Product details
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.
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.
- Product Name
- Bank of Melbourne Investment Cash Account
- Maximum Variable Rate
- 0.45% p.a.
- Standard Variable Rate
- 0.45% p.a.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $10,000
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $0.20
- Joint application?
- Yes
- Minimum Age Requirement
- 18
- Maximum Age Requirement
- No Maximum Age
- Age Conditions
- If you are less than 18 years old, please get in touch directly with Bank of Melbourne.
- Covered by Government Guarantee?
- Yes (Up to $250,000 per person, per institution)
What are the features of the Bank of Melbourne Investment Cash Account?
When looking at the Bank of Melbourne Investment Cash Account you are going to find that it has a number of features that are helpful towards building wealth. Compare those with the features of similar products offered by other banks to see which ones provide you with the most benefits at the lowest cost:
- 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.
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
How do you apply for the Bank of Melbourne Investment Cash Account?
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 to apply online
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.
Documents
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.
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.
Need cashless card withdrawal?
As finder.com.au is an online comparison service, we cannot recommend specific Bank of Melbourne products. However, you might be interested to compare different Bank of Melbourne products to find one that is best for you.
Related savings accounts
Bank of Melbourne Business Access Saver
Maximum Variable Rate
0.60Standard Variable Rate
0.60
