Product details
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.
This account also had online trading integration and is SMSF ready.
- Product Name
- Macquarie Cash Management Account
- Maximum Variable Rate
- 0.55% p.a.
- Standard Variable Rate
- 0.55% p.a.
- Bonus Variable Rate
- 0.00% p.a.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $0
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $0
- Joint application?
- Yes
- Minimum Age Requirement
- 18
- Maximum Age Requirement
- No Maximum Age
- Covered by Government Guarantee?
- Yes (Up to $250,000 per person, per institution)
What are the features of the Macquarie Cash Management Account?
With your excess investment funds, you need an account that gives you liquidity. Compare the features of the Macquarie Cash Management Account against others offered by different Australian Banks to see where your investment capital has the best chance at growing your wealth:
- No ongoing fees. There are no monthly account keeping fees or management fees when you keep your cash in this account.
- Competitive interest rate. Balances above $5,000 earn a competitive rate of 0.55% p.a.interest, even when it is just sitting inside of the account. (Balances less than $5,000 earn no interest.)
- 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.
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
How do I apply for the Macquarie Cash Management Account?
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 to apply online
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
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.
I want to open a cash management account for SMSF. The trustee is corporate trustee. What document do I need to supply? I know Macquarie bank will supply me an Electronic Service Address for free. How long does it take to issue me such ESA? Could you please email me application form? I also want to link this account to trading account/platform, is any form I need to fill?
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.
Does interest get paid on the first $5,000 or only on the balance above $5,000?
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
I have a cash management account. Can I get a debit card to go with it??
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
With a Cash Management Account, are you required to regularly deposit funds? I am considering the Macquarie Bank Cash Management Account.
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