Business Savings Accounts with High Interest – RaboDirect New Zealand

Well Rabo, the end of the 4% is near, what's your next move? I hope it's a good one, or my money will be going elsewhere!

John Baird, Acting GM: Hi Rob, Yes our “New Money” investors have been privy to an exceptional On Call rate, and we trust that the products and service we are able to offer in the future will appeal to all our customers. As a new customer you may not be aware that we continually aim to offer competitive rates across our term deposits, high interest on call savings and our PIE products.  If you opted in for our communications, you’ll be receiving an email containing all the latest rates and offers that we have available. We hope you’ve had a good experience so far and can continue to enjoy RaboDirect’s rates in the future.

Reviewer: Rob

Used to love Raboplus as it was always able to offer better call rates than other banks. Also referred many people. But some of the promotions have been questionable , as they only rewarded new customers and new deposits, rather than existing customers. The latest promotion where you will only give bonus interest on 'new' money means that at the end of January when it ends, I will need to remove all my money (a substantial amount) to deposit in higher interest accounts with other banks. I did benefit from this, as I did only had some money in my account at the time the promotion was launched due to your low rates at the time, but I don't think it is a good way to get customers money for only a short period of time. Other banks are offering 4% on call. If there is a future promotion I may move some back, but it will need to be a lot better than 4% on call. Hope to love Raboplus again in the future.

John Baird, Acting GM: Hi Matt, Thank you for your comments. We are glad you were able to benefit from our last promotion and are sorry that our current no strings cash rate of 3.4% isn’t as high as the 4% offer you can get elswhere right now. It’s hard when not comparing apples with apples, as we know that some of the accounts out there offering 4% have some strings attached, like no withdrawals allowed. We do hope to see you back again when we might be doing another great rate, as we intend to remain competitive across all types of savings accounts and term deposits.

Reviewer: Matt