Cash Account Replacement

Why are you closing the CMC Markets Cash Account (with Bankwest)?

Following a review of the CMC Markets Cash Account (a product issued by Bankwest and administered by Colonial First State) (Bankwest Cash Account), it has been decided by Colonial First State and Bankwest to no longer offer this product from 28 February 2021. As a result, all Bankwest Cash Accounts will be closed prior to 28 February 2021.

What is the ANZ Cash Account?

Similar to the Bankwest Cash Account, the ANZ Cash Account is an account with Australia and New Zealand Banking Group operated by CMC Markets Stockbroking under your instructions. This account is for trading and settlement purposes only and enables you to trade online using any of the CMC Markets Stockbroking platforms.

Will I get a new bank account number?

Yes. As part of the transition to an ANZ Cash Account, you will be provided with a new BSB and bank account number. The new bank details will be emailed to you in the week before the transition date.

Will this have an impact on my BPAY details?

Your current BPAY details will remain the same and you will be able to continue using these details to fund your new ANZ Cash Account.

How can I deposit money into the new ANZ Cash Account?

You will be able to deposit money into the new ANZ Cash Account using your existing BPAY biller code and reference number. You can also direct deposit funds using your new BSB and bank account number. Once we have transitioned to ANZ we recommend you update your Payee details with your banking provider so you do not deposit money into the closed Bankwest Cash Account. Once your Bankwest Cash Account is closed, you will no longer be able to receive payments into it and any incoming payments will be automatically returned to the remitter.

What will happen to my cash dividend instructions?

When we transition from Bankwest to ANZ, we will direct any ASX CHESS dividend instructions to the ANZ Cash Account. If you provided your Bankwest Cash Account details directly to any share registries for dividend payments you will need to update them with your new ANZ Cash Account details after we provide them to you.

Will I get online access to this new ANZ Cash Account?

You will have access to the new ANZ Cash Account only through the CMC Markets Stockbroking platforms. You will be able to view your balance, request withdrawals and download cash transaction summaries from the CMC Markets Stockbroking trading platform. You will NOT be able to access this account through ANZ’s online banking.

How can I withdraw my money from the new ANZ Cash Account?

There will be no change to the way you withdraw your available funds. You will still be able to request withdrawals from your new ANZ Cash Account to a linked external nominated bank account via our Stockbroking platform.

Will I get a closing statement from Bankwest?

Yes. When your Bankwest Cash Account is closed, Bankwest will send a closing statement by mail to your registered postal address. Please retain this for your tax purposes.

I am an ANZ banking customer, can I see my ANZ Cash Account in ANZ online banking?

The ANZ Cash Account operated by CMC Markets will not be linked to your ANZ banking customer profile and does not support online banking access. This cash account can only be operated by you through the CMC Markets trading platform or by calling CMC Markets. You will be able to view your balance, request a withdrawal and download cash transactions summaries all within the CMC Markets trading platform.

Can I contact ANZ with queries about my ANZ Cash Account?

No, you will need to contact CMC Markets directly for all cash account enquiries. Your ANZ Cash Account can only be operated by you through the CMC Markets trading platform or by calling CMC Markets.

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