Compare cash management accounts
A cash management account helps you manage your investment cash flow while earning interest, with flexible access when you need it.
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Investors sometimes reach a stage where a simple transaction account is no longer the best way to manage your cash. Especially when you're moving money between investments or holding some for new opportunities. This is where a cash management account can help.
How does a cash management account work?
A cash management account is essentially a savings account or bank account, although some financial institutions classify them as investment accounts. They're for individual investors, self-managed super funds, companies and trusts.
Some cash management accounts offer higher interest rates than standard bank accounts, but less interest than a high interest savings account.
As an account holder, you'll have easy access to funds in your account, and some accounts can be linked to online trading platforms so you can easily manage your investments.
What can you use a cash management account for?
A cash management account is ideal is you want to keep your investment cash flow separate from your personal banking. For example, you can use the account to receive your rental income from an investment property or dividends from shares.
It can also be a hub for your self managed super fund, where you make investments for the fund and receive income.
How do I compare cash management accounts?
While some of the features are essentially the same, some others are not, so pay attention to the following if you plan to open a cash management account.
- Interest rate. Some cash management accounts offer the same interest rate no matter how much your account balance is, while others offer tiered interest rates. With accounts that follow tiered interest rates, balances higher than $500,000 tend to earn the highest rates.
- Access to funds. Depending on the account you choose, you can access money in your account through ATMs, EFTPOS, Internet banking, phone banking, cheque books, branch banking, and even BPAY.
- Online trading. If you trade shares online, or if you plan to in the future, consider opening a cash management account that you can link to an online trading account.
- Fees and charges. Cash management accounts don't usually attract ongoing account keeping or management fees. Some might not charge any transaction fees, and some others might offer a limited number of free transactions per month.
Benefits of a cash management account
- High interest rate. When compared to a standard bank account, many cash management accounts offer a better interest rate.
- Easy access to funds. With your cash management account you can access funds at ATMs, via online banking, and also use your money to pay bills via BPAY.
- Ideal for SMSFs. A cash management account gives you easy means to simplify your tax returns, super fund accounting and long term record keeping, given that all related transactions appear on a single statement.
What to look out for
Cash management accounts are straightforward products. The main thing is to ensure that this kind of account is useful for you in managing and tracking your investment cash flow.
If earning interest is important to you then you must compare rates (you can see a wide range in the table above) to make sure your cash is earning a competitive rate. While some accounts have quite high rates, others are closer to zero.
It's important to factor in any fee costs associated with running the account too.
Frequently asked questions
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Ask a question
I will be receiving proceeds of sale of my home of about $1900000 and wish to invest it for about 2 months when I will be paying most of it as balance owing on a retirement unit I am buying. I want to maximise my interest for this period and seek advice.
Hi Mary,
Thanks for getting in touch with Finder.
You might want to consider storing your money in a high-interest savings account.
On that page, you will see a table that allows you to conveniently compare high-interest savings accounts. Click on the “Go to site” button when you finally found a product that fits your needs and preference. 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. You can also contact the provider if you have specific questions.
I hope this helps. Should you have further questions, please don’t hesitate to reach out again.
Have a wonderful day!
Cheers,
Joshua
Please advise which Bank will open a Cash Management account with cheque book facility and pay interest on total balance on my self managed super fund account
Hi Alexander,
Thank you for your inquiry.
While we cannot recommend what is best for you, we can offer you a general information. As per checking you are already on the right page where you can compare the banks that offers Cash Management account. You can follow the process provided below to optimize your comparison procedure.
I hope this information has helped.
Cheers,
Harold