Deposit Rates News Briefs
RaboPlus cracks $500 million, ASB and ANZ go live with new transaction accounts.
Monday, August 28th 2006, 1:08AM
Rabobank's online savings account, RaboPlus, has cracked the half a billion dollars mark in just six months.Rabobank will now invest the $500 million in deposits at RaboPlus into New Zealand's rural sector.
RaboPlus general manager Mike Heath attributes part of the success to the AAA Standard & Poor's rating the company has.
"Investors know the importance of these independent endorsements, especially following the recent high profile collapse of several finance companies.
Heath says "a considerable number" of SuperBank customers have come to RaboPlus since the bank announced it was closing its New Zealand operations.
ASB is simplifying its transactional banking accounts into just three accounts, one with the lowest fees in the market.
Depending on their transactional requirements, customers can get their electronic transaction fees down to zero without needing a minimum balance.
Customers will have options to save significantly on fees, earn interest and, depending on their transactional behaviour, pay no electronic transaction or base fees.
“Customer requirements have changed significantly in the past five years. Electronic transactions are at record highs, and the channels people are choosing have shifted markedly," ASB head of retail banking and marketing Ross McEwan says. Its three accouts are Streamline, Unlimitedand Omni.
ANZ appeals to spenders
ANZ too has changed its transactional accounts with its new Everyday Account – offering unlimited everyday transactions for just $5 a month.
“New Zealanders are natural transactors – per person, we have the lowest amount of cash in circulation in the Western world,” ANZ Retail Banking managing director Steven Fyfe said.
ANZ's new account is designed to meet this characteristic, especially people who use EFTPOS regularly for small purchases.
It offers unlimited transactions using ANZ and National Bank ATMs, EFTPOS and personal cheques, as well as phone, internet and branch deposits and withdrawals, for just $5 a month, no minimum balance, an optional overdraft facility on application
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