It’s a simple 5 step process to open and manage a Term Deposit once you have registered and verified your identity with Cashwerkz.
Download the attached document with the details for each step to help you manage your cash.
Cashwerkz enables investors to gain access to a range of term deposits from an extensive selection of Australian banks and financial institutions – these investors include:
For any other account types, please contact our support team.
Once you place your instruction online, Cashwerkz will send the selected bank notification detailing:
Depending on the bank and your instructions, the bank will either direct debit the funds from your nominated account or you will be provided with the direct deposit details to transfer funds.
If your funds are direct debited, this process may take up to seven (7) business days to complete.
Cashwerkz does not transact, hold or have access to your funds at any time.
Depending on your selected bank, funds will be either direct debited from your nominated bank account or require you to direct deposit the funds via an electronic funds transfer (EFT).
For EFT, Cashwerkz will provide you with the required payment instructions on confirmation of your instruction.
Cashwerkz do not transact, hold or have access to your funds at any time.
At the commencement of your term deposit, funds are transferred directly between your nominated bank account and the selected bank.
Upon maturity and as required in accordance with your instructions, redeemed funds are transferred directly to your nominated bank account by the bank who holds your term deposit.
Every term deposit investment you open is always made in the name of the investor (eg individual, SMSF or Company) and owned by that entity.
Cashwerkz will upload a copy of your investment confirmation once the term deposit has been processed by the selected bank – usually within three (3) business days from completion. This will be available for you to download online via your secure Cashwerkz dashboard. A copy of the relevant Product Disclosure Statement relating to your investment will also be available.
The selected bank may also send you a confirmation direct, however, this may take up to two (2) weeks from completion.
If the interest rate for your selected term deposit increases while your instructions are processing, the new rate will apply.
If the interest rate decreases we will hold your order and notify you by phone and email. If we do not receive a revised instruction within 24 hours your instruction will be processed at the revised rate.
You cannot deposit additional funds into a Personal or Business Term Deposit during the term.
However, you can add additional funds if you choose to roll over your Term Deposit for another term.
You can nominate this additional amount in your maturity instructions and the amount will be direct debited by the bank from your nominated bank account or your direct credit via EFT.
The maturity instructions provided when you place your initial instructions will be applied.
Cashwerkz will send you an email seven (7) days prior and one (1) day prior to the maturity date of your term deposit.
At any time during the term of your term deposit, you can update your maturity instructions via login to your Cashwerkz account. However please ensure any updates are provided at least two business days prior to maturity to allow time to process your request.
To break a Term Deposit investment, notice is required in writing.
The interest rate applied is the same as the commencement rate for the time invested, less any early termination/ break fees charged by the selected bank. Any fees payable will vary depending on the financial institution – you should refer to the particular Product Disclosure Statement (PDS) relating to your investment. All charges incurred will be confirmed with you prior to processing.
There is also a minimum time period for you to notify the bank if you wish to break your term deposit early. This is also disclosed in the particular PDS relating to your investment.
Please contact our support team for any queries.
Cashwerkz enables you to easily reinvest and switch between banks by providing you with a range of options via our term deposit marketplace, allowing you to manage your investment.
Cashwerkz is currently working with a number of Finance and Accounting platforms to establish Data Feeds.
As these services are developed and rolled out we will provide regular updates to provide information on:
Cashwerkz now offers a direct datafeed into XPlan, which enables advisers who hold their clients’ term deposits with Cashwerkz to map this portfolio information into their clients’ XPlan record.
The datafeed provides advisers with the ability to comprehensively measure asset allocation, cash exposure and liquidity levels from a total portfolio perspective.
To activate, advisers can register for the feed on the Cashwerkz platform via their secure login and be provided with the configuration codes to map into XPlan. Once activated, client data will be received and available within 24 hours.
Download the step-by-step document attached to assist.
Cashwerkz Support is available to assist with any questions or queries by phone, email or chat:
Monday- Friday 8:00am – 6:00pm (AEST)
(Excluding National and NSW Public Holidays)
Remember, you can visit our website to register, research, transact and manage your term deposit investments – Anytime and Anywhere
Cashwerkz was established in 2014 as an online marketplace enabling you to research, invest and manage your term deposits and cash management accounts.
Cashwerkz operates under AFSL Licence No. 459645 to provide information on products offered by participating providers. Cashwerkz then automates your ability to research and invest in these products.
You pay zero fees.
Product issuers may pay Cashwerkz a fee directly. This does not affect the price or yield quoted to you.
Cashwerkz is an online marketplace and cash management platform with no affiliations with third party institutions.
We only have relationships with our clients and contracted product providers.
Cashwerkz interest rates may vary to those displayed on bank’s website’s as per the contracted relationship we have with each to distribute online their current interest rates.
Every term deposit or investment is always made in your name, owned by you and held with your selected bank.
Cashwerkz is the facilitator to assist you with the application process and the ongoing management of your investment. Your term deposit cannot be transferred to anyone else.
In Australia, term deposits available through Cashwerkz may be protected under the Government’s Bank Deposit Guarantee, also commonly referred to as the Financial Claims Scheme (FCS). You should refer to the relevant Product Disclosure Statement for more information regarding the FCS.
The Australian Government guarantees deposits up to a cap of $250,000 per account-holder per Financial Institution.
Information about the Financial Claims Scheme (FCS) can be obtained from the APRA website at www.apra.gov.au or by calling the APRA hotline on 1300 558 849.
A certified copy is a copy of an original document such as a driver’s licence that has been authorised (or stamped) by an authorised witness as being a true copy of an original.
Here is a list of authorised witnesses that are generally accepted by Cashwerkz and the banks we deal with:
Politically exposed persons (PEPs) are individuals who occupy a prominent public position or function in a government body or international organisation, both within and outside Australia, including:
This definition also extends to their immediate family members and close associates, including: