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Term deposits go super

15/11/2011

One of Australia's largest super funds, AustralianSuper, is preparing to launch a range of term deposits as an alternative to cash options.

AustralianSuper has signed up National Australia Bank and ME Bank as providers and will start offering three-, six- and 12-month terms from the end of this month.

In September, ANZ put a range of term deposits on the super and non-super investment platforms of its wealth management division, OnePath.

In April, Commonwealth Bank launched a hybrid term deposit on Colonial's First Choice platform. The investment matures in 2017 and has a rate that is reset as the Reserve Bank changes rates, paying 1 percentage point more than the cash rate.

Source: Sydney Morning Herald



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