In a statement released by the platform provider, Hub24 said ING Direct is the fifth term deposit provider to be offered on its platform, alongside RaboDirect, NAB, St George Bank and Adelaide Bank.
Speaking to SMSF Adviser, Hub24’s head of marketing and distribution, Wes Gillet, said Hub24 now offers a wider selection of term deposits to investors, including SMSF trustees, who tend to gravitate towards cash investments.
“We’re pleased that ING Direct has chosen Hub24 to be the first platform through which to offer [term deposit] products,” Hub24 said in a statement.
“We believe that the key to a successful platform is choice, extending across all providers and products.
“This includes term deposits, which are an integral part of an investment strategy, especially for clients approaching retirement or looking to park cash at higher rates while researching investment choices,” Mr Gillet said.
Hub24 also said offering a range of term deposit providers and a broad selection of terms and competitive rates will increase efficiencies for advisers.
“[Advisers] can be confident that Hub24 has done the groundwork in pulling together a comprehensive selection of cash solutions to suit a variety of client needs,” a statement from Hub24 said.
ING Direct head of third party distribution Mark Woolnough said ING is increasingly working with advisers and is “very pleased” to be part of the Hub24 platform.
“Our term deposits have a range of features including competitive rates and no ING Direct fees and it’s great to start the year on the Hub24 platform, bringing choice, flexibility and a compelling cash solution to advisers and their clients,” Mr Woolnough said.