How to apply

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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Bank First Cash Management Account