CMC Bank account question

[Australia]

Currently we use Comsec and it has Cash management account in which there are two separate account one called Comsec Cash Account paying almost zero interest and the other Comsec Investment Account paying around 3-4% Interest rate.

The problem is we want to keep money in interest paying account (CIA) but we always have to manually transfer the money to CCA everythime we buy and back ewverytime we sell. This is time consuming and extremely frustrating compared with the OLD Comsec CDIA account (close to 4% interest), and if we forget to top up CCA, they charge hefty fees and threatened us with suspension even though CIA has plenty of Cash in it.

So, I'm thinking of using CMC which according to the website, pays attractive interest rate (up to 3%), I'm just wondering whether it is a single account like the OLD comsec CDIA account or just like Comsec Cash management in which we have to transfer cash manually between two accounts.

 

[jeffTH]

So, I'm thinking of using CMC which according to the website, pays attractive interest rate (up to 3%), I'm just wondering whether it is a single account like the OLD comsec CDIA account or just like Comsec Cash management in which we have to transfer cash manually between two accounts.

Hi Australia, I have been using CMC for 5-6 years now, firstly with Andrew West, then CMC when they took over AW. I have found their banking system A1 and only have one account on which the interest rate is as promoted.
I also have a Comsec account for my SMSF which draws automatically from my SMSF Bank Account.

Of the two broking sites I consider CMC to be by far the best, the screen layouts are neater, more easily read, have research, alerts, watchlists, and brokerage for transactions below $15,000 cost only $19.95, etc. etc. When I wish to buy shares in my SMSF, I do all my research using CMC and when filling in the Buy order on Comsec use the depth screen on the CMC site in determining my price.

I don't think you would be disappointed with CMC unless there are features not available to you that Comsec has. I haven't found any such features...