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ANZ puts TDs on OnePath platforms

05 September 2011 4:08PM
ANZ is the latest bank to put a range of term deposit products on its wealth management division's investment platform. OnePath is offering ANZ term deposits ranging from three months to five years on its OneAnswer superannuation and non-superannuation platforms.National Australia Bank's online business, UBank, launched a term deposit range aimed at the trustees of self-managed superannuation funds last year.And, in April, Commonwealth Bank launched a hybrid term deposit on Colonial First State's FirstChoice platform. The deposit has a maturity date of April 2017, although Colonial has a liquidity facility. The rate is set at 100 basis points over the cash rate.In addition, one of the country's biggest superannuation funds, Australian Super, is finalising contracts with two banks - one a Big Four bank and the other a regional - to supply term deposits to its members.Banks are responding to the high level of demand from super fund trustees for term deposits. They are keen to tap into a new source of retail deposits.ANZ will pay 5.5 per cent for three months, six per cent for six months, and 5.8 per cent for one, two, three and five year terms.A feature of the offering is that super fund members will get the same rates as bank customers (interest will be taxed at 15 per cent before it is credited to the super account). In the past there has been a tendency to pay super fund members less for their cash, but competitive pressure is changing this practice.

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