“Australian Money Market” - Term Deposit Platform?

Discussion in 'Sharemarket Investing Platforms, Tools & Services' started by Nodrog, 7th Apr, 2018.

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  1. Nodrog

    Nodrog Well-Known Member

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    Has anyone used the above to access Term Deposits from multiple banks (20 at the moment)? It appears to be used by a number of reputable SMSF providers, advisors and brokers etc. For SMSFs it would save a lot of paperwork.

    Australian Money Market | Online term deposit platform

    Thanks in advance.
     
    Last edited: 7th Apr, 2018
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  2. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    I haven't heard or used it but it looks very interesting. Managing term deposits is very time consuming.
    Following with interest to see if anyone comes in that uses it.
     
  3. Nodrog

    Nodrog Well-Known Member

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    I’ve been researching them. Look very safe, $4 Bil of TDs on the platform and used by quite a number of reputable providers. No trust accounts involved, the TDs are held in your name with the relevant bank which you’ve selected the TD from. I’ve submitted an application and will complete the usual ID check stuff this week.

    I can link it to my existing SMSF Macquarie CMA, there’s numerous others that are compatible. You get to nominate what data feed you want for your accountant / planner / SMSF Provider, BGL in our case. All reporting done for you. Seems like an awesome way to manage Term Deposits. Just one lot of paperwork give access to Term Deposits from at least 20 banks.

    Will update on this as I go.

    But would be good to hear from others.
     
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  4. qak

    qak Well-Known Member

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    I'm interested in this too - did you find the rates are as good/better than what is available otherwise? I have found if you go in to a branch and wave a cheque with "new money" they will be more helpful?

    Also - if a TD matures on a specific date, does the new one get started immediately?
     
  5. Nodrog

    Nodrog Well-Known Member

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    There’s a number of Banks on AMM offering 2.75% for 6 months at the moment for SMSFs. Not sure what rates are for Individuals? I love it given the pain involved in paperwork for SMSFs if using new / multiple banks. We have TDs with multiple banks on AMM to take advantage of Govt Guarantee.

    The platform is rediculously easy to use and support great. It produces reports for tax etc. AMM can also data feed to some SMSF software eg Class. After confirming your TD a confirmation note from the relevant Bank will be emailed to you a week or so later.

    When a TD is due to mature they email you 7 days notice in advance then another reminder 1 day before maturity. If you don’t advise them what to do the proceeds are auto deposited into the linked Cash Account. So no auto rollover unless you set it up (multiple options) which is what you want.

    I already had Macquarie CMA as Hub for the SMSF. It was one of the number of CMAs that are allowed otherwise they will setup a BOQ CMA. So everything fits together nicely.

    From what I understand this Platform is a BOQ product with admin outsourced to AMM. I’m very comfortable with security aspects.

    From what I could see initially the interest rates on offer were competitive and sometimes better than what was offered directly. AMM don’t take a cut but being a large scale broker are paid commissions etc. Very very happy with AMM.
     
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