With a sleek, jet-black website, and equally slick TV spots featuring a Beatles soundtrack, CommSec claims to be the first and only financial institution enabling Australians to access both cash and investment accounts in a single view with a single login.
CommSec provides an overview of the service in a snazzy Flash tour at a microsite created for the promotion. The microsite takes about 10 seconds or so to load, after which you are treated to a few floating words along with a contemporary interpretation of the Beatles “Come Together.”
Key Question: What do you think it cost to use the song?
The song was chosen to reinforce the firm’s slogan, “Better Together,” which was also the inspiration for the microsite’s URL, www.bettertogether.com.au.
There’s not a lot of meat or info at the microsite, just a few facts about and a six-question quiz CommSec calls the “Better Together Challenge.”
CommSec calls the new service a “Cash Management Account,” which includes a 7.5% interest rate an no monthly fees. You can move money quickly and seamlessly between cash, your investments and your trading account, plus you can tie your trading account to a margin loan. There’s also an auto-sweeping option.
Sounds like everything the self-guided investor needs.
There is one drawback though, and it involves a complicated system of ID verification in Australia. Apparently CommSec’s process for opening an account falls short, at least according to one expert on Australian banking who reviewed the new offering.
To support the launch of the new account, CommSec is giving away $100,000 AU to ten new customers, plus another additional $150,000 AU in other prizes. A special :15 second TV spot is used to communicate just the giveaway component of the promotion, while another pair of :30 TV spots communicate the new account’s broader benefits, including this one:
The spots use the “Come Together” metaphor and soundtrack, as clips show a series of innovations that – in retrospect – naturally go together.
The “Cash Management” aggregation account isn’t the first “first” for CommSec. They’ve also recently introduced Australia’s first trading platform for the iPhone.