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PSIS Deposits Reach a Record High

Media Release
18 November 2005

PSIS Deposits Reach a Record High

PSIS announced today that supported by the introduction of its top rate ‘on-call ‘account and its competitive Term Deposit rates, its overall deposit portfolio has reached a record $800 million.

The Smile on Call deposits have been steadily growing since PSIS launched the account in 2003, but deposits have increased significantly since two high balance interest tiers were introduced in March this year. Deposits in the account have now topped the $100 million mark for the first time.

PSIS Chief Executive Dr Girol Karacaoglu said today: “The account has experienced very pleasing growth since its launch, and has grown by another 59% in the last four months.”

With the introduction of the high balance interest tiers, the Smile on Call account now makes a strong statement to the market by paying 7.00% p.a. on balances over $100,000. Unlike most other high interest on call accounts available in New Zealand, Smile on Call customers are not limited to Internet and telephone banking services to access their funds. It works just like a cheque account with full access as well as paying a top rate of interest.

“PSIS may be small in relation to the big banks, but it is because of our size that we can act quickly to improve banking services for our customers. As a co-operative, we can offer high rates because we have no profit imperatives placed on us by external shareholders; our customers are our owners.

“An interesting reflection on people’s saving habits is that many people like the flexibility of an on call account but are largely treating Smile On Call as a term deposit. Customers seem to be happy to leave their deposits in the account and watch their investments grow,” Dr Karacaoglu said.

ENDS

Notes for the editor:
There is no monthly account fee on any PSIS accounts. Account holders who maintain a minimum monthly balance of $5,000 in their Smile on Call account are exempt from transaction fees on all their PSIS accounts.

Interest is calculated daily and paid monthly. The tiers and interest rates are:
$5,000 - $14,999 4.50% p.a.
$15,000 - $49,999 5.50% p.a.
$50,000 - $99,999 6.70% p.a.
$100,000+ 7.00% p.a.

Smile on Call customers have full access to their funds through ATMs, eftpos, cheque, telephone, Internet and text banking services as well as over the counter in branches.

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