Simplified Streamline an easy sale
Commonwealth is a follower in the deposit market, so much so that the bank is running a clear last in the innovation stakes in this product segment. The bank's high yield at-call deposit account emerged six years after ING Direct introduced the concept to Australia. The bank introduced an “all you can eat” style transaction account with fixed monthly pricing as recently as May. The bank's staff “welcomed” the simplified Streamline account and found it “easy to explain” CBA managing director Ralph Norris said. While CBA's rate of growth in deposits remains marginally below growth across the banking system, the bank said it continued to attract primarily “new” money, from outside current customers, for its high yield savings account.