We’re excited to announce that we’ve upgraded to a new banking system designed to give you a faster, more secure, and seamless experience.
This upgrade is part of our commitment to providing you with a better and more efficient banking experience.
Below, you’ll find answers to some frequently asked questions about this upgrade.
What is changing as part of this platform upgrade?
A new platform has been developed using advanced technologies to support faster access to your money and for Selfwealth to access new features that will support future enhancements.
Why did Selfwealth move to this platform?
Selfwealth moved to a new ANZ platform to enhance your cash experience, and to access new features that will support future enhancements.
What changes can I expect to see?
- New ANZ cash trading account details: Your cash trading bank account will now have a new BSB, account number, and Biller reference code.
- Faster access to your money: You’ll receive your funds sooner after your trades settle, giving you quicker access to your money.
When will I receive my new ANZ cash trading account number?
- Your new bank account details will be available by the end of March 2025
Where can I see my new ANZ cash trading account details?
Mobile path: Account>Trading Account Settings
Desktop path: Trading Account>Cash Account or Deposit Cash.
Will I be able to trade whilst this upgrade is happening?
Yes, you can continue trading as usual during the upgrade process.
What will happen if I use my old bank account details to deposit money?
If you accidentally use your old account details, don’t worry – we’ll automatically transfer your funds to your new account. This redirection will be in place for the next 12 months to ensure there are no disruptions.
Which bank is providing my new ANZ cash trading account?
We continue to provide you with a dedicated ANZ cash trading account that can only be used to hold the cash funds for your trading and investment activity – all with zero account keeping fees.
Will there be any expected delays when I deposit funds into my new ANZ cash trading account for the first time?
Normally funds will be available instantly if you pay via bank transfer or 1-2 business days via BPay.
However, some banks may hold funds for a short period the first time a payment is made to a new account. If you experience longer than expected processing times, we recommend contacting your bank to confirm that the funds have been released.
Will my dividend payments be made into my new account?
If you currently use a Selfwealth ANZ cash trading account for dividend payments, then Selfwealth will progressively update the share registries with your new ANZ trading bank account details. This update will be applied automatically, and there is nothing further you need to do.
You will also receive notifications from the share registries confirming that your dividend or distribution payment details have been updated.
If your dividends or distribution payments go to an external account, this won’t affect you.
What should I do if I haven’t received my funds in my new trading bank account yet?
If your funds aren’t available to you within the expected timeframes, please contact us for assistance.
Will anything happen to my Dividend Reinvestment Plan (DRP) Elections?
No. If you have a DRP election in place, these instructions will remain in place.