Macquarie Cash Management Account

Investors can store their excess investment funds in a flexible account.

The Macquarie Cash Management Account is especially designed for the investor in mind. By providing you with fast access to your capital, you can make investment decisions in an instant. This account works for SMSF trustees, online traders and professional investors as a savings hub in between opportunities.

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Shirley Liu

Last Updated Jan 5, 2021

0.12% p.a.

Maximum variable rate

0.12%p.a.

Base interest rate

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Product Name	Macquarie Cash Management Account
Maximum Variable Rate	0.12% p.a.
Standard Variable Rate	0.12%
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Pros

$0 monthly account fee.
Different types of account are available such as Joint, Sole Trader, Deceased Estate and even investment for your child under 18 years of age.
Available for SMSFs, online traders and investors.

Cons

Minimum opening deposit $0 required

Review by

Shirley Liu

shirley@finder.com.au

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.

Expert review

This account also had online trading integration and is SMSF ready.

Key features

No ongoing fees

There are no monthly account keeping fees or management fees when you keep your cash in this account.

Interest paid monthly

The interest is calculated on your daily balance and paid into the account monthly, giving you the opportunity to earn even more with compound interest.

Online trading available

This account is able to be linked to Macquarie online trading so that your money can be invested without hesitation.

Self Managed Super Fund eligible

The Macquarie Cash Management Account is SMSF ready and able to help you with your accounting and tax needs.

Investment management

You have the option of adding detailed reports to your statements that show you your income, profits and losses.

Accessibility

Funds are moved into and out of this account instantly through online banking. You can set up direct debit for periodic payments into the account and make transfers from your current bank account. You will have to initiate these transfers with that financial institution first.

How to apply

If you find that the features of the Macquarie Cash Management Account fit in with your investing style, you can complete an application online in just a few minutes by visiting Macquarie website, or download and print an application form.

Eligibility

In either case you are going to first want to ensure that you are eligible for this type of cash management account:

Minimum age. You must be at least 18 years of age in order to qualify for this account.
Residency requirements. All eligible applicants must be an Australian resident with a verifiable residential address.

Depository requirements. You do not need to make any initial deposit in order to open the account. Electronic signatures are used, so once the account has been opened you will be able to make deposits immediately.

Documentation needed

In addition to meeting the eligibility requirements, you will also need to provide Macquarie Bank with certain documentation in order to ensure that your details are processed quickly:

Tax file number. Your tax file number (TFN) or TFN exemption is needed by Macquarie Bank in order for them to withhold the correct tax amount from any interest earnings.
Identification. Macquarie Bank employs electronic verification of your identity, so providing them with your passport or driver's licence number should be sufficient to open the account.

Applicants who do not pass the electronic verification will need to provide physical identification documentation. If not, you will be notified of the account details within a few business days of submitting your application. Providing your electronic signature allows for you to begin making deposits into the account immediately.

FAQ

If you are providing your identification directly to Macquarie you will need to supply the following documents:
- Macquarie trust identification form and
- Macquarie company identification form and
- Certified copy of a up to date extract of the trust deed. The extract should include the page which shows the trust name, names of trustees, signatures o trustees with witnesses signatures, date of execution, names of beneficiary, names of settlor and each signatory must provide the general identification requirements, such as an passport of driver's licence.
Macquarie's ESA is provided on this page I've emailed you the link to the online application form. To link your share trading account, please get in touch with the customer service team at Macquarie to organise this as the form is not readily available online.

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6 Comments

Staven
February 12, 2020

Does interest get paid on the first $5,000 or only on the balance above $5,000?

finder Customer Care

Jhez
February 12, 2020

Hi Staven,

Thank you for your comment.

The interest on the Cash Management account is calculated using stepped interest rates, which means that you’ll be paid a different interest rate for different portions of your balance. Balances between $0 and $4,999.99 will not earn interest and any balance above $5,000 will earn the interest rate, hence, you’ll earn interest for the first balances of $5,000 +.

Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.

Hope this helps.

Regards,
Jhezelyn

Clare
December 3, 2017

I have a cash management account. Can I get a debit card to go with it??

finder Customer Care

Dee
December 3, 2017

Hi Clare,

Thanks for your question.

The Macquarie Cash Management account does not come with a debit card. However, if you want to withdraw or get money from this account, you have several options available:

1. Transfer money to any Australian bank account
2. Use BPAY to make payments
3. Set-up a one-off or recurring payments.

I hope this helps.

Cheers,
Anndy

Pauline
September 8, 2016

With a Cash Management Account, are you required to regularly deposit funds? I am considering the Macquarie Bank Cash Management Account.

finder Customer Care

Clarizza
September 9, 2016

Hi Pauline,

Thanks for your question.

There’s no minimum deposit required per month on this account, although it should be noted lack of any transactions for up to 3 years may qualify it as unclaimed money. However your bank should notify you before unclaimed money is handed over to ASIC.

Hope this helps.

Clarizza

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Macquarie Cash Management Account