ANZ and ING in Australia are teaming to launch a cash management account (CMA) that enables customers over 60 to obtain direct access to pension funds via ANZ branches, Internet banking service and ATMs.
Following the introduction of new superannuation rules on 1 July in Australia, ING Australia's OneAnswer pension product will offer the ANZ Prime cash management account as an investment option.
This will allow customers to keep retirement savings in a single integrated tax-free product while using the linked cash management account to withdraw money. In the past customers would have kept cash in a separate easy-access account with any interest earned subject to tax.
ANZ group MD, personal, Brian Hartzer, says customers who are 60 years or more will be able to keep more capital invested in the "super environment" while having more convenient access to funds directly via ATMs, eftpos, phone and Internet banking and over the counter at the branch.
"From 1 July, customers will be able to access their retirement savings directly, which gives them cash at call in emergencies and helps them to cover unexpected costs," says Hartzer. "As well as providing more convenient banking, it's really allowing customers to take control of their financial future."