Approved Cash Providers
OpenMarkets trading services are integrated with a range of cash providers – giving you more choice on how you settle your trades.
|PROVIDER||PRODUCT||INTEREST RATE |
(SUBJECT TO CHANGE)^
|Bankwest||Cash Management Account||1.65% p.a.||Nil||Nil||N/A|
|CBA||Cash Accelerator Account|
(adviser services only)
|1.30% - 1.60% p.a.||Nil||Nil||N/A|
|DDH Graham||Money Market Deposit Account||1.50% p.a.||Nil||Nil||N/A|
|Macquarie||Cash Management Account||1.30% p.a.|
|Nil||Nil||Nil (for OpenMarkets clients)|
*a closed trust account
*The ANZ Cashactive product is a closed cash account that OpenMarkets can open and operate on your behalf. ?See our ANZ Cashactive page for more information.
^The above?interest rates are indicative only, and are variable and subject to change without notice. Interest on cash held is typically?calculated daily and paid monthly or quarterly in arrears, depending on the provider. This information is for general information purposes only.?For more accurate and up-to-date information about the current rates and how they are applied, please refer to the bank’s website directly.
How It Works
When establishing an OpenMarkets account, simply choose your preferred provider in your application or if you have an existing cash account, simply provide the details in your application.
New cash account required (retail only)
If you don’t have an account with one of our above providers,?we can either:
- pass on the information you provide us in?your?application to initiate a new online Macquarie Cash Management Account?application on your behalf (note: an activation link will be emailed to all applicants)
- establish an ANZ Cashactive Account (a closed trust account) on your behalf
- OR you may mail to us a completed Bankwest Cash Management Account?application and attach to this form along with original certified copies of your ID as outlined in the Appendix.
See the cover page on our?Account Applications Forms for more information.
- OpenMarkets will provide?you with?your BSB and Account Number along with your trading account and login?details in a?Welcome Email.
- When you’re ready to start trading simply?transfer sufficient?funds into your cash?account?via internet or telephone banking. (Note: BPAY transfers may take up to 3 days to clear.
New cash account required (adviser services)
With the exception of the ANZ Cashactive?account product (a closed trust account that OpenMarkets can open and operate on your clients’ behalf), advisers will need to establish all cash accounts for clients directly with the banks.
For assistance or more information on establishing cash accounts for your clients please?contact us.
Existing cash account
If you have an existing account with one of our approved providers, simply provide us with your BSB/Account details in?your Account Application and submit the corresponding?third party authority form?below.
Adding Third Party Authority?
You link your existing cash account, you will need to?grant OpenMarkets with third party authority?to debit/credit on this account for trade settlement.
- Existing Bankwest?accounts?– complete a Bankwest Authority Form?download here
- Existing CBA accounts (advisers?services only) – advisers will need to instruct your CBA account manager
- Existing DDH Graham accounts?– complete a DDH Graham Authority Form?download here
- Existing Macquarie accounts?– complete a Macquarie Authority Form?download here?(‘General Withdrawal’ authority must be selected)