Commonwealth launches new cash platform for advisers
Commonwealth Bank is hoping to win more cash account business from advisers, accountants and stockbrokers with the launch of a new platform, Cash Management Service.The service will offer customised versions of the bank's Accelerator Cash Account and its term deposit accounts. Intermediaries using the service will be able to view their clients' account balances and transactions, and transact on their clients' behalf.CBA is aiming to capture more of the investor market's demand for savings products, especially among self-managed superannuation fund trustees. The bank claims to provide cash management services to 36 per cent of SMSF trustees already.Cash Management Service will be administered by the bank's wholesale equities and margin lending business, Core Equity Service.The Accelerator account is paying the Reserve Bank cash rate plus 50 basis points as a guaranteed rate until June next year.