Cash Management
In 2008 CommSec diversified into the short term deposit sector with the introduction of its Cash Management product. The product consists of two distinct accounts the CommSec Cash Account (CCA) and the CommSec Investment Account (CIA). The CCA is designed to both be the source of funds for stock trading and also an everyday transaction account, with a linked debit MasterCard. The CIA is designed as a high interest cash deposit distinguished by its lack of tiers and that cash can only be transferred to and from the CCA.
On the 12th December 2012 CommSec announced plans to "replace your CommSec Cash Account (CCA) and CommSec Investment Account (CIA) with the new Commonwealth Direct Investment Account (CDIA), just one settlement account that earns you interest". The new CDIA is no longer "distinguished by its lack of tiers" and in fact drastically reduces the interest rate from the CIA which paid 3.25% for all balances.
CDIA Interest rate $0 - $9,999 0.01 % p.a. $10,000 - $19,999 1.50 % p.a. $20,000 - $49,999 2.00 % p.a. $50,000 - $99,999 2.50 % p.a. $100,000 - $249,000 3.00 % p.a. $250,000 - $499,999 3.25 % p.a. $500,000 or more 3.50 % p.a.
Read more about this topic: Commonwealth Securities
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