An ASB Cash Fund is a PIE alternative to a Savings On Call account, and may provide a better after-tax return than a Savings On Call account offering the same rate and fees - if you are on a 30% or higher income tax rate.
An ASB Cash Fund is worth considering if you’re on a higher income tax rate and you’re looking for the flexibility to access your account balance.
If your income tax rate is 30% or higher, an ASB Cash Fund may provide better after-tax returns than a Savings On Call account offering the same rate and fees.
Invest additional funds or withdraw all or part of your account balance at any time. For a partial withdrawal, the remaining balance needs to be $500 or more. You can make a withdrawal by transferring your funds to another ASB account or as a bill payment to a nominated bill payee that you set up.
An ASB Cash Fund account may have tax advantages for you if you are a New Zealand resident on a 30% or higher income tax rate. The ASB Cash Fund is a PIE Fund, which taxes your share of returns at a maximum rate of 28%.
Each New Zealand dollar you invest buys one unit in interest-bearing deposits. Returns are earned daily and paid as additional units into your account monthly.
For balances up to $20 million, returns are paid on every dollar in your account. Investments over $20 million may earn a lower rate.
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ASB Cash Fund account balance
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Rate of return
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Balance < $10,000
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Balance $10,000 - $24,999.99
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Balance $25,000 - $49,999.99
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Balance $50,000 - $99,999.99
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Balance $100,000 - $19,999,999.99
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Balance $20,000,000+
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The rates of return are before tax and any fees. A $500 minimum balance is required.
Rates of return can change at any time.
Log in to FastNet Classic internet banking and go to 'Open & Apply' or join now if you're not yet with ASB or registered for FastNet Classic.
Decide how much to invest, for how long, and how your interest or returns should be paid.
Confirm the details and that's it. You're good to go.
Log in anytime to manage your investment.
Whether you’re a night owl or an early bird, you can open and manage an ASB Cash Fund account any time with FastNet Classic internet banking or FastNet Business. Log in and check your balance or transfer money in or out of your fund.
We’re there wherever you need us with the ASB Mobile app. Check your balance while waiting for a taxi or move money in or out of your fund while you’re shopping.
A PIE alternative to a term deposit for those on a 30% or higher income tax rate.
Earn a fixed interest rate over a time period you choose.
A savings account that rewards you for not making withdrawals.
For more information refer to the ASB Cash Fund and ASB Term Fund Terms and Conditions. Units in the ASB Cash Fund are issued by ASB Group Investments Limited, a wholly owned subsidiary of ASB Bank Limited (ASB). Investments made in the ASB Cash Fund are not deposits with ASB. ASB guarantees account balances and returns due but not paid (less fees and any PIE tax). The guarantee is unsecured.
