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Raboplus Wins Best 90-day Term Deposit And Further Enhances Offering

Fuseworks Media
Fuseworks Media

25 June 2008 - Wellington: Hot on the heels of its recent Cannex Banking Awards win for best 90-day term deposit, online banking service,, has further enhanced its term deposit offering.

This is the second year running that RaboPlus has won the best 90-day term deposit category in the Cannex awards, with the judges noting that it consistently offered the best return on $10,000 invested. RaboPlus also had the highest average interest rate of 8.53%

RaboPlus' term deposits have now been enhanced to offer interim interest payments for the first time. Interim interest payments allow customers to nominate whether they would like to receive interest payments on their term deposits on a monthly, quarterly or semi-annual basis, rather than at maturity or on their anniversary. These payments apply to term deposits taken out for a period of between one and five years.

"We have had a lot of demand for this enhancement, particularly from retirees who want to live off the interest and don't want to wait until the anniversary of their term deposit, or when it matures, before being paid interest," says the General Manager of RaboPlus, Mike Heath.

If a customer opts for interim interest rates they earn less interest than if they opt for interest to be paid at maturity. However while some banks can offer up to four different interest rates for long-dated term deposits, RaboPlus is keeping things simple and is offering two rates - one for interest taken at maturity and the other for interim interest payments, irrespective of whether these payments are made monthly, quarterly or semi-annually.

The latest rates for interest at maturity and interim interest rates, effective from 26th June, are tabled below:

Interest at Maturity Interim Interest Rate Maturity Rate Rate 6 Months 8.55% N/A 1 Year 8.30% 8.00% 2 Years 7.90% 7.60% 3 Years 7.70% 7.40% 4 Years 7.60% 7.30% 5 Years 7.50% N/A 7.20%

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