Cashwerkz adds at-call accounts

John Kavanagh Authorised deposit-taking institutions

Online term deposit marketplace Cashwerkz has launched an at-call savings account option.

At launch, the service offers account options from three authorised deposit-taking institutions – AMP Bank, Auswide Bank and ME Bank.

Cashwerkz says at-call rates of up to 2.3 per cent are available on the platform. It says five more deposit-takers will join the platform “in the near future”.

On the term deposit side of the business, Cashwerkz works with around 40 deposit-takers.

Cashwerkz was launched in 2016, with an investment platform that allows institutional and retail investors to switch between term deposit providers without having to verify their identity each time they move their accounts.

Trustees Australia acquired Cashwerkz in August 2017. Two established Trustees Australia businesses - fixed income brokerage Rim Securities and advisory service Redgate Asset Management - were bundled together with Cashwerkz following the merger.

Since then Cashwerkz has been promoted as a one-stop shop for defensive assets. Once investors register they can choose from a range of TD offers from a number of providers, as well as bond and other fixed income investments.

Trustees Australia says A$2 billion has passed through the platform since it was launched, with more than $1 billion currently on the platform.

One of Cashwerkz’ selling points is that it does not have access to investors’ funds, making it a secure platform for investors. The company says its service “facilitates the transfer of cash between accounts held and controlled by the investor, their appointed adviser or custodian, via secure automated instructions to relevant parties”.

Investors do not pay fees. Cashwerkz receives a fee from the financial institution.