Summary

With ANZ Premium Cash Management Account you can earn a little interest on your cash while you're between investments.

The ANZ Premium Cash Management Account works as a hub for your investment cash. You can hold money in the account and earn a small amount of interest while it's there. Then you can move the money to other accounts or investments easily.

The account has minimal fees and you earn interest on a tiered structure. Higher balances earn more interest, but overall you won't earn much interest compared to an ANZ high interest savings account.

Pros

Make your savings work harder with tiered rates
Access to funds
No monthly fees

Cons

Minimum amount required to earn interest
Interest rates are lower than a savings account

Details

Key details

Product Name	ANZ Premium Cash Management Account
Maximum Variable Rate	0.15% p.a.
Standard Variable Rate	0.05% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	16

Key features

Account service fee

You are not charged any monthly account service fee.

Available transactions methods

You can access your money using ANZ ATMs, EFTPOS, phone and internet banking, BPAY or at an ANZ branch. A cheque book facility is also available if requested.

Free transactions

You are allowed up to five free transactions each month, not including internet banking which are always free. After you have met that threshold you will be charged $2.50 for branch transactions and $0.50 for electronic or cheque transactions.

Interest rates

The interest rate applied to your balance is variable and tiered, growing in value as your account balance grows. While there's no minimum balance requirement to open the account you don't earn any interest on the lowest tier.

Interest calculation

Interest will be calculated on your daily balance and paid into the account once a month.

ATM access

With a linked access card from ANZ, you can make enquiries and withdrawals at ANZ ATMs across Australia for free. You will not be charged any fees from ANZ for using an ATM outside of their network, but the provider may reserve the right to.

How to apply

Eligibility

If you do decide that this is the right account to manage your investment funds from, you can apply online. If you prefer, you can also apply in person at a local ANZ branch, just make sure that you meet the eligibility requirements before getting started:

Minimum age. Applicants for this account can be as young as 16 years of age.
Residency requirements. You must have a residential address in Australia in order to apply for this account. If you are applying from overseas, there is a special application form that you can use for non-residents.

If you want to apply for a joint account you need to visit a branch with all account holders (after your account is open) and sign a joint account authority form.

Documentation needed

It should take about 10 minutes to complete the application, which will go even faster if you have the following documentation available:

Tax file number. A tax file number (TFN) or exemption code provided on interest earning accounts assures that the withholding rate on your earned interest is correct. It is not mandatory to fill in this section of the application, but if you don't ANZ will withhold tax at the highest marginal rate.
Identification. Your driver's licence, passport, or Medicare card will contain information that can be used by ANZ to confirm your identity. New customers may need to visit a branch in order to complete this step in the process.

What happens after I submit my application?

After submitting your application online, it will be reviewed by ANZ and so long as your identity can be confirmed and you meet the other eligibility requirements, the account will be activated within two business days. At this point your ANZ access card will be issued in order to enable you to make withdrawals and purchases from the account.

Sources

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Richard Finder

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Farz

April 02, 2022

What is the minimum deposit?

Alison Banney Finder

April 06, 2022

Hi Farz,

The ANZ Premium Cash Management Account doesn’t have a minimum opening deposit nor does it require a minimum balance.

If this is the account you’re looking for, you can submit an application online or apply in person at a local ANZ branch.

Best,

Alison

Show more Show less

Jay

December 29, 2021

Can I open an account under one name only??

Alison Banney Finder

January 12, 2022

Hi Jay,

Yes, you can open one account under one name with ANZ.

Best,

Alison

Afzal

August 25, 2021

Can we open a premium deposit account under three names?

Alison Banney Finder

September 01, 2021

Hi Afzal,

Yes, you can open ANZ Premium Cash Management Account under three names. However, you won’t be able to apply for it online. You would need to apply in person. Visit an ANZ branch and sign a joint authority form.

I hope this helps.

Regards,

Alison

Frederick

May 18, 2016

Can a SMSF hold a Premium Cash Management Account?

Shirley Liu Finder

May 18, 2016

Hi Frederick,

Thanks for your question.

The ANZ Premium Cash Management is available for personal use only.

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full profile

ANZ Premium Cash Management Account

Pros

Cons

Key features

Account service fee

Available transactions methods

Free transactions

Interest rates

Interest calculation

ATM access

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Your reviews

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