Learn how the Business Account works, including how funds are held through the Shift Cash Management Trust (CMT). You can also find key product documents and information about the account structure.
What is a Business Account?
The Business Account allows you to make and receive payments using a BSB and account number, and view your balance, returns and transaction history in Shift Online. Credit balances are an investment in the Shift Cash Management Trust (Shift CMT), a managed investment scheme. When you add funds to your Business Account, you acquire units in the Shift CMT. Your balance represents units held in the Shift CMT rather than money held in a bank account.
When you make a payment or transfer from your Business Account, the relevant number of units are redeemed from the Shift CMT and the redemption proceeds are applied to fund that payment or transfer.
Is this a bank account?
No. It is not a bank account or deposit product and is not covered by the Australian Government Financial Claims Scheme. Capital is not guaranteed. Credit balances are an investment in the Shift Cash Management Trust.
What is the Shift Cash Management Trust?
The Shift Cash Management Trust, or Shift CMT, is a managed investment scheme. When you add funds to your Business Account, you acquire units in the Shift CMT.
How does a registered managed investment scheme work?
When you contribute money to a registered managed investment scheme, your money is pooled together with other investors’ money and you are issued with units. The units are a measure of your beneficial interest in the Fund and the Fund assets as a whole.
The scheme is legally registered with the Australian Securities and Investments Commission (ASIC), managed by a professional operator (Shift RE Services) and bound by the Corporations Act 2001.
Please refer to the Product Disclosure Statement (PDS) for more information.
Where can I find the PDS and other product documents?
The Product Disclosure Statement, Target Market Determination, Financial Services Guide and Payment Terms and Conditions are available on the Shift website.
Need assistance?
Our friendly team is here to assist you. Please contact us on 1300 249 649 from Monday to Friday (8:00am – 7:00pm AET) and Saturday (9:00am – 2:00pm AET) or email contact@shift.com.au.
Shift RE Services Ltd (ABN 52 692 646 049) (AFSL 700230) (“Shift”) is the Responsible Entity and issuer of the Shift Cash Management Trust (ARSN 701 319 486) (“Fund”), a registered managed investment scheme. This information is general advice only and does not take into account your objectives, financial situation or needs. Consider the Product Disclosure Statement, available on this page, before deciding whether the product is right for you.
The Business Account is an investment in the Fund. Credit balances are invested in the Fund and represented by units. It is not a bank account, deposit account, term deposit or other liability of any bank. Shift is not an authorised deposit-taking institution (ADI). The interest rate associated with the Business Account is variable and may change at any time at the sole discretion of Shift. Capital is not guaranteed and is subject to investment risk. The Fund is not covered by the Australian Government Financial Claims Scheme.