Take full advantage of the accessibility of a transaction account and interest earnings of a savings account in one convenient place.
Without having to lock your savings away, the IMB Cash Management Account allows for you to still get the benefit of competitive interest rates. You are provided with multiple ways of accessing your money including unlimited free online transactions.
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IMB does not charge you any monthly account keeping fees for the Cash Management account.
Interest rates
Your entire balance starting at $5,000 earns a variable interest rate. This rate gradually increases as your balance does.
Interest calculation and payments
The interest is calculated on the entire balance daily and paid into the account once a month.
Availability
Only individuals intending to use this account for personal or domestic purposes or as a trust will be eligible.
Accessing your money
IMB provides you with a number of ways to access your account and funds including; ATM and EFTPOS with a Visa debit card, cheque book, branch banking, mobile banking and IMB Alerts. You are also allowed unlimited free phone and internet transactions.
Transaction allowance
There are some transactions whose use will incur a fee which can be offset by your transaction allowance. The amount of your monthly allowance is dependent on a number of factors including how long you have been an IMB member, your total combined investments in their products, and the number of shares you hold.
IMB Visa debit card
The linked IMB Visa debit card allows you to make purchases at any merchant that accepts Visa, over the phone or internet and to access your money through ATMs all over the world.
International transaction
You will be charged the higher of $5 or 2.5% of the transaction value when using your Visa debit card overseas to make purchases and withdrawals.
IMB alerts
IMB alerts is a special feature that sends an SMS message to your mobile phone regarding specific activities on your account. Email messages are free of charge, but you will have to pay $0.25 for each text message sent to your phone.
IMB mobile app
Available for both android and iPhone mobile devices, the IMB app will allow you to check your balance and transaction history, transfer money and schedule future transfers, pay bills and locate the nearest ATM.
How to apply
Eligibility
The convenience continues with a simple online application process for the Cash Management Account. It should take about ten minutes to complete, but you should first make sure that you are eligible for this banking product:
Minimum age. You must be aged 13 or older in order to apply.
Residency requirement. Only Australian residents with an Australian residential address will be approved for the Cash Management Account.
Depository requirements. A minimum opening deposit will be needed before this account will be activated.
Documentation needed
In order to complete the application correctly it is recommended that you have the following documentation close by:
Tax file number. With any interest earning account, the bank is required by law to apply a withholding tax on those earnings. You can offset the amount applied by providing them with your tax file number (TFN) or exemption code.
Identification. IMB will accept information from any two of the following identification documents to help verify your identity, a passport, driver's licence or Medicare card.
What happens after I submit my application?
You will be notified of the receipt of your submitted application along with any need for additional information. Once your identity has been confirmed and opening deposit cleared, the account will be activated and your IMB Visa debit card mailed to the address you provided.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
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