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.
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