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.”
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