We are simplifying your CommSec Cash Management Account structure by combining the expertise of CommSec and the Commonwealth Bank of Australia (CBA) to give you a better trading, transacting and saving experience."
Should read:
"We are combining your 2 accounts so as to substantially reduce the effective interest rate that you are given and we are going to tell you that this is for your benefit"
Well we used to transfer excess funds from the trading (cash) account to the investment account, now we will be transferring from into/out of the trading out from some other banks online investment account.
This would appear to be a foolish cash grab with the bank assuming that customers will leave funds in an underperforming account. IMO this will result in a significant reduction in deposits at Comsec.
