Wellington - New Zealand's newest online banking service, RaboPlus, has launched a business savings account with the highest interest rate available on the market: 7.35%.
RaboPlus' business accounts are designed for businesses wanting to earn high interest on their money, including any money they have set aside for business payments such as GST or withholding tax. The account requires no minimum deposit and there are no fees to pay.
"Today's launch of RaboPlus' Business accounts means businesses as well as individuals can now open an account with RaboPlus and secure the best interest rate in the market," said General Manager of RaboPlus, Mike Heath.
Mr Heath says the RaboPlus interest rate is in a class of its own - 7.35%. "No other major trading bank offers such a high interest rate for business customers while still giving them access to their money 24 hours a day, and with no strings attached.
"As one of the world's biggest banks, we can offer our customers one of the best interest rates in the market, hassle free banking, and the assurance that their money is with a bank (RaboPlus' parent RaboBank) that's been voted the safest private bank (Global Finance magazine, 2006)."
| Bank | Interest Rate | Detail |
| RaboPlus | 7.35% | RaboPlus Savings Account: On-call, no fees, unlimited transactions |
| Kiwibank | 7.3% | Business Online Call Account: $2,000 minimum balance |
| Westpac | 7% | Online Saver: no minimum balance |
| BNZ | 6.75% | Business call account: minimum balance $500,000 |
| HSBC | 6.75% | Cash Management account: minimum balance $5,000 |
| ASB | 7% | Business Saver: no minimum balance |
| National Bank | 6.75% | Business call account: minimum balance $500,000 |
| ANZ | 5.75% | Business call account: minimum balance $500,000 |
Source: Senate Communications
As well as having no fees, RaboPlus' Business account operates as an unlimited transactions savings account. There is a daily $5 million transfer limit - significantly higher than the $20,000 limit imposed by some other banks.
Rabobank has an AAA credit rating from both Standard & Poor's and Moody's. RaboPlus also leads the market with its online security, providing all customers with a free Digipass enabling digital signatures to be assigned to each and every transaction - offering protection against fraudulent activities such as man-in-the-middle attacks.
Mr Heath said the decision to offer business accounts followed strong customer demand for its high-interest, no fee account and signalled RaboPlus's commitment to expand its operations in New Zealand.
RaboPlus' arrival in New Zealand marked a significant expansion for 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.