Term Deposit Campaign Resonates in Cyberspace

9 August 2005

Media release – for immediate use

Bank of New Zealand Online Term Deposit Campaign Resonates in Cyberspace

Bank of New Zealand says it is enjoying an immediate response to its online term deposit campaign. The newly-introduced online term deposit capability enables customers to establish a term deposit over the Internet.

Bank of New Zealand’s General Manager of Marketing, Development and Strategy, Andrew Whitechurch, says Bank of New Zealand is the only big bank in New Zealand to offer online term deposits, and results to date have been encouraging.

“The online term deposit facility is resonating strongly with those comfortable in an online environment.

“One week into our pilot campaign, customers have confirmed the potential for online term deposits. More than 60% of the accounts opened have been for customers new to Bank of New Zealand. They have been attracted by this campaign. This proves undoubtedly that there is demand for online products, especially among those who are tech-savvy or don’t have the time or desire to visit a branch.

“Our research indicated that customers in the online market enjoy the convenience and ease of access that comes with opening a term deposit via the Internet. And, as in other industries, such as air travel, they expect better rates when buying online,” Mr Whitechurch says.

The campaign, which will run for a limited time, offered an opening rate of 7.07*% p.a. for the 180-day online term deposit. This represents a significant premium over the rate Bank of New Zealand is offering, for similar terms, through its branch network.

In order to make a deposit, just visit the website – www.onlineonly.co.nz – complete the process on the site, and then post in proof of identity and a cheque for the term deposit amount.

“That’s all that’s required from customers,” says Mr Whitechurch. “There’s no need to visit a branch or speak to a customer service representative. In other words, we have made it as simple as it can get.

“Once again, Bank of New Zealand, the Bank that brought online credit card and personal loan applications and approvals to New Zealand, is leading innovation in online banking.”

ENDS

* Current rate for online term deposit is now 7.01% pa

© Scoop Media