Greater Bank Cash Management Review, Rates & Information

Product details

Greater Bank Cash Management Account is ideal for individuals who like to keep their banking simple. While you get to access funds in your account on an everyday basis, your money stands to earn interest in a tiered manner. This account does not charge any ongoing account keeping fees.

Product Name: Greater Bank Cash Management Account

Maximum Variable Rate: 1.00% p.a.

Standard Variable Rate: 1.00% p.a.

Bonus Variable Rate: 0.00% p.a.

Monthly Fee: $0

Minimum Opening Deposit: $1

Internet Banking: Yes

Phone Banking: Yes

Covered by Government Guarantee?: Yes (Up to $250,000 per person, per institution)

What are the features of Greater Bank Cash Management Account?

Minimum opening balance. This account comes with a minimum opening balance requirement of $1.
Internet and phone banking. You can access Greater Bank's online, mobile and phone banking platforms at any time, for free. These systems let you go through your transaction history and you can use them to find out your account’s balance. You can also use them to perform different banking functions.
Other methods to access funds. You can visit any Greater Bank to make deposits and withdrawals. You get access to BPAY, through which you can pay bills easily. Using this account to set up direct debits is possible. You also get access to a third party payment service and EasyPay.
Interest. The money in your account earns interest in a tiered manner. Balances up to $19,999.99 currently don’t earn any interest. Balances from $20,000 to $199,999.99 earn 0.10% p.a. If the balance in your account is from $200,000 to $499,999 it’ll earn 0.75% p.a. If the balance exceeds $500,000 you’ll earn 1.00% p.a. Greater Bank calculates interest on an everyday basis and pay it quarterly.
Monthly fees. This account does not attract any ongoing monthly account keeping fees.
Other fees. You may have to pay other fees from time to time. These can include over the counter cash withdrawal fees, over the counter BPAY payment fees, bank transfer fees, Cemtex fees, direct debit dishonour fees, foreign cheque deposit fees and foreign currency deposit fees.
Fee allowance and rebate. Before the calculation of fees at the end of each calendar month, a fee allowance of $3 is taken into account. You can earn a further fee rebate of $3 for every $1,000 crediting to your account. However, the minimum monthly balance in your account has a bearing on the fee rebate you get.
SMS and email alerts. Staying informed about the activity in your account is simple if you opt in for SMS and email alerts. These alerts can notify you of your account balance on an ongoing basis. You can also find out about specific kinds of transactions like withdrawals, deposits, direct credits and direct debits. To receive alerts via SMS, you’ll have to pay a per message fee.

Pros

You can make additional deposits and withdrawals at any time
Low transaction fees with a generous allowance
Free internet, mobile and phone banking

Cons

Tiered structure for interest rates

How do I apply for Greater Bank Cash Management Account?

You can open the Cash Management Account by visiting any Greater Bank branch or you can get started over the phone. Applying requires that you meet some basic eligibility criteria, which include:

Residency requirements. You should be an Australian resident with an Australian residential address.
Depository requirements. You can open the Cash Management Account with as little as $1.

Successfully completing the application requires that you provide different kinds of information. If you’re going to a Greater Bank branch to apply, keep this information handy:

Identification. New Greater Bank customers have to complete a legally mandated identity verification process. You can use any primary photo ID from category 1 that includes your Australian driver’s license, passport or birth card. Alternatively, you can submit one non-photographic document from category 2 along with a non-photographic document from category 3.
Tax file number. Providing your tax file number is not mandatory. Submit it if you don’t want Greater Bank to deduct withholding tax from the interest your money earns.
Other information. Other information you have to provide to complete the application includes your name, home address, phone number and email address.

Greater Bank opens your account as soon as you complete all the required formalities, including going through the ID check.