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
Famous quotes containing the words cash and/or management:
“If when a businessman speaks of minority employment, or air pollution, or poverty, he speaks in the language of a certified public accountant analyzing a corporate balance sheet, who is to know that he understands the human problems behind the statistical ones? If the businessman would stop talking like a computer printout or a page from the corporate annual report, other people would stop thinking he had a cash register for a heart. It is as simple as that—but that isn’t simple.”
—Louis B. Lundborg (1906–1981)
“No officer should be required or permitted to take part in the management of political organizations, caucuses, conventions, or election campaigns. Their right to vote and to express their views on public questions, either orally or through the press, is not denied, provided it does not interfere with the discharge of their official duties. No assessment for political purposes on officers or subordinates should be allowed.”
—Rutherford Birchard Hayes (1822–1893)