OneVue encourages term deposit switching

OneVue, a service provider to the financial advice industry, has announced the launch of an "innovative, fully transactional term deposit hub" aimed at making term deposit switching easier.

The "hub", which has been developed in partnership with Australian Money Market, works in tandem with OneVue's Unified Managed Account (UMA) offering, the company said.

This means it delivers rates to the UMA platform from more than 20 major Australian, international and regional banks and credit unions.

In addition, the system encourages advisers and their clients to compare term deposits and consider switching by allowing term deposit accrued interest to be reported daily and directly to the OneVue UMA client portfolios.

Stephen Jewell, chief executive officer of Australian Money Market, said: "The OneVue term deposit hub powered by has been designed specifically for financial advisers to help remove the time-consuming administration associated with operating a portfolio of term deposits and moving client funds between term deposit providers to gain the best rate of interest."

The news comes after the Daily Telegraph reported earlier this week that the federal government is set to claim billions of dollars from inactive or lost superannuation accounts over the coming years.

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