What is a cash management account?

A woman confidently using her laptop in her living room

If you run your own self-managed super fund (SMSF), invest in dividend-yielding shares, or receive income from an investment property, a cash management account (CMA) can help you keep your everyday spending separate from your investment money. 

A cash management account is a centralised hub used to store and monitor cash. Plus, CMAs often pay you interest with rates that rival some savings account interest rates.

What are the main features of cash management accounts?

Cash management accounts are usually slated as a ‘no-frills’ banking option and are therefore pretty straightforward. 

Each cash management account is different, but typical features may include:  

  • Streamline your finances into one account
  • Track your spending
  • Earn interest as you store your cash 
  • Unlimited withdrawals and deposits
  • No, or low, account fees 
  • Direct your dividends to your CMA
  • Link your CMA to your share trading account

Deposits covered under the Financial Claims Scheme (up to $250,000).

Who are cash management accounts for?

Cash management accounts are ideally suited to those who invest and desire to keep their investing capital separate from their everyday bank account or savings account.

If you:

  • Manage your own superannuation fund (i.e., an SMSF) and want a secure place to store your retirement funds.
  • Invest in shares and want somewhere to store your capital away from your spending money, or a place to receive your dividends.
  • Or if you own an investment property and want to receive your rental income in a bank account away from your other finances, a cash management account could be what you’re looking for.  

Ultimately, cash management accounts are a way to simplify your investment-related finances. They’re a good option for those who juggle multiple accounts at different banks but would rather have a ‘one-stop-shop’ for their banking needs.

Cash management account vs savings account

Choosing between a cash management account or a savings account really comes down to what you want to do with your money. 

Are you squirrelling away your funds for retirement? You probably want an account with no fees and a strong interest rate. Both CMAs and savings accounts typically offer this. 

If you’re looking to streamline your investing in shares, then opting for a CMA that’s affiliated with your share trading platform can help with that. Banks that offer a CMA that you can link to their trading platforms include Westpac and Commonwealth Bank. 

Property investors looking to collect rent in a unified account may also benefit from either a CMA or a savings account.

But keep in mind, CMAs can sometimes come with minimum account balances that affect the savings interest rate. So, if you don't have enough cash to earn the product's highest interest rate, you may want to consider going with a high-interest savings account in the meantime.

Take AMP's Cash Manager bank account as one example. There's an attractive 4.20% p.a. interest rate, but you'll need a minimum $10,000 deposit to earn it. 

AMP Cash Manager
  • Earn up to 4.20% p.a
  • No ongoing or account fees
  • Send and receive payments in real-time
Find out more

Enjoy all the benefits of a flexible cash management account with the a great rate of up to 4.20% p.a with AMP Cash Manager on a minimum balance of $10K. You’ll not only have the freedom to manage and access you funds while earning interest, but you’ll also pay no transaction, ongoing or account fees in the process. Complete with digital wallet payments, AMP Cash Manager is a simple way to watch your wealth grow.

So, if you're still building up your funds, you might want to look into a savings account to help grow your wealth. Check out some of the featured savings interest rates below, or browse through some of the best savings accounts in 2023. 

Savings account comparisons on Mozo - last updated 13 April 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

  • Savings Account

    5.35% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

  • Mozo Expert Choice Badge
    AMP Saver Account

    5.40% p.a. (for $0 to $250,000)

    1.20% p.a.(for $0 to $5,000,000)

    Yes up to $250,000

    Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.

    No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.

  • High Interest Save Account

    5.10% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $200 to either Spend or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.


^See information about the Mozo Experts Choice Savings Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.