Members Equity Bank (MEB) has plans to offer bank accounts through superannuation funds as part of its range of products.
The accounts, to be launched in the next few months, would be branded and owned by one of the 40 industry superannuation funds that back MEB.
MEB chief executive Anthony Wamsteker said the initiative would allow superannuation fund members to open accounts that attracted the government guarantee.
"We don't promote it as a good long-term investment, but if you've picked cash why not have it government guaranteed? If you want a transaction account, why not have it with the bank that is aligned with your fund?" Wamsteker told the Conference of Major Superannuation Funds held this week on the Gold Coast.
In the short term, all of MEB's product development would revolve around products for the superannuation environment, he said.
"There is a fair degree of appetite in super fund members for cash-type products," he said.
He said he believed there would be further convergence between banks and superannuation funds as banks looked for access to long-term funding now the securitisation market was tightening.
"Banks need security and they have to go to the people that are putting money out there for a long time, which is superannuation funds," he said.
"They must do it if they want to keep making long-term loans."
