Cashwerkz Marketplace Updates Interest Rates for Australians as they Hunt for Better Returns Cashwerkz unique online cash marketplace model now…
Written by Matt Kirk Published: March 16 2020 Press Release
14 February 2020: Cashwerkz has confirmed reaching $1.1 billion in active funds (waiting to mature) in January 2020, with the total number of investments placed increasing 107% over the 2019 calendar year. As a result of its focus on partnerships, Cashwerkz now offers solutions for At Call and Term Deposit cash investing from 51 traditional and neo banks plus credit unions in Australia’s online leading cash marketplace.
Retail investors can earn up to an additional 55 bps (.55%) on their investment, whilst wholesale investors can earn up to an additional 104 bps (1.04%) at times.
Executive Chairman for Cashwerkz, John Nantes commented: “With the RBA rate reductions and The Banking Royal Commission, Cashwerkz has become a necessary solution for the industry. Cashwerkz operates effectively in all market types, but especially in a low rate environment.”
“Cashwerkz provides competitive and at times above-market rates that are significantly well above the RBA cash rate. Australian banks need deposits and Cashwerkz is a solution for the banks to solve their deposit needs. Cashwerkz has also created a competitive marketplace for investors and advisers of investors seeking competitive rates in one place, wanting; the government guarantee, transparency, efficiency, reporting and a secure environment to invest within 3-clicks.”
A major opportunity which Cashwerkz is capitalising on is the hunt for capital reserves to support the growth of neo banks. Volt Bank, Judo Bank, :86400 and other neo banks will require billions of dollars in the near future. Nantes continued: “With competitive interest rates available in the Cashwerkz marketplace, our neo bank partners are experiencing a very promising take-up of new customers. To date, Cashwerkz has already provided one neo bank with $40m in deposits in a short period of time.
The Cashwerkz unique yield curve for investors
Cashwerkz identified significant spread in deposit rates and consistently offered higher rates from its partners over the quarter. An example of this opportunity for investors is the current offer from Judo Bank providing Australians with the opportunity to invest cash for 12 months at 2.35%per annum. With 51 bank, neo bank and credit union partners here in Australia, the focus in 2020 will turn towards growing its alliances with international banks to service institutional customers.
For additional company information or media enquiries, please contact:
Group Head of Marketing Cashwerkz
M. 0457 562 645 E: [email protected]
Cashwerkz Limited The Cashwerkz Limited group of companies delivers an innovative online cash management marketplace in a term deposit and At Call, whilst providing funding to over 51 Authorised Deposit-taking Institutions and thousands of financial advisers and direct investors. Listed on the Australian Securities Exchange (ASX: CWZ) the group is headquartered in Australia. Cashwerkz Limited ABN 42 010 653 862 AFSL 260033. Cashwerkz Technologies Cashwerkz Technologies Pty Ltd (Cashwerkz Technologies) leverages the latest technology to deliver an innovative and streamlined approach to investing in term deposits and bonds, meeting the growing demand for a trusted, reliable and secure online platform direct investors and financial professionals can manage their defensive assets and transact cash investments seamlessly. Cashwerkz Technologies is a subsidiary of its parent company, Cashwerkz Limited alongside fixed interest solution experts, RIM Securities. Cashwerkz Technologies Pty Ltd ABN 70 164 806 357 AFSL 459645.
RIM Securities RIM Securities established 14 years ago, is the independent fixed income specialist arm of Cashwerkz Limited. RIM securities have extensive experience in searching for the value to deliver stable income solutions to all types of investors who require custom solutions or access to wholesale markets across cash, term deposits and fixed bonds and floating-rate notes. RIM Securities Ltd ABN 86 111 273 048 AFSL 283119. Trustees Australia Limited Trustees Australia Limited delivers trusted, responsible entity services to fund managers and investors requiring bespoke solutions. Trustees Australia Limited ABN 63 010 579 058 AFSL 260038.