Platform Wealthtrac has launched a term deposit product that it claims offer clients the lowest minimum deposits available on any platform in Australia.

The ANZ-backed term deposits are available on Wealthtrac’s super master trusts and also IDPF portfolio service at a minimum $5,000 deposit.

“What makes our product quite unique in relation to some of our competitors is that our competitors have significantly higher minimum deposits,” Wealthtrac head of distribution Matthew Johnson said.

“A lot of our competitors have already launched term deposits, but we think we have managed to come out with a product that suits all our members and all potential clients.”

The rates on the deposits – available on a 90-day, 180-day and a one-year term – are subject to change and are updated on a weekly basis, he said.