InvestNow to expand term deposits, KiwiSaver ETFs

InvestNow managing director Mike Heath says term deposits make up around 10% of the platform’s total $1.4 billion book, having tripled in value to around $150 million in the past 12 months.

“Term deposits have grown rapidly and growth remains steady. We are progressing discussions with three other banks about coming onto the platform to round out the customer proposition.”

That would see Westpac, ASB and TSB joining current offerings from ANZ, BNZ, Heartland, SBS, the Bank of China and China Construction Bank.

“It’s not a big part of the business but it is growing and we have seen a lot of growth from within the customer base and new people joining to take advantage of having one account, and being able to move money between banks without having to open accounts with each.”