The cash management account acts as a hub account to the system and enables the easy flow of funds between financial institutions. With each account the funds are always held in the individual or entity's name.
To create an account with Australian Money Market (AMM), a corresponding Cash Management Account is required. AMM moves funds between financial institutions via this “hub account” for the settlement of term deposit deals. With each account the funds are always held in the individual or entity’s name.
We currently offer the following choice of Cash Management Accounts.
What are the cash management account options?
When you complete the online application form you will be asked to choose an account, read the relevant PDS or Terms and Conditions and provide a copy to your client. Please note that Commonwealth Bank is only available to your clients that have existing CBA Accelerator Cash Accounts.
FAQ's
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Can you or your client obtain account information directly from the product issuer?
Yes, you will be listed as the primary broker on your client's cash management account and can deal directly with them. Both you and your clients are able to have internet access to account information.
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What if my client already has an existing cash management account with a provider listed above?
We can link an existing cash management account held by our client. When you complete the online application form, there is an option for existing accounts where you can provide us with the details. This will ensure that a duplicate account will not be opened.
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What if my client has an existing AMM account but wants to switch to a different cash management account option with another product issuer?
It is possible to change the cash management account to another provider. AMM allows for the ability to have multiple cash management accounts linked.
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Who are DDH Graham Limited and why do they manage Bank of Queensland and Westpac accounts and term deposits?
DDH Graham Limited is a funds management and administration organisation. They have been appointed by Bank of Queensland (BOQ) and Westpac as an agent to manage and administer their deposit offerings. As BOQ and Westpac's agent, all account information for the BOQ Money Market Deposit Account and Westpac Select CMA is accessed through DDH Graham, not directly through BOQ or Westpac.
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What are the options to transfer funds to the cash management account?
For the initial and subsequent term deposit investments, your clients have several options to transfer funds to their cash management account. Find out more.
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Can you obtain details on the hub account interest?
No, this will need to be obtained directly from the product issuer. Please note this will not be included in the AMM Tax Pack.
