Like many others, I was impressed by CommSec's new Cash Management account, which offers a higher interest rate than the bank's existing CDIA account. The package combines a high-interest investment account and a lower-interest everyday account.
I just found out about the catch: your trading account can only be linked to the low-interest everyday account, not the high-interest investment account.
That might not make a difference for light traders who can move cash from one account to the other as needed. But for heavy traders, it's impossible to manage, with large sums of money moving in and out of the account daily to settle trades.
I found out about the catch in a phone call from the bank after I filled in all the paperwork and got ready to close various accounts. Ended up telling them the new account won't work for full-time traders and I'll have to stick with the CDIA. What a waste of time. I now have to fill in more paperwork to close an account that's never been used.
