RaboPlus lifts interest rates on term deposits

NEWS RELEASE Friday July 6, 2007

RaboPlus lifts interest rates on term deposits

Wellington – Online banking service, RaboPlus, has raised interest rates on its 30 Day, 90 Day and 180 Day term deposits with effect from today.

General Manager Mike Heath said the rise shows RaboPlus has passed on positive movement in the wholesale markets to its retail customers.

“We always focus on offering the best possible rates to our customers to maximize their investments, and offering them as quickly as possible.”

Mr Heath also commented on RaboPlus’ research released earlier in the week which showed that only 30% of New Zealanders consider security when deciding where to invest their money.

“In the light of the collapse of Bridgecorp it is absolutely essential that people check an organisation’s credit rating before they invest their money,” said Mr Heath. “The top rating, which we have, is AAA from international ratings agency Standard &Poor’s. It’s simply not worth risking your money with an organisation that doesn’t have a credit rating, or with one that has a low credit rating.

“With our latest rate rises, we’re showing that we have one of the strongest offerings in the market – best bank interest rates and best credit rating.”

RaboPlus’ term deposit rates have increased as follows:

Term Deposit length New rate from July 6 Previous rate

30 Day / 8.10% / 8.00%

90 Day / 8.20% / 8.15%

180 Day / 8.30% / 8.25%

1 Year / No change / 8.45%

2 Year / No change / 8.30%

3 Year / No change / 8.20%

4 Year / No change / 8.10%

5 Year / No change / 8.00%

ENDS

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