Does Australia have money market accounts?
Australian Money Market makes choosing term deposits and cash accounts easy and finds the best rates. ... Much simpler way to access the best term deposit interest rates. It is particularly well suited to SMSF investments where banks require a significant amount of documentation in order to set up an account.
How does the Australian money market work?
Australian Money Market gives you access to term deposit rates from multiple Australian financial institutions through a single portal. You decide the bank, rate and term for your client and then invest immediately.
How do I start a money market account?
How to open a money market account
- Submit an application. “You should be able to open most money markets online, over the phone or at a local branch,” Li-Cain says. ...
- Complete any verification requirements. ...
- Fund your new money market account.
Are amp term deposits safe?
The Australian Government guarantee protects combined deposits up to $250,000 per customer if a financial institution fails.
What is a money market account Australia?
A money market account pays interest in line with current money market rates. Investments such as cash management accounts pay a tiered rate of interest. The more money you have in the account, the higher the interest rate.