When you setup a new SMSF with Grow, you can instruct us to assist you with the set up a Macquarie Cash Management Account (CMA). This also includes a high interest Accelerator Account.
Cash Management Account (CMA)
The CMA is the primary transaction account. This is where your SMSF will receive rollovers and contributions and pay all expenses. This account can be direct-debited for payments like insurance and SMSF loan repayments.
The current interest rate on this account can be found on the Macquarie website here: Cash Management Account
Accelerator Account
The Accelerator Account is linked to the CMA and can only transact with the CMA. The account can receive deposits from the CMA and any external banks, but withdrawals can only be made via the CMA. You cannot set up direct debits from the Accelerator Account.
The current interest rate on this account can be found on the Macquarie website here: Cash Management Account
To view more information about the Macquarie CMA and Accelerator Accounts and to check the current interest rates, visit the Macquarie website.
Grow SMSF Access
Macquarie will inform you of the following:
“You’ve nominated a financial adviser, Kris Kitto, on your account. They'll have access to your account online and will be able to transfer funds between your Accelerator account and your existing Macquarie Cash Management Account. If you've nominated any additional financial services companies or professionals with enquiry authority on your linked CMA, these will be replicated on your Accelerator account”.
Kris and Grow SMSF only have "Enquiry Authority" on your CMA and Accelerator accounts. As per 5.14 in the Terms & Conditions of Macquarie's third-party authority form (see attached Macquarie Cash Third Party Authority PDF below), this means:
a) You authorise the third party to have access to information about your account.
b) Enquiry Authority does not allow the third party to make Withdrawals from your account, make changes to your account details or close your account.
In other words, we only have "read-only" access. We cannot transfer your money out of your SMSF accounts. You can independently verify this with Macquarie at any time.
Furthermore, Kris Kitto and Grow SMSF are NOT financial advisers. We are accountants.
Our assistance is limited to pre-filling the Macquarie application for your approval and only under your instructions.