Bank of Queensland Cash Management Account
A higher balance means a higher interest rate with this transaction account.
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.
Monthly account keeping fees
There is a $5 monthly account keeping fee that can't be waived.
You can access your money in a branch, through ATMs, internet banking, EFTPOS, cheque book and BPAY.
There are no transaction fees for branch withdrawals, EFTPOS purchases, electronic transfers, ATM withdrawals or BPAY.
The variable interest rate for this account is competitive and only applies to balances of $1 or more.
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.
Overseas ATM withdrawals
If you use your Visa debit card to make a withdrawal at an overseas ATM terminal you will be charged 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.
This account is only available for personal banking customers.
How to apply
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.
What happens after I submit my application?
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.