IOOF adds term deposits to platforms
Wealth manager IOOF has introduced term deposits to its Pursuit Select, Pursuit Core, IOOF Portfolio Service and LifeTrack platform offering.
Investors can access the term deposit facility for a minimum $5,000 for six or 12-month terms, “without leaving the platform environment”.
The current interest rate for six-month term deposits from $5,000 to $24,999 is 8.15 per cent and 7.90 per cent for amounts from $5,000 to $24,999 over 12 months.
The current six-month rates for deposits over $25,000 is 8.40 per cent and 8.20 per cent for 12 months.
“Adding term deposits is in keeping with our overall strategy of positioning our platforms as a one-stop-shop for advisers,” IOOF head of product and marketing Nick Everingham said.
“Given the volatile market conditions, we have responded by adding term deposits as a more defensive asset to provide investors a safe haven from the storm in the markets.”
“Not only does the minimum amount make it truly accessible, investors can enjoy highly competitive interest rates, and can, if needed, redeem the investment prior to the maturity date, subject to an interest reduction.”
Recommended for you
Financial advisers are reminded to ensure their CPD is up to date with the Financial Services and Credit Panel making its second determination in a week after an adviser failed to meet the requirements.
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
While efficiency remains a top priority for Australian advisers, State Street has revealed the profession is now juggling this desire with the need to maintain personalisation of its service offering.
A possible acquisition of data provider Iress is becoming a greater likelihood after the firm announced it is engaging with multiple interested parties.
