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ME Bank and UBS announce high-interest cash account service for super fund members

Zürich | | Media Releases APAC

ME Bank and UBS Australia (UBS) today announce an alliance that will make available a high-interest cash account service on UBS’s direct investment platform for superannuation funds.

UBS’s direct investment platform provides superannuation funds with the ability to offer their members a cost effective alternative to setting up their own self managed super fund by allowing their members to directly manage their share, exchange traded funds, term deposit and cash investments.

Money held in the ‘cash account’ can be moved into and out of other investments, whilst receiving a highly competitive rate of interest when funds are held in the account.

AustralianSuper is the first superannuation fund to offer ME Bank’s cash account as part of its Member Direct investment option, which is based on the UBS platform.

The availability of a high interest cash account service reinforces UBS Platform Solutions Group’s strategy to integrate with key service providers in the industry in order to create an unparalleled offering for Australian superannuation funds.

Ian Dunbar, Head of UBS Investment Platforms said "We are delighted to work with ME Bank and be able to incorporate their high interest cash account services into our superannuation fund offering. This alliance further demonstrates our focus on expanding the range and quality of products available to superannuation fund members.”

Tom Bekiaris, ME Bank’s Group Executive Product and Strategy, said “We’re very pleased to be working with UBS on this initiative which we expect will greatly benefit superannuation fund members.”

“The alliance with UBS is an important step in ME Bank’s Network Deposit strategy, through which we are working with superannuation funds to provide services to their members and in turn sourcing more deposit-based funding for the Bank.”

Media contact

Matthew Read ME Bank Media and Communications +61 3 9708 3334 (M) 0432 130 338
Erica Borgelt UBS Media Relations Australasia +61 2 9324 3286 (M) 0413 732 951

UBS

UBS draws on its 150-year heritage to serve private, institutional and corporate clients worldwide.

UBS is present in all major financial centers worldwide. It has offices in more than 50 countries, with about 35% of its employees working in the Americas, 36% in Switzerland, 17% in the rest of Europe, the Middle East and Africa and 12% in Asia Pacific. UBS employs about 64,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).

UBS Platform Solutions Group
The UBS Platform Solutions Group provides Australian and New Zealand banks, brokers, superannuation funds and financial intermediaries with access to a broad range of securities trading and investment administration solutions leveraging UBS’s extensive global capabilities.
www.ubs.com/Australia

ME Bank

ME Bank is the only bank in Australia which is 100 percent owned by Australia's leading industry super funds. ME Bank provides industry super fund, union and employer association members with a genuinely fairer banking alternative. For more information please visit www.mebank.com.au