View Full Version : Cash Management Account
Hi Guys,
I was just wanting some advice on how you guys use your cash management accounts. I am very new so this may be a silly question but I could not find any thread on the forum relating to this.
I keep a bit of my funds in a High interest earning savings account ("high" being a joke these days) and whenever I want to buy a stock which I think is cheap, I then move funds from my high interest earning account to my Cash management account. The problem with this is that I cannot in advance place a few "buys" for stocks which I would like to buy if the price was lower because the Cash management account needs to have funds in there in order to place an order/buy.
If I move a big chunk of funds into my Cash management Acc and not buy anything for a month then I would essentially not earned high interest as I would by having it in the "High" interest savings account.
I am sure you guys work with a lot bigger numbers than I do but is there some other strategy I could look into?
Xerof
13-07-2015, 01:45 PM
ANZ Securities will let you buy up to 40k (I think) unfunded, but you pay normal brokerage, not the on-line rate. Check it out in their Educational section - it's there somewhere
found it:
Which payment scenario applies to you?
1. This is my very first order and I do not have an Online Multi-Currency Account (OMCA)
You need to pre-pay if your very first order exceeds $10,000.
If this order does not exceed $10,000 then you do not need to pre pay.
2. This is my very first order and I have an OMCA but there is no money held in it
You need to pre-pay if your very first order exceeds $10,000. If this order does not exceed $10,000 you do not need to pre pay.
3. This is my very first order and I have an OMCA with enough money held in it to cover the cost of my order
You do not need to do anything because we will automatically take the money from your OMCA
4. This is not my first order and I do not have an OMCA
You need to pre-pay for this order if it exceeds $40,000. If this order does not exceed $40,000 you do not need to pre pay.
5. This is not my first order and I have an OMCA but there is no money in it
You need to pre-pay for this order if it exceeds $40,000. If this order does not exceed $40,000 you do not need to pre pay.
6. This is not my first order and I have an OMCA with enough money in it to cover the cost of my order
You do not need to do anything because we will automatically take the money from your OMCA.
Harvey Specter
13-07-2015, 01:49 PM
How much interest are you forgoing?
Alternatively, you could set up a margin account at ASB so you always have funds accessible (to the extent of the margin limit). I think you only have to keep an average balance of negative $10k to get their services for free (which would work out to be about $600 interest a year)
ANZ Securities will let you buy up to 40k (I think) unfunded, but you pay normal brokerage, not the on-line rate. Check it out in their FAQ section - it's there somewhere
Do they? I have not seen this with ASB Sec, but will look into ANZ Sec now.
Thanks
How much interest are you forgoing?
Alternatively, you could set up a margin account at ASB so you always have funds accessible (to the extent of the margin limit). I think you only have to keep an average balance of negative $10k to get their services for free (which would work out to be about $600 interest a year)
Hi Harvey, thanks for that. I have been looking at Margin accounts once I joined this forum (never knew these existed) but I am a bit 50/50 on it at the moment. I think it will be ok when making larger orders.
Do many guys on here use Margin accounts? Is it worth the interest charged?
stoploss
13-07-2015, 02:30 PM
ANZ Securities OMCA pays 3 % so you might lose 1 % on your funds , but have a lot more flexability and speed to get orders done ...
McGyro
13-07-2015, 02:49 PM
ANZ Securities OMCA pays 3 % so you might lose 1 % on your funds , but have a lot more flexability and speed to get orders done ...
I just took a look and the 3% + only applies if you have NZD 100,000 +
Aaron
13-07-2015, 03:07 PM
Hi Harvey, thanks for that. I have been looking at Margin accounts once I joined this forum (never knew these existed) but I am a bit 50/50 on it at the moment. I think it will be ok when making larger orders.
Do many guys on here use Margin accounts? Is it worth the interest charged?
I have an ASB margin account but pay a $125.00 six monthly fee ($250.00 annually) as I have no leverage currently as I wait for the financial world to end. The fee is waived if the borrowings/ interest is high enough as mentioned earlier in the thread. I use a RaboDirect on call account to accumulate my meagre savings with my cash Mgmt ac close to zero. Ready to pounce when the opportunities arise. You give up ownership of your shares with the margin account but ASB Securities are only holding them as agent so hopefully all will be well if things turn sour. Hasn't been worth it lately but could come into its own if Greece and China can set off some sort of crash. Careful though in 2007 I was a genius buying banks and high yielding Babcock Infrastructure on margin and nearly got wiped out.
I would have thought with the three day settlement period for share purchases you would have time to transfer money before it became an issue.
In a world that demands inflation, leverage is the only way to go. I thought we might have had deflation but central banks won't allow it so I have watched as just about everything has doubled in value over the last 6 years. I hold some hope of deflation as commodity prices are pointing that way but easy money will keep financial assets pumped up possibly indefinitely. Case in point Auckland house prices.
To answer your question the interest charged will be worth it only if your yield and capital gain from your investment are more than the interest rate charged. So in my case, not usually.
Xerof
13-07-2015, 03:23 PM
LAC -Just edited my first answer - check it out
I just took a look and the 3% + only applies if you have NZD 100,000 +
Not sure where you get that $100,000 is required. OMCA account pays 3% on all NZ$ balances.
McGyro
13-07-2015, 05:42 PM
Not sure where you get that $100,000 is required. OMCA account pays 3% on all NZ$ balances.
Here you go:
https://www.anzshareandbondtrading.co.nz/dynamic/OMCAInterestRatesFXRates.aspx
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Interesting.
From my login (Ex Direct Broking which may be the reason) I get
Current Interest Rates
Currency Interest Rate
NZD 3.00% p.a.
AUD 1.00% p.a.
USD 0.00% p.a.
GBP 0.40% p.a.
EUR 0.00% p.a.
JPY 0.00% p.a.
CAD 0.00% p.a.
HKD 0.00% p.a.
SGD 0.00% p.a.
CHF 0.00% p.a.
percy
13-07-2015, 06:16 PM
A couple of big issues I had in the past was taking up Australian rights issues, and depositing Australian cheques.
These issues were fixed by having both Australian and NZ cash management accounts with Craigs.
Australian cheques I send into Craigs and they go into my Australian cash management account.Taking up issues, I just send the paper work into Craigs and they do the rest.
Any interest I earn is just a nice surprise.If I want money from Craigs, I just ring them in the morning and the money goes into my bank account that night.
May not be the most cost effective way of doing business,but it is the easiest way for me,and saves cockups.
ASB margin lending charge me 6.5% and no fees
I thought I was being clever borrowing money at less interest than the dividends I received-but then life takes unexpected turns and comcom hit chorus hard-and still keeps knocking them down whilst helping spark.
So my dividends are not much more than interest-I mortgaged my house to buy shares so this is tax deductible and much lower interest than the margin lending.
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