RaboDirect brings “six per cent” back into savings market

15 February, 2012

RaboDirect brings “six per cent” back into savings market

Celebrating six years in New Zealand, RaboDirect is pleased to confirm its current longer-term deposit rates are market leading, with its six per cent rate a record high in today’s savings environment.

The online savings bank – a division of Rabobank – RaboDirect recently increased its term deposit rates for one- to five-year terms by 10 to 40 basis points, reaching six per cent for a five-year term.

“We are always looking to deliver market leading rates, and as RaboDirect celebrates its sixth birthday, it’s great to be the ones bringing the ‘six’ back into the New Zealand savings market,” said Melanie Templeton, General Manager for RaboDirect New Zealand.

“Our six per cent for five years is a top rate for serious long-term savers. By offering leading rates across a range of longer terms we enable our customers the flexibility to ladder their investments and returns over time, according to their own needs,” she said.

At the same time RaboDirect has aligned its term deposit rates to ensure New Zealand businesses benefit from the same rates as personal customers.

“We’ve reviewed our business account rates and brought them into line with our personal rates, which is great news for New Zealand businesses,” Ms Templeton said.

“We are pleased to be offering such competitive rates for New Zealand savers. This is particularly important at a time when people want to know their banks are giving them the best deals on their savings.”

RaboDirect’s 1 to 5-year term deposit rates are currently:
One year, 4.6%; 15months, 4.65%; 18months, 4.75; 2yrs, 5.00%, 3yrs, 5.20%; 4yrs, 5.5%; 5yrs, 6%.

These term deposit rates require $1,000 minimum deposit (up to $5million) have no account fees and offer interim interest.

RaboDirect opened in New Zealand six years ago this week, in February 2006.

ENDS

RaboDirect is an online banking service designed to complement customers’ existing banking arrangements. RaboDirect offers New Zealanders a high interest, no fees, on-call savings account as well as term deposits and access to managed funds.

RaboDirect is a division of Rabobank New Zealand Limited, part of the international Rabobank Group, the world’s leading specialist in food and agribusiness banking. Rabobank has more than 110 years’ experience providing customised banking and finance solutions to businesses involved in all aspects of food and agribusiness.

Rabobank operates in 48 countries, servicing the needs of approximately 10 million clients worldwide through a network of close to 1600 offices and branches. Rabobank is among the 25 largest banks in the world based on tier one capital. In New Zealand Rabobank employs approximately 290 staff across 31 branches to service its clients. Sixteen staff, including a Wellington based call centre, support RaboDirect customers.

RaboDirect has been awarded a 5-star rating from Canstar Cannex for its On Call savings account. RaboDirect was winner of Best Online Savings Account for the 2010 Sunday Star-Times Canstar Banking Awards, for the fourth consecutive year. RaboDirect was also winner of Best 90 Day Term Deposit and Best New Product (Cash Advantage Fund) for the 2008 Sunday Star Times, Cannex Banking Awards. In addition, RaboDirect won the Emerging Business Award at the 2007 NZ Marketing Magazine Marketing Awards, and won the Gold in New Product or Service Introduction and the Best in Show award at the 2007 Effies (Advertising Effectiveness Awards).

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