Selfwealth clients are provided with an 'ANZ cash trading account' as part of the application process. This account serves as your AUD cash account and is used to facilitate the settlement of your ASX trades. It is also the only cash account that you can use to deposit and withdraw funds from the Selfwealth platform.
Additional cash accounts are added for any international markets you've been approved for. For example, if you open a US trading account you will also have a matching USD cash account (for more information on your international cash accounts please click here).
What type of account is my 'ANZ cash trading account'?
Selfwealth holds your AUD cash balance on your behalf in a 'trust account' with Australia and New
Zealand Banking Group Limited (ANZ). The trust account is held in the name of Selfwealth (in trust) as a 'bare trustee' for you.
Selfwealth is not entitled to withdraw any amounts from your cash balance in the trust account, except in accordance with a direction from you.
Each Selfwealth cash account is reported individually to the Australian Prudential Regulation Authority (APRA) by ANZ.
The trust account is governed by ASIC and cannot be used for corporate purposes by Selfwealth or other parties.
Are there any fees attached to my 'ANZ cash trading account'?
No, there are no fees whatsoever attached to your ANZ cash trading account.
How do I access my Selfwealth cash account?
Your cash account with Selfwealth is a wholesale banking facility managed by ANZ, but it is not linked to the ANZ retail banking system. As a result, you cannot view or withdraw funds from your Selfwealth cash balance via the ANZ online banking system or via a branch. Instead, your cash trading account is managed via the Selfwealth platform.
To view your cash account details, follow the below steps:
1. Log in to the Selfwealth website.
2. Click Trading Account on the left-hand navigation bar (you may need to scroll down to see this option).
3. You should automatically be taken to the 'Cash Account' tab (if not, just click Cash Account).
From here you will be able to:
- view your Selfwealth AUD cash account BSB and account number (1)
- view your nominated bank account details (2)
- view your Selfwealth AUD cash balance (3)
- view cash transactions for your AUD and international cash accounts (4)
- submit a request to transfer cash from your Selfwealth AUD cash account to your nominated bank account (5)