The Adelaide Bank has responded to an investment platform call for government guaranteed term deposits with the launch of its new cash product, the Guaranteed Term Deposit (GTD).

Adelaide Bank’s GTD has been developed to complement the recently launched Adelaide Cash Management Account by providing access to the government guarantee on cash deposits for amounts above $1 million.

“We consulted with major investment platforms and the feedback was that there were very few term deposits available that carried the government guarantee,” said Adelaide Bank general manager, managed funds, Bruce Speirs.

He said the GTD account is ideal for superannuation master trusts and others who cannot access the fee free government guarantee.

“This product was also developed for those investors with more than $1 million who would prefer to consolidate their cash. It will also allow investment platforms to provide their advisers and investors with access to a guaranteed cash term deposit facility,” Speirs said.

The product would be available via a number of platforms, including Avanteos, Summit and Navigator.