You are provided all of the features typically found with a transaction account when you choose Bank of Queensland’s Cash Management Account, along with high interest earning possibilities. Maintain a certain balance and you will get all of your transactions free of fees. This is an account to consider if you need a secure place to keep your investment money, yet still want complete control over it.
What are the features of the Bank of Queensland Cash Management Account?
A cash management account can provide you with tremendous benefit depending on how it is structured and the features that it offers. Compare Bank of Queensland’s features with what you get from other Australian banks to help you determine which account is going to work best with your financial lifestyle:
- Monthly account keeping fees. There is a $5 monthly account keeping fee that is waived when your balance is above $5,000.
- Transaction methods. You can access your money in a branch, through ATMs, internet and phone banking, EFTPOS, cheque book, BPAY and Bank@Post.
- Transaction limits. You get unlimited free transactions when you maintain a minimum balance of $5,000. During months where your balance falls below that amount you get four free Bank of Queensland branch withdrawals, eight free Bank of Queensland ATM or EFTPOS withdrawals or transfers and ten free internet and phone banking transfers. That includes any BPAY payments you have set up.
- Transaction fees. Once you exceed the allowed number of transactions per month you will be charged as follows; $2 for branch withdrawals, $0.65 for ATM or EFTPOS withdrawals, and $1 for cheques. If you exceed the number of internet or phone transactions you will be charged $0.30 for each subsequent one.
- Interest rates. The variable interest rate for this account is competitive and only applies to balances of $100,000 or more.
- Interest calculation. Interest for the account is calculated on the daily balance and paid monthly into your account.
- Visa debit card. The Cash management account is linked to a Visa debit card, allowing you to make withdrawals as well as point of sale purchases wherever Visa is an accepted form of payment. Your account is charged a $1 monthly fee for the Visa debit card.
- Overseas ATM withdrawals. If you use your Visa debit card to make a withdrawal at an overseas ATM terminal you will be charged $5 for the transactions. Enquiries are charged to you at $2.
- Foreign currency conversion. If your account is linked to a Visa debit card you are charged 3% of the transaction value when a conversion of currency is required to complete a transaction. For those who have a linked credit card, the conversion charge is 3.4%.
- Availability. This account is only available for personal banking customers.
- Monthly fee can be waived if balance deposit is above $5,000
- Internet banking and phone transactions available
- Regular statements
- Minimum monthly balance of $5,000
- Monthly fee of $5 if minimum deposit required not met
How do I apply for the Bank of Queensland Cash Management Account?
If the interest rates and flexibility of the Cash Management Account will benefit your financial goals, you can apply online. This should take about ten minutes to complete, but you should first ensure that you meet the eligibility requirements:
- Minimum age. All applicants must be at least 15 years of age.
- Residency requirements. Only permanent Australian residents or citizens can apply for the Cash Management Account.
- Depository requirements. Bank of Queensland makes no stipulation for how much is required as a minimum opening balance.
Filling out the application online will be easier if you have the following documentation nearby to refer to:
- Tax file number. Filling in the section for your tax file number (TFN) or exemption code is not mandatory, but by not providing it Bank of Queensland will be obligated to withhold tax on your interest earnings at the highest marginal rate.
- Identification. You can have your identity verified online by providing information found on your driver’s licence or passport.
After having submitted your application and having your identity confirmed, Bank of Queensland will activate your new Cash Management Account and provide you with the details on how to begin making regular deposits and withdrawals. Your linked Visa debit card will be mailed to the address given by you and will give you complete access to your money at all times.