BT increases one-year term deposit rate
Chris Freeman
BT Financial Group has increased the rate of its popular one-year term deposit to 8.4 per cent, which it believes will strike a cord with retirees or those nearing it.
BT head of wrap solutions Chris Freeman said term deposits on platforms have proved popular with investors seeking the low-risk, income generating characteristics of cash.
“While recent market volatility has seen investors divert their investments from the traditional asset classes of property and Australian and international equities, around one in every $3 coming into term deposits on the platform is new money,” he said.
Since BT introduced the cash option to its BT Wrap and SuperWrap platforms on April 14, $400 million has flowed into its term deposits.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
