ASB Cash Fund

More about

Account balances and returns are guaranteed by ASB Bank Limited. The guarantee is unsecured.
Invests 100% in a bank deposit with ASB.
Offers a high rate of return.
A Portfolio Investment Entity (PIE) fund, with certain tax advantages over conventional bank accounts and deposits if you pay 30% or 33% tax.
Pays tax for you at 10.5%, 17.5% or 28% (your PIR). A 0% PIR is available to some non-individual investors, more information.
Easy access to funds and balances.
No base or transaction fees (service fees may apply).
Easy to open at an ASB branch or by logging in to FastNet Classic**.
Minimum $500 opening deposit and account balance.

How does it work?

1 unit = $1 - the price never changes.
Your dollars buy units which are held in your account.
Returns are calculated on your daily account balance and distributed monthly.
Returns are distributed by crediting new units each month.
Tax is paid by deducting units equal to the amount of PIE tax.
At any time of the day or night, you can see an electronic statement of your ASB Cash Fund account on FastNet Classic.
You will receive a PIE tax certificate at the end of the tax year.
Your tax savings could boost your investment returns.
Money can be deposited into ASB Cash Fund using automatic payments and direct credit.
You can transfer money out of ASB Cash Fund to one self-selected bill payee (ASB or non-ASB NZ account).

Conventional bank accounts Marginal Tax Rate	ASB Cash Fund likely tax rate	Your tax savings
33%	28%	5%
30%	28%	2%

Rate of return and fees

$ balance/units	Rate of return
All credit balances	3.15% p.a.

Fees	Amount
Base and transaction fees Service fees may apply	None

ASB