CBA to launch offset account!

The Commonwealth Bank of Australia will move to strengthen its product suite in the near future with a fully functional transactional offset account.

Speaking to The Adviser, CBA’s executive general manager, third party and mobile banking Kathy Cummings said the bank was currently replacing its core technology platform.

MsCummings said the new platform will allow the bank to develop more innovative product solutions including an offset account.

“The Commonwealth Bank has been undergoing a replacement of its core technology platform which has already led to the introduction of ‘real time’ banking,” Ms Cummings said.

“We are now transitioning business banking onto the new platform and, in late 2012, we will be moving our retail lending products on to the platform. This will enhance our ability to develop innovative products including a fully functional transactional offset account.”

Ms Cummings said the lender’s broker partners had long been asking for a transactional offset account and the bank was more than happy to deliver on this.

“I always get asked at PD days when we will launch an offset account and now I can say ‘very soon’.”

Ms Cummings said she hoped the transactional offset account would complete CBA’s overall service proposition.

Source: theadviser.com.au

In the past CBA have offered an offset account called MISA (Mortgage Interest Saver Account). The challenge with their previous offset account hindered people in paying their mortgage out of their offset account, and the only way you could use the offset account was by making transfers via internet banking. This made it extremely difficult to use in an effective manner.

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Regards,
Andrew Krauksts