Sunday Marks Opening Day For Superbank

21 February, 2003
Media release

SUNDAY MARKS OPENING DAY FOR SUPERBANK

Superbank enters the market on Sunday (23 February) with its first product - a no fee, no minimum balance, no fixed term, 5.29% per annum high interest savings account.

The "SuperSaver" account will be marketed through 472 Pak'N Save, New World, Write Price and Four Square stores nationwide.

"SuperSaver has an interest rate usually only accessible on term deposit or requiring a large minimum balance or with other restrictions. SuperSaver's interest rate is significantly higher than the offerings from the five major banks and Kiwibank, especially considering that there are no fees, fixed terms or any minimum balance requirements," says James Munro, chief operating officer of Superbank.

"One dollar or one million dollars, at Superbank you will get the highest interest rate we offer. It's a huge benefit for customers, an account for everyone. This is supermarket value in banking.

"With this first product, the role of the Foodstuffs stores will be to act as a marketing and contact point for Superbank where customers can get information, pick up an application form and talk with trained staff about the product."

People can open an account very simply: by visiting Superbank's website www.superbank.co.nz, by calling 0508 BANKING (0508 226 546) or by picking up an application form from the supermarket and posting it in.

"This is the first step for Superbank. By the end of the year, we'll be offering a range of banking products. As Superbank grows, there will be the added convenience of direct access to products and services at the supermarket," says Munro.

The SuperSaver account does not require customers to change their existing banking relationships. The account works by electronically transferring money to and from the customer's main bank account, which may be held with any other bank. Transfers are facilitated easily and simply through Superbank's Phone and Internet Banking services.

"Superbank is 'not your ordinary bank' - this is the benchmark we have set ourselves. In keeping with this motto, Superbank's marketing is anything but ordinary, with a focus on amusing and entertaining people," Munro says.

"All Black legend Sean Fitzpatrick and former Wallaby captain Phil Kearns feature in the TV advertising for Superbank, as you have never seen them before. In the spirit of the New Zealand and Australian joint venture partnership behind Superbank, Sean and Phil are now playing for the same team.

"In-store, Superbank's advertising is linked to the shopping experience and designed to give people a smile as they move around the store.

"Our advertising is fun, but Superbank is serious about changing the face of retail banking in New Zealand. Superbank will bring supermarket value and convenience to banking, offering the promise of a real improvement over the ordinary banks," says Munro.

Ends

About SuperSaver:

Full details of the terms and conditions of the SuperSaver Account and a copy of the Disclosure Statement published by St.George Bank New Zealand Limited under section 81 of the Reserve Bank of New Zealand Act 1989 are available at www.superbank.co.nz or by calling 0508 BANKING (that's 0508 226 546).

About Superbank:

Superbank is the trading name of a new bank, "St.George Bank New Zealand Limited". It is a joint venture between New Zealand company Foodstuffs and St.George Bank Ltd of Australia.

About Foodstuffs:

The Foodstuffs organisation is New Zealand's largest retail grocer and one of the country's largest businesses. The national brands under the Foodstuffs banner are New World, Pak'N Save, Four Square and Write Price. The organisation consists of three separate, regionally based, co-operative companies; Foodstuffs (Auckland) Ltd, Foodstuffs (Wellington) Co-operative Society Ltd and Foodstuffs (South Island) Ltd. All stores are owned and operated by a co-operative member.

About St.George:

As Australia's fifth largest bank, St.George occupies a unique position in the Australian financial services industry. With assets of $52.6 billion (at 31 March 2002) and 2.6 million customers, St.George is placed between Australia's 'big four' banks and the country's smaller regional banking groups. St.George provides a comprehensive and innovative range of banking, wealth management and insurance services, while retaining the agility and friendly, customer-oriented culture of a smaller organisation, which is reflected in the Group's consistently high levels of customer satisfaction.

Neither St.George Bank Ltd nor any of the Foodstuffs companies guarantees the liabilities of St.George Bank New Zealand Limited.

© Scoop Media