Home > Term Deposits
Reviewer: Richard
Wow you pulled a swift one on me here. Pulled me in for 2 years then dropped the floor on me. Turned over my investment at 2.85% interest - I can get 4% at ANZ. I guess nothing lasts forever. Cheerio.
Reviewer: Hans
You are not being truthful Mike. Your BankaRate only offered 4.25% for six months on an amount of $55k.You'll note that I was talking about $250k.I said 'offered' as your BankaRate special has a 'sold out' sign on it.Now why did that not surprise me...Anyway Westpac are offering (tv advertising) 4.25% for 100 days and 4.75% as does the Kiwi Bank for larger amounts which hardly makes your 4.25% a market leading rates even if you hadn't cancelled it.
[Mike Heath] Sorry Hans if you think I have mislead you. BankaRate works on a principal similar to GrabaSeat (Air NZ’s promotion) whereby we offer a limited number of Term Deposits with market-leading rates. When you visited the site the “sold-out” sign refers to the fact that people have banked those special deals (you can register for alerts whereby you’ll be advised of the next batch of Term Deposits being offered). At the time we set the rates/principals/maturities for the BankaRate Term Deposits we refer to www.Interest.co.nz to ensure for comparable principal/term we are offering the best rates in the market. I trust this provides more of an insight into BankaRate.
Good grief! I've got about $250k coming off term deposit(12 months) today and all you're offering is a miserable 3%.Kiwi Bank's rates are 4.75 for the same term and most other banks are willing to match that.I'm already a Rabobank customer with a modest amount in a savings account but I won't be adding to that in the foreseeable future unless you are going back offering the services you initially started with and which are now so sadly lacking in it's promises!
Mike Heath: Hans, in terms of what’s happening and therefore driving the differences in interest rates, my view hasn’t changed since last year – take a look at my blog post Have you taken a look at BankaRate Today we are offering 4.25% for six months … that’s a market-leading rate!
Reviewer: Gerry
Your TD's are all over Rover. The Dutch masters have pulled the plug. Bye Mike.
Mike Heath: Gerry, have you taken a look at BankaRate?
Just reading Kaz's review (the only review you choose to display on your website). Aren't Rabo a full 1% behind the market? Even your Bankarates are rubbish... not competitive and only for significant investments. If you're going to promote yourself as the price leading player, then live up to it.
Reviewer: Andrea
Sorry Rabobank, I used to rave on about your term deposit rates, but have shifted $100K+ out to other banks as you are just not competitive any more.
Mike Heath: Andrea, fair comment. However have you seen BankaRate? This is a promotion that we run offering the best TD rates in the market? Regards Mike Heath.
Reviewer: Danz
Also, why can't I rate you one star? It just tells me "Please select a star rating" and forces me to add a second star!
Mike Heath: Danz, my apologies – it’s a software glitch which we will resolve ASAP. Regards Mike
Its amazing how much faster RaboPlus' term deposits have fallen compared to other banks - your 1 year term is now worth 0.7% less than the closest competitor, and 2.05% less than the best available - and that's from your own comparison chart! Unfortunately because of this, I've had to take $22,000 out of RaboPlus in the past week alone! Come on, offer competitive rates again on your longer terms...
Mike Heath: Danz, I can’t counter your observations – my read on what is happening is essentially it’s a continuation of what we saw last year with banks aggressively securing retail funds to offset their prior wholesale sources. Have you registered for our BankaRate initiative? I can assure you that the TDs we offer through BankaRate are market leading. Regards Mike
Reviewer: Rhys
Excellent if you want to invest small amounts of money. You only need $1000 minimum to invest. Easy to set up on-line. The Other main banks offer a better interest rates if you have 10,000+
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