Reviewer: Jeffegen

looks ok

Reviewer: Jonathan

Any chances of Raboplus introducing a regular savings account with a higher interest rate than the on-call account. ie reward interest for minimum monthly deposit and no withdrawals over that month (similar to National Bank's eSaver)?

Mike Heath: Jonathan, the approach we take is to offer consistently high rates which are often as good as those bonus-linked products offered by others. Our proposition is very much based upon transparency - not to have strings, catches or barriers to entry plus we don’t want to penalise people who don’t have as much money as others by only offering high rates for high On Call deposit balances or regular savers. At this point in time we are not considering adding any bonus-linked On Call products.

Reviewer: Chris

As of today, RaboPlus' interest rate is only 4.50%, compared to ASB's Fastsaver rate of 5.15%. I know interest rates have been dropping recently, but it's disappointing to see RaboPlus dropping a bit faster than others.

Mike Heath: Chris, as I write this I see that ASB have dropped their rate to 3.65% (we are offering 0.85% more than them at our rate of 4.50%). Over the past few months (basically since the OCR has been dropping) all banks have been moving their On Call rates down, and more often than not sooner than us and by bigger amounts (have a look at our comparison chart) in line with wholesale rate changes. I can assure you that our policy of offering amongst the highest rates has not changed so we will continue to keep them as high as possible.

Regards
Mike Heath

Reviewer: Marcin

Rabobank’s interest rate dropped so much that it seems now the after-tax rate of return is below the inflation rate.

Reviewer: David

Kiwiback has today just dropped their rate to 5.25 inl .60% bonus, im movin my money to u guys asap!!!

Reviewer: John

Your "Compare us with your Bank" statistics has Kiwibank (as @ 20 October) offering 7.00% pa for their Online Call Account. On this date they were offering 7.60% and continue to do so today.

Mike Heath: John, thanks for the feedback.  Our comparison page is designed to compare like-with-like so the rate for Kiwibank reflects the base rate for the On Call product i.e. does not include their 0.60% bonus.  As we do not offer a bonus top-up to make our rates appear more attractive (our rate is 7.75%) we believe it makes better sense to do a comparison on this like-for-like basis.

Reviewer: Andrew

It's good to see that customers think you guys just pluck rates out of thin air and complain that they need to be alot higher. The rates that you guys off is outstanding and people would be silly not to switch their savings to you.

Reviewer: Thomas

We have so far enjoyed the benefits of the Rabo Plus Savings accounts and Terms Deposits. However, in the current economic climate we are concened about what would happen in the event of the collapse of banks in NZ. The NZ government does not guarantee savings. What would happen to our savings?

Mike Heath: Thomas obviously things have changed dramatically over the past few days.  We have Opted-In to the recently announced deposit guarantee.

Reviewer: Tony

Your interest rate now 7.95% but I note ASB is 7.60%.So much for those that moved their funds to ASB!One gripe I have is that when I transfer funds to my nominated a/c I cannot transfer them the same night from the nominated a/c. Why is this? It means I have to wait for another 24hrs and so lose a days interest.

Mike Heath: Tony, thanks for the feedback and question. Re the transferring of funds out, and the subsequent availability in your nominated account. It’s a function of the inter-bank settlement process and the exchange of monies over night between banks. Plus, depending upon the size of the transaction, and irrespective of the fact that we send them as cleared funds, some banks may not treat them as cleared straight away (you’ll have to check with your specific bank about that.