Australian Money Market adds Westpac to hub

Australian Money Market (AMM) has announced the addition of the Select CMA, issued by Westpac, to its term deposit "hubs."

On instruction from advisers, AMM moves term deposit funds between financial institutions via a central cash management account with the funds invested in the clients’ name.

According to AMM, instead of creating a new cash management account on behalf of clients, existing Select CMAs can be linked for the settlement of term deposit deals.

“SMSF advisers are able to switch to a different institution upon maturity of a term deposit on behalf of their clients and funds are transferred automatically,” said AMM.

According to the online term deposit broker, a majority of accounts set up by advisers on AMM’s platform on behalf of clients are currently SMSFs.

The cash management accounts already on AMM’s account hub include CBA, ANZ, Bank of Queensland, Bankwest and Macquarie Bank.

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