Macquarie has launched a bank account version of its cash management trust.

The new account version of the trust will qualify for the Government’s banking guarantee scheme.

The Cash Management Account will provide investors with direct debits, chequebooks and periodic payments.

Financial advisers will be able to view clients’ accounts online, similar to a cash management trust.

Macquarie Banking and Financial Services group head Peter Maher said the new banking account had been developed in consultation with dealer groups and direct clients, who had requested a product that had the trust’s functionality and would also be guaranteed by the Government.

“The account is an alternative to the Macquarie trust, which is one of the most secure and functional cash investments available in Australia, with a Standard & Poor’s AAAm rating,” he said.

Initially, the account will have a limited amount of the trust’s functions, but Maher said further enhancements would be continually rolled out with the aim of matching all of the trust’s functionality by early next year.