Meet Aussie fintech game-changer: Cashwerkz
In 2020, new technology-driven products and services are changing the way that we do everything, from the way we order food to the way we watch a movie. And the banking world is no exception.
In banking, we’ve seen everything from the rise of digital wallets to the shift to digital banking following the birth of neobanks. And now there’s Cashwerkz, a serious game-changer in the fintech world.
Who is Cashwerkz?
Cashwerkz, a.k.a ‘the marketplace for cash investments’ is an online platform that provides investors with a seamless approach to finding and managing cash investments, right at the click of a button.
With a wide variety of cash investment products on offer from a long list of leading Australian banks and financial institutions, Cashwerkz offers a unique and easy-to-use service to help Aussies earn more interest on their cash investments.
Cashwerkz streamlines the process of cash investing through term deposits and at call accounts, saving investors and advisers time and helping them to earn a higher yield.
How does the Cashwerkz platform work?
The Cashwerkz platform offers a super innovative cash marketplace that provides Australians looking to invest their cash with an impressive number of 51 different Authorised Deposit-taking Institutions (ADIs) to choose from.
But that’s not all, you can transact, manage and switch, all on one secure and easy-to-use platform. Once verified, you can invest in just 3 clicks. Our verification process allows customers to invest across a range of banks and products seamlessly online.
Mozo is partnering with Cashwerkz to provide our customers with exclusive access to the term deposit products that are available on the Cashwerkz platform. These products will be popping up on Mozo’s Term Deposits comparison table soon, so keep an eye out!
Does Cashwerkz charge any fees?
No. Cashwerkz is paid directly by the banks so they don’t charge any fees, which means that clients will get the full return on their investments.
Investors have full transparency of the investment process, and access to a range of ADIs and cash investment products all in one easy-to-use place. It is designed to make cash management seamless and reduces operational costs to advice practices.
How secure is Cashwerkz?
According to Cashwerkz, all personal information and transaction details of customers are kept on a remote server with bank-level security and data encryption and any customer-deposited funds go straight to your chosen financial institution and are never held by Cashwerkz. It maintains the highest level of security, privacy and governance and undertakes ongoing due diligence to maintain security integrity.
On top of this, all banks partnering with Cashwerkz are covered by the $250,000 Government Bank Deposit Guarantee.
What products does Cashwerkz currently offer?
In addition to bonds, at call accounts and custodial services, Cashwerkz currently offers a range of term deposits products, both long and short term, from its 51 Authorised Deposit-taking Institutions (ADIs) and banking partners.
Term deposits are a low-risk way to invest your money and earn a fixed rate of interest. They can be useful when you want to be certain about the interest you'll earn. They should largely be used to ensure that any liquid funds you retain within your investment portfolio earn a reasonable return.
How do you open a term deposit with Cashwerkz?
Once you’ve compared term deposits on Mozo and found the best fit for your investment needs, if that product is offered through Cashwerkz, then you’ll need to first register and verify your identity with Cashwerkz (verification is one-off, so you’ll only need to reverify if documentation needs updating).
For edge cases, Cashwerkz has a dedicated support team to help you with your verification journey. Once verified, you’ll be able to apply for the term deposit directly from the Cashwerkz platform at the locked-in interest rate for the term you’ve selected.
After your investment has been accepted and confirmed by your selected financial institution, you can then transfer the funds or elect for the funds to be transferred into your term deposit account via direct debit.
Cashwerkz will notify you when your term deposit is approaching its maturity date so you can confirm whether you wish to withdraw your funds at which point the financial institution will transfer to the initiating bank account.
Who can open a term deposit with Cashwerkz?
Cashwerk term deposits are available to the following Australian investors:
- Direct Investors (Individual and Joint Accounts)
- Self-Managed Super Funds
- Financial Advisers and their clients
- Companies and Government organisations
How does Cashwerkz transfer your funds to the bank?
After you’ve placed an online request, Cashwerkz then provides your selected bank with the terms of the investment, your completed online application to open the term deposit and details for transfer of the funds.
From here, your selected bank will then either take the funds from your nominated bank account via direct debit or they’ll send you the direct deposit details to transfer funds manually. Cashwerkz does not have any access to your funds at any point throughout this process.
Cashwerkz and the COVID-19 crisis:
"Cashwerkz can operate effectively in all market types and offers even greater value for investors and ADI partners in a low rate environment,” said Cashwerkz Chief Executive Officer, Jon Lechte.
“With community movement restrictions, a flight to cash and uncertain times, marketplaces like Cashwerkz are now essential activities.”
“More importantly, investors can make investment decisions securely via the platform as management oversight becomes removed due to the work from home policies companies are enacting,” explained Lechte.
What do customers think about Cashwerkz?
“Today, over 70% of our investors return to re-invest with our ADI partners,” said Katherine Sadler, Cashwerkz Head of Marketing & Investor Relations.
“In the current period of financial uncertainty, we are seeing many Australians visit Cashwerkz to deliver market competitive rates as they look for better yields for their cash investments,” Sadler said.