Westpac Institutional launches 'first-of-a-kind' deposit product
Westpac Institutional Bank has launched what it describes as a first-of-a-kind deposit product.
Announcing the new product this week, the big banking group said the Westpac Corporate Evergreen Account would give corporates and institutions flexibility in managing working capital.
It said the new product provided organisations with a choice of notice periods to suit their liquidity needs.
Westpac said there was no minimum investment amount, and organisations could add funds to their account at any time to maximise the return on surplus cash flows, while having the option to withdraw all or some of their money after serving a predetermined notice period — either 31, 60, 90 or 180 days.
Commenting on the new product, Westpac head of Corporate Cash Management, Daniel Moses, said maximising returns on cash assets and working capital was a priority in any environment.
"Evergreen is ideal for Treasurers and CFOs who have an increasing desire for flexibility when forecasting their liquidity and want to improve their return on surplus funds," he said.
Interest is calculated daily and paid monthly, with the option of interest being paid to a linked Westpac account or reinvested within Evergreen.
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