Australia’s Westpac unveils the Social Tailored Deposit

The minimum deposit is A$1m and will be directed to socioeconomic initiatives.

Australia’s Westpac has launched Social Tailored Deposit, a medium to long-term investment product designed for customers seeking investments aimed at socioeconomic initiatives.

It is available for a minimum transaction amount of A$1m.

Finance from the deposits will be directed to initiatives that promote access to essential services, affordable housing or accelerating socioeconomic advancement and empowerment.

This is reportedly the country’s first social tailored deposit product, Westpac said in a statement.

It will be launched alongside three Westpac Institutional Bank clients: City of Sydney, University of Sydney and La Trobe University.”

In 2018, Westpac launched the world’s first Green Tailored Deposit. Over 100 investors have put in almost A$2b linked to assets including renewable energy, low carbon transport, low carbon buildings and water infrastructure.

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