Term Deposit Reviews - RaboPlus NZ

Reviewer: Peter

I just got 4.62% for 90 days with BNZ, thats over 1% more for what you are offering!!

Reviewer: Sarah

I agree with Jim. On short term deposits you're so much less competitive than other New Zealand banks. I'm seriously considering switching so I can get better rates for 90 days, 150 days, 6 months and a year.

Reviewer: Judith Mosen

Come on Rabo, I have drawn out my Term Deposit, your rates are just too poor. I am sure you can afford more.

Reviewer: Jim

What happened to BankaRate and your good short term deposits? I like to keep my money with Rabo, but what am I meant to do? I've been waiting as long as I can for a competitive rate. Maybe if you spent a little less on advertising.

Reviewer: Sarah

I see that you are stating your interest rates are strong versus banks. Have you looked at the like of finance companies like PGG Wrightson Finance, and how strong their rates are? May be worth rating against the wider finance world in current times.

Mike Heath: Sarah, thanks for the feedback. We have chosen to compare ourselves to the major banks in NZ simply because they are the largest players in the retail deposits; they each have a nationwide presence; and are the nearest to us in terms of credit rating. Whilst we are the only one with an AAA rating, they each have at least AA, or AA- in the case of Kiwibank. Also if you were to look at the list of institutions offering On Call accounts on Interest.co.nz, for example, you would see that there are there is a very long list so in the interests of relevance and user experience I’m comfortable with the approach we take (note no other bank even compares themselves to their competitors on their own website).

Reviewer: Michael Brennan

Very interested to know the real reason behind the not insignificant gap between your one month and two year term deposit rates and the likes of Kiwibanks etc rates?

Reviewer: Diana

I see that you STILL say that you are voted "Best TD for 90 Days" By Cannex in 2008. That's been a JOKE for the last 15 Months. Time to remove it and try to regain lost Creditability. The bulk of my $130K will be still elsewere.

Reviewer: Ralph Jeuken

Mike, are we actually to believe that BNZ, ANZ, National and Kiwibank are all so stupid to offer rates on a loss-making basis? Do you know something they don't, or is it the other way round?

Reviewer: Gordon

Get real Mike Your comment of "loss-making basis" reminds me of when I was shopping around for a new vehicle and the Nelson Toyota dealer said he would be losing money if he matched the price of the dealer over in Blenheim.($3800 difference) Guess who I went with and guess who is still in business? I have a TD maturing soon and I won't be switching it over to Rabo that's for sure. Wake up and smell the roses!