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.
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.
You have the option of adding detailed reports to your statements that show you your income, profits and losses.
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.
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.
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.
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.
This account also had online trading integration and is SMSF ready.