BT Financial Group has reduced the interest rate that 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 ifa sister publication 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."
The move will support the business’ growth in the local market.
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