Commonwealth Bank of Australia (ASX:CBA) has launched a new deposit account targeting superannuation savers.
Australia’s pool of superannuation savings is expected to grow to more than $3 trillion by 2020. It’s a bid to raise money from local investors and avoid shaky international financing markets.
The account will pay interest of 1 percentage point above the Reserve Bank’s official cash rate.
It will be sold through Colonial First State, the CBA’s wealth management arm.
In the six months to 31 December 2010, Commonwealth Bank generated a net profit of $3 billion.
