Wellington - RaboPlus - the online banking service recently launched in New Zealand by one of the world's safest banks Rabobank - has extended its account offerings to include trusts as well as personal customers.
The outstanding success of RaboPlus' first few weeks of operation - which saw deposits quickly exceed $100m (money which is now available for reinjecting into the country's rural lending sector) - was behind the move to expand its services.
"The decision to expand RaboPlus' online account products to trusts follows the successful launch of online services for personal customers last month," RaboPlus general manager Mike Heath said.
"We've had a fantastic uptake from New Zealanders, it's very pleasing. We've exceeded our targets for customer numbers and deposits and are excited about including trusts in our customer base," Mr Heath said.
From today, family, community and sporting trusts will be able to open and operate high interest, no fee on-call savings accounts. They will also be able to make term deposits and have access to managed funds at www.raboplus.co.nz. These are the same products offered to RaboPlus' personal customers.
A trust is an arrangement under which trustees hold assets on behalf of others. Trusts are often used by individuals, either to shield assets from potential third party claims or for estate and family planning purposes. They are also used by community and sports groups.
Trusts are becoming more and more common in New Zealand and, as they are often established and administered by families and volunteers, the option of being able to operate online accounts is extremely helpful as these people work around other commitments.
RaboPlus is not available to Public Unit Trusts or financial institutions and the trusts must be New Zealand based.
RaboPlus' arrival in New Zealand marked a significant expansion of Rabobank, the world's leading food and agribusiness bank, into the broader New Zealand financial services market. The bank, which has operated in New Zealand since 1994, is a major lender to the country's rural sector.
Designed to complement consumers' existing banking arrangements, RaboPlus.co.nz offers New Zealanders a high interest, no fees, on-call savings account as well as term deposits and access to managed funds.
Customers access the online service using a two-factor security authentication process, which is the safest way to bank online.
The Rabobank Group is the only banking group in New Zealand to have a AAA credit rating from Standard & Poor's and Moody's, the highest available - a reflection of the bank's financial security. The Rabobank Group has been rated twice (in 2004 and 2005) by Global Finance Magazine as one of the world's safest banks. This is a significant advantage to trustees who are administering funds on behalf of their beneficiaries.