BT cuts Asgard cash rate

BT cuts Asgard cash rate

BT Financial Group has cut the interest rate it pays on cash held on the Asgard platform by 12 basis points.

The declared interest rate paid on the Asgard cash account will be reduced to 28 basis points from 22 May 2017.

BT has confirmed to InvestorDaily that the interest paid on cash held on eWRAP Super/Pension, Infinity eWRAP Super/Pension, managed accounts and Elements Super/Pension and Investments will be cut from 40 basis points to 28 basis points.

A spokesperson for BT declined to offer an explanation for the 12 basis point cut, other than to say the company "[reviews its] rates and pricing on a regular basis across the business as part of maintaining competitive and market leading products".

"The revised cash rate applies to Asgard working cash account holdings only," said the spokesperson.

"The default cash amount that customers hold within their platform product is transactional in nature and is used to manage cash movements such as fees and the settling of trades. It is not intended as a high yielding cash investment option.

"Part of our ongoing review process includes improving products and some of the recent Asgard enhancements include: faster share trading capability, extended operating hours for adviser contact centre support and strengthened fraud controls to protect customers."

Read more:

Small-cap opportunities still exist: SSGA

S&P affirms AAA but ‘negative watch’ to stay

Liquidators appointed to Courtenay House

JP Morgan Australia CEO steps down

Super funds post positive returns in April



BT cuts Asgard cash rate
investordaily image
ID logo
promoted stories


Blake Briggs

FSC loses two senior policy managers

Tim Stewart

John Patrick Moorhead

AMP Capital appoints new CFO

Staff Reporter

Phoebe Ieong

BNY Mellon appoints head of distribution, APAC

Staff Reporter


Doug Morris

What a blockchain-powered ASX should mean

Doug Morris

Lucy O’Carroll

Separating the signals from the noise

Lucy O’Carroll

Dan Bosscher

Could passive investing have structural issues?

Dan Bosscher