Macquarie has developed a new cash management account aimed at giving customers the benefit of the Federal Government guarantee, while providing the functionality of the firm's existing cash management trust.
The Macquarie Cash Management Account (CMA) will be available from November 28, and has been developed as a result of feedback from direct clients and advisers.
Both groups had communicated their need to have the security of a bank deposit, along with cash management functionality, according to Macquarie Banking and Financial Services Group head Peter Maher.
The new offering will only have limited cash management functionality upon its launch, but will be enhanced to match the Macquarie Cash Management Trust (CMT) by June next year.
The CMA will enable direct debits, periodic payments, cheque and deposit books, electronic fund transfers, and online access to account balance monitoring for both advises and direct clients.
"The CMA is an alternative to the Macquarie Cash Management Trust, which is one of the most secure and functional cash investments available in Australia, with a Standard & Poor's AAAm rating," Maher said.
"With respect to the Macquarie Cash Management Trust, Macquarie Investment Management Limited intends to provide the same high level of security after November 28 as today, by having the banks, whose investments make up the Macquarie CMT, apply to the Government to guarantee the underlying investments," he said.
