Grove launches term deposit shop
Simon Ibbetson
Asset consultant Grove Research and Advisory has launched the online Term Deposit Shop to help wholesale investors compare rates and invest with a number of Australia’s leading financial institutions.
Initially, the Term Deposit Shop will provide wholesale investors with comparable daily rates from Citibank, BankWest, Investec and Rabobank
Grove’s managing director, Simon Ibbetson, said the shop will deliver a competitive range of wholesale rates from a variety of issuers across a range of maturities via an online investment platform.
“This platform allows clients to instantly access highly-competitive investment rates and to compare rates without having to ring around for comparisons.
“The online environment is simple, transparent and easy to use and allows customers access to market competitive rates at the click of a mouse.”
Ibbetson said the shop was launched because term deposits have “become an important part of investors’ liquidity management requirements following the global turmoil in the credit markets”.
“Over the past six to 12 months customers have become much more informed about the risk associated with deposit products, and they now take a balanced approach when deciding to invest between ‘risk’ and ‘reward’.
“There is a definite increased focus on the stability and reputation of the institution they are looking to invest with,” he said.
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