NAB launches Cash Manager product for both advisers and investors

Monday, 22 June 2009

National Australia Bank today launched NAB Cash Manager, a new cash management product designed to assist financial advisers and investors to manage cash flow in one central account.

The new product combines the best features of wealth cash trusts and bank deposit products so financial advisers and investors can better manage cash flow for investment activity such as property, share trading and self managed super funds (SMSFs). It is also suitable to manage the cash component of an overall investment portfolio, providing investors with easy access to savings.

NAB Cash Manager features:

  • One central account with easily tracked cash inflows and outflows.
  • Deposits up to $1 million are covered by the Federal Government deposit guarantee.
  • Free unlimited access to investor funds via NAB channels.
  • No monthly account service fee.
  • Competitive interest rate paid on every dollar.
  • Flexible commission structure.
  • Seamless integration with all major financial adviser software platforms including Coin, VisiPlan, Xplan and MLC AdviserCentral.

NAB Personal Banking’s Executive General Manager, Consumer Product Solutions, John Salamito, said NAB Cash Manager offers the best of ‘both’ worlds.

“Typically bank deposit products are narrow in scope and cash trusts are limited when providing access for customers. NAB Cash Manager however provides a highly competitive cash management account with a range of features and security measures,” Mr Salamito said.

“We have specifically designed the product with flexibility in mind. It pays a competitive flat return, irrespective of balance, and does not charge any account keeping fees. In addition, it offers advisers the ability to rebate commission back to clients, allowing them to align the product with their practice fee model – a feature not offered by many cash management products despite the importance of it in the industry at present.

“Advisers will also be able to monitor clients' balances and transactions, which we believe will assist with practice efficiency. Traditionally only cash trust products have offered this functionality, so we're very excited about offering advisers an alternative, a bank deposit product supported by the NAB brand and the Government guarantee,” Mr Salamito said.

Media contact:
Gillian Griffiths
NAB Corporate Affairs
M: +61 (0) 419 667 783