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3.73% current expected yield*

The MAS Investment Funds Cash Fund is a flexible savings option that can invest in cash and cash equivalents, such as term deposits and short-term fixed interest assets. If you would like to know the actual mix, please refer to the MAS Investment Funds - Cash Fund - Fund Update 30 June 2025 document. It's suitable for those looking for a higher return than average on-call savings accounts, while maintaining easy access to your money.

  • One low annual fee of 0.25%
  • No minimum investment timeframe
  • Start investing with as little as $500

*After fees, before tax. The yield to maturity is not a guaranteed return and is subject to change and based on a portfolio of investments as of 30 September 2025. The yield to maturity of an investment is the annualised interest rate earned assuming everything stays the same, all expected interest payments are made and principal is repaid. See FAQs related to YTM.

Why choose the MAS Investment Funds Cash Fund?

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Hands-on investment management

Our active approach to investing aims to outperform the market and deliver higher returns for your investment.

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Advice when you need it

Our range of tools and nationwide network of MAS Advisers are here to help you grow your wealth and create the financial future you want.

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100% owned by our Members

We're a New Zealand owned mutual that's here for our Members, not overseas shareholders. When you join us, you become one of our owners.

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A smarter way to invest your cash

  • Easy access to your money
    Withdrawals generally paid within 5 business days
  • The Cash Fund can invest in a diversified portfolio
    Including cash, cash equivalents and short-term fixed interest assets
  • Maximum tax rate of 28%
    As a PIE fund, a maximum PIR of 28% applies—lower than the 39% RWT that may apply to other investments.
  • Open to individuals, joint investors, trusts and companies
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Easy account management

It’s easy to manage your account with our MAS Investment Portal. You can see your balance, switch Funds, update your details and more. 

 

Yield to Maturity - Frequently Asked Questions

What is the Yield to maturity (YTM)?

The YTM provided for the Cash Fund, is an annualised indicative weighted average yield (after fund charges and before tax) for the Cash Fund.

Put simply, YTM is the annual return an investor might expect to earn at a given point in time if everything stays the same. It assumes all interest is paid and the original investment is fully repaid.

Given these assumptions, YTM will change over time and will not exactly match future returns achieved. However, YTM can be viewed as an indicator of future returns at a moment in time (after fund charges and before tax).

How do we calculate YTM?

The YTM is a way of estimating the return you can expect from investments such as cash, term deposits, or bonds, if they are held until they mature. We have calculated the YTM to show an estimated rate of annualised return for an investor at a specific point in time. This rate is subject to change and is based on the portfolio of investments as at the published date. It takes into account:

  • the interest payments expected to be received
  • any changes in value of the investments between purchase and now
  • what you paid to invest.

In other words, it’s a ‘total return’ measure that shows what you’re expected to get back, compared to what you put in, assuming everything stays the same and the investments are held to their maturity.

How often is the YTM updated?

YTM is calculated and updated on our website monthly, or more frequently if needed due to investment activity or during certain market environments that materially change YTM.

Is the YTM the same as a coupon (also referred to as interest)?

Coupon (or interest) and YTM are different. A bond’s coupon is the fixed annual interest payment, calculated as a percentage of its value it was issued at. YTM is a better measure of expected return, as it accounts for the timing of cash flows and any change in the value of the investment through to its maturity, all other things being equal. It’s important to know whether a rate refers to the coupon or the yield. There can be a meaningful difference.

Does the Cash Fund only invest in cash assets?

The Cash Fund can invest in cash and cash equivalents, such as term deposits, and short-term fixed interest assets. If you would like to know the actual mix, please refer to the Quarterly Fund Update.

Does the Government deposit guarantee cover the Cash Fund?

No, as Medical Funds Management Limited (MFM) as manager of the MAS Investment Funds (Scheme) isn’t a registered bank or licensed deposit taker, the MAS Investment Funds Cash Fund is not covered by the Depositor Compensation Scheme (DCS)*, also known as the Government deposit guarantee.

Your money is held by an independent custodian (Public Trust) separate from MFM. So even if MFM faces financial trouble, your investment money is held separately.

While this guarantee doesn’t apply to Scheme funds invested in New Zealand banks, our investment managers assess each issuer’s financial strength and apply disciplined exposure limits to ensure high quality across the investments.

*The DCS was launched in mid-2025 and covers up to $100,000 per person per licensed deposit taker, to protect depositors if their bank or financial institution fails.


What our members say

As a mutual our members are a top priority.

  • “Now that I’m almost retired, I get the reports from MAS on the performance of the plan and it’s one of the highlights of my month.”

    Geoffrey Horne, Orthopaedic Surgeon

  • “MAS has given me a lot of advice over the years - great advice. They also work hard to provide wellbeing for their Members.”

    Tiff Logan, Dentist

  • “In my 50+ years of membership, MAS has never disappointed me.”

    MAS Member

  • “MAS has certainly made a really big effort to get us to understand more about where they are investing our money, and in particular moving into more ethical investment products.”

    Anna Sullivan, Emergency Medicine Specialist

Medical Funds Management Limited is the issuer and manager of MAS Investment Funds. The Product Disclosure Statement is available at MAS Investment Funds PDS

If you would like to talk to a MAS Adviser, phone 0800 800 627 or email info@mas.co.nz