Celebrating six years in New Zealand, RaboDirect is pleased to confirm its current longer-term deposit rates are market leading, with its six per cent rate a record high in today’s savings environment.
The online savings bank – a division of Rabobank – RaboDirect recently increased its term deposit rates for one- to five-year terms by 10 to 40 basis points, reaching six per cent for a five-year term.
“We are always looking to deliver market leading rates, and as RaboDirect celebrates its sixth birthday, it’s great to be the ones bringing the ‘six’ back into the New Zealand savings market,” said Melanie Templeton, General Manager for RaboDirect New Zealand.
“Our six per cent for five years is a top rate for serious long-term savers. By offering leading rates across a range of longer terms we enable our customers the flexibility to ladder their investments and returns over time, according to their own needs” she said.
At the same time RaboDirect has aligned its term deposit rates to ensure New Zealand businesses benefit from the same rates as personal customers.
“We’ve reviewed our business account rates and brought them into line with our personal rates, which is great news for New Zealand businesses,” Ms Templeton said.
“We are pleased to be offering such competitive rates for New Zealand savers. This is particularly important at a time when people want to know their banks are giving them the best deals on their savings.”
RaboDirect’s 1 to 5-year term deposit rates are currently:
One year, 4.6%; 15months, 4.65%; 18months, 4.75; 2yrs, 5.00%, 3yrs, 5.20%; 4yrs, 5.5%; 5yrs, 6%.
These term deposit rates require $1,000 minimum deposit (up to $5million) have no account fees and offer interim interest.
RaboDirect opened in New Zealand six years ago this week, in February 2006.