Netwealth has partnered with Challenger to offer a range of fixed term annuities on our platform. This guide will show you how to invest in these annuities for your clients and manage their investments with ease. This functionality allows you to invest without the need for paperwork, just like managing term deposits on the platform.
Challenger’s fixed term annuities are available for Super Accelerator and Wealth Accelerator, with income automatically deposited into the Cash Account. Rates are updated weekly and held firm until 12 pm on Fridays. View current rates.
How to invest
Investing in a challenger fixed term annuity on Netwealth is simple:
- Log in to your Netwealth account and select your account using search bar.
- Navigate to Transactions > Buy & Sell > Place an Order.
- Search and select the annuity: Choose your preferred term (1 to 5 years).
- Submit your order before 12 pm on Friday (or the business day prior if Friday is a public holiday).
Once your investment is confirmed, monthly income will automatically be deposited into your Cash Account. At the end of the term, the initial investment and any remaining income will be returned to your Cash Account. Netwealth will notify you when your annuity is nearing maturity, and you can decide whether to reinvest or withdraw your funds, as these annuities do not automatically roll over.
Key points to remember
- Restrictions: Annuities are not available with Russell Investments Super Series or Russell Investment Wealth Series.
- Income payments: Income is paid monthly and automatically deposited into your Cash Account.
- Flexible terms: Have a choice of 1 to 5-year terms with no maximum investment limit.
- Rates: Updated weekly, valid until 12 pm Friday each week.
- Interest payments: 2-5 year terms receive interest annually, while 1-year terms pay interest every 6 months.
Other Challenger annuities
Challenger offers more than just fixed term annuities, for more details on these options, visit Netwealth’s annuity page.