Term Deposit Customer Reviews - RaboDirect NZ

Reviewer: Dave H

Sure, Rabodirect doesn't give the best rates at the moment, but it's comparable if not better than the other banks, far more convenient and more secure. It may no longer be the dominant force that it once was, but it's still an excellent option.

John Baird, Acting GM: Thank you Dave for your favourable comments. We pride ourselves on offering competitive rates with the ease of use and the security second to none, as well as being ranked among the top ten safest banks in the world for the last ten years by Global Finance Magazine.

Reviewer: Rosa

My term deposit it maturing next week. I will be reinvesting in a BNZ term deposit as they have a better interest rate, both short term and long term.

John Baird, Acting GM: Hi Rosa, Thank you for your comments. We review our rates constantly, and  are always keen to offer our customers good value for their investments. While we aim to offer competitive rates across our product range wherever we can, but like all the banks, this may mean we are not always the highest, depending on the circumstances at the time. Please do continue to check our rates as they are subject to change, and we would love to offer you an attractive rate again in the future. If you have opted into our communications, you will receive an email with our current rates on it too.

Reviewer: John

Thanks for advising my term deposit is due.After the way you treated your long term customers with at call deposits my money will be off to another bank and will never be returning.Bye Bye and best of luck.With your current management you will need it.

John Baird, Acting GM: Hi John We are sorry that you are leaving RaboDirect and that you don’t feel that all of the great rates we’ve offered across cash and term deposits over the years hasn’t shown that our intention is to always look after our customers, old and new. We will continue to offer competitive rates across our product range whenever we can, and like all the banks, this means we may not always be the highest, depending on the circumstances at the time.

Reviewer: Gary

a few questions ? where are your grab a rates gone?. why not have a better rate for say deposits of $250,000.00 ?. You seem to target the smaller invester

John Baird, Acting GM: Hi Gary, What a great suggestion! Bankarate was a very popular campaign and very exciting for us here too.

Reviewer: Talia

Thanks guys for letting me know that BNZ have better rates. I will be moving funds on Monday. Do you think Rabo reads this? It's time they sharpened their pencils and gave us better rates

John Baird, Acting GM: Thank you for your feedback. We of course read and take on board all customer feedback. We prominently compare our rates to other banks’ because know that our customers, and Kiwis in general, value transparency and honesty, and we hope that you can see that our rates remain competitive.

Reviewer: J Davis

Kiwibank is better than you with 4.4% for 150days

Reviewer: Ak

Pls offer more compititive term deposit rates as before, then I am more happy to stay with Rabodirect.

John Baird, Acting GM: Thank you for your feedback. Have you looked at our Term Advantage Fund? It is currently the best in the market for 6 and 12 months, and you may be able to earn a higher rate, depending on your tax rate.

Reviewer: John

Another customer who was and is very angry at how your long standing existing customers were treated over your AT CALL promotion.All my at call money went and so will my term deposits when they are due.Best of luck rabobank but you will not see any of my money again unless you change your arrogant attitude to your customers.

John Baird, Acting GM: Hi John, thanks for your comments. We are sorry that you think we have become arrogant, it certainly isn’t our intention.  Our on call rate, at 3.40%p.a. is still the best no strings cash rates in the country for existing customers– despite the drop last year (which was in line with all the other banks after the RBA cut it’s rate).  We do believe we have tried to look after our existing customers over the years, with many top rates and special offers, including the fantastic Term Deposit campaign last year, and we will continue to offer great rates wherever we can, however this will include new customer special offers, a practice most other banks use.

Reviewer: Mike Beeny

I managed to get 5% for 1 year for $100,000 from BNZ. So sad that Rabo cannot compete. Every cent counts these days as I am retired.

John Baird, Acting GM: Hi Mike. That is a great rate and it is a shame your funds did not stay with RaboDirect on this occasion. It is worthwhile shopping around and I’m sure next time it will be our turn, as the market has swings roundabouts. Thanks again for you comments and hopefully in a year we will hear from you again.