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Mutual Bank to launch low-cost super options
Victoria Teachers Mutual Bank has partnered with Financial Synergy to launch superannuation options for its 86,000 customers.
The online super accounts will leverage Financial Synergy's CUBS Super Platform to allow customers to deposit and manage the super they accumulate during their working life with pension options for retirement.
Financial Synergy will provide the back-office assistance to support a range of transactions Victoria Teacher's customers can conduct online.
Victoria Teachers chief executive William Wolke said it was keen to provide holistic solutions for every stage of its customers' lives.
"Working with Financial Synergy will benefit our customers by allowing us to complement the financial planning services we currently provide.
"CUBS Super lets us deliver a competitive, low-cost option to customers through our own organisation, which our customers know and trust."
Financial Synergy chief executive Stephen Mackley said the product responded to the bank's customers' increasing concerns about their retirement savings
"Like many organisations, they have members starting to look more closely at their superannuation and who is looking after it," he said.
"CUBS Super will allow the Mutual Bank to cost effectively include a superannuation solution in their product range."
Teachers Mutual's superannuation options are set to launch in the second half of 2013.
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