The Cofunds Cash Account allows you to hold money destined for investment on the Cofunds Platform.
There is no minimum or maximum balance required and there is no set time period. However as the money within your Cash Account is deemed destined for investment, Cofunds do not pay a market leading interest rate. Cofunds will pay interest on the entire balance with interest paid net unless you instruct Cofunds to do otherwise. Details of the current interest rates can be found on the Cofunds site
Paying Money into the Platform Cash Account
To pay money into or out from the Cofunds Cash Account electronically (e.g. from your bank's online banking service) you need to set-up a Nominated Bank Account with Cofunds (normally your current account). This is because Cofunds need to verify that the bank account belongs to you before they will transfer money to and from it. The best way to do this is to:
- write a letter to Cofunds explaining that you would like to pay into your Cofunds Cash Account, clearly stating your Cofunds account number found on the Cofunds Account Details screen
- attach a cheque from the account you would like to be your nominated bank account as your first investment
- send this to Cofunds at the address on the form
Once you receive confirmation from Cofunds (or see the money reported in your Cofunds valuation on rplan) then you will be able to make further transfers electronically, for example from your bank's online banking service.
Selling Assets to the cash account
To sell assets and have the proceeds paid into this account, use the Sell screens located under the Invest area of the site.
Withdrawing money from the cash account
Please see here.