IMB Cash Management Review, Rates & Information

Product details

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.

Product Name: IMB Cash Management

Maximum Variable Rate: 1.20% p.a.

Standard Variable Rate: 1.20% p.a.

Bonus Variable Rate: 0.00% p.a.

Monthly Fee: $0

Minimum Opening Deposit: $5,000

Internet Banking: Yes

Internet Transaction Fee: $0

Phone Banking: Yes

Phone Transaction Fee: $0

Minimum Age Requirement: 13

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

What are the features of the IMB Cash Management account?

A cash management account is a versatile banking product, allowing you to keep your money in one account that both earns interest and can be easily accessed. The varying features offered by different banks for this type of dual account should be compared closely to ensure that you choose the account that is in line with your banking needs:

Monthly account keeping fee. 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.

Pros

Competitive interest rate
At-call access to savings
No monthly account keeping fee

Cons

Minimum balance applies

How do I apply for the IMB Cash Management account?

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.

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.

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.