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Cannex deposit star ratings

Thursday 18th August 2005

Cannex deposit star ratings

CANNEX has released the inaugural deposit star ratings in New Zealand. The CANNEX deposit star ratings™ follow closely on the back of the highly successful CANNEX credit card and CANNEX mortgage star ratings™.

“CANNEX deposit star ratings are designed to help consumers choose their savings and transaction accounts in the increasingly competitive and complicated banking world” CANNEX NZ Managing Director Steven Anderson said.

“CANNEX has developed five rating categories, each reflecting the different ways in which New Zealand consumers use their bank accounts. This helps consumers by quickly narrowing the search to accounts that are more likely to suit their usage pattern” said Anderson. The methodology for each of the five categories, high or low saver, high or low transactor and online saver, is reflective of the different usage patterns. For example the comparison of past interest rates plays a much greater role in the star ratings for savers (both high and low), than it does for transactors.

star ratings are a useful tool for consumers and institutions alike to compare and contrast accounts. Consumers can make selections on the basis of their own needs and for institutions, the CANNEX star ratings™ are a well known and trusted way of independently verifying retail financial intelligence.

Results from New Zealand’s first CANNEX deposit account star ratings follow:

Low Transactor: These customers are likely to be better off with zero account-keeping fee products. Such accounts usually limit the number of fee free transactions; however, Low Transactors are unlikely to exceed this limit.

Customers who do not transact on a daily basis should not have a total account cost of more then two to three dollars per month. Fee free banking is possible if the pricing structure of the account aligns well with the customer’s transaction behaviour.

ENDS

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