Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

MARAC launches MARAC Rapid Saver

MARAC launches MARAC Rapid Saver:
A high interest savings account

27 November 2008

MARAC has launched a new savings account, MARAC Rapid Saver [1], which gives investors the ability to make automated monthly deposits which, combined with MARAC’s competitive interest rates and having interest compounded monthly, will allow investors to reach their savings goal more rapidly.

Andrew Ford, Retail Investment Manager at MARAC comments: “The launch of MARAC Rapid Saver is a further expansion of the investment options we currently offer our customers. With the rising cost of food and general living, many New Zealanders are having to tighten their belts. However, a regular savings programme can quickly build up a nest egg for either short or long-term goals like a house deposit, a holiday, retirement savings or your child’s university fees. This is a product developed for Kiwis and offers competitive interest rates, a good deal of flexibility and is easy to invest in.”

The key features of MARAC Rapid Saver are:

• Low initial deposit amount of $1,000

• Regular automatic monthly contribution to help grow the investment rapidly

• No minimum monthly contribution

• Flexibility to increase or decrease the monthly contribution or to take a “contribution holiday”

• No fees or transaction charges, which increases the return to the investor

• A range of investment terms from 12 months to five years.

Ford continues: “Rapid Saver offers a disciplined but flexible way to grow your savings so that you can reach your goals faster. For example, if a parent put $2,000 into MARAC Rapid Saver when their child was born and continued to make monthly contributions of $100, the child would have over $60,000 when they turn 21.” [2]

MARAC has a guarantee under the New Zealand deposit guarantee scheme [3].

Brian Jolliffe, MARAC’s Managing Director comments: “MARAC is a wholly New Zealand owned and operated company that has been in business for more than 55 years, and is one of the largest finance companies in the country. MARAC has a BBB- (Stable) [4] credit rating from Standard & Poor’s. Our parent company, Pyne Gould Corporation Limited [5], announced on 30 September, its intention to apply for a banking licence. All of these factors combined provide investors with even greater confidence in the MARAC business as an investment.”

Investors can find out more about MARAC Rapid Saver online at www.marac.co.nz or by calling 0800 26 27 22 to request an investment statement.

ENDS


About MARAC Finance Limited

MARAC Finance Limited is a wholly New Zealand owned and operated finance company that has been in business for more than 55 years, and today is one of the largest finance companies in the country. The company is owned by Pyne Gould Corporation Limited (“PGC”) [5], a NZX listed company that has a history stretching back more than 150 years.

MARAC’s lending is well spread, both geographically and over a wide range of business sectors including commercial, consumer and property. MARAC has no related party lending and does not lend overseas.

MARAC is funded through retail debentures, committed bank facilities from five major New Zealand banks, a securitisation programme and a secured bond programme, ensuring a diverse funding base.

MARAC has a BBB- (Stable) [4] credit rating from Standard & Poor’s. This rating is recognised by the international investment community as ‘investment grade’.

--

[1] MARAC Rapid Saver is a first ranking secured debenture stock investment, subject to permitted prior charges (currently none) and claims given priority by legislation. Call MARAC on 0800 26 27 22 or visit www.marac.co.nz for a copy of MARAC Finance Limited’s investment statement.

[2] Calculation based on MARAC’s current interest rate of 8.00% p.a. for three years (and assumes this rate applies for the entire 21 year term of investment) and a resident withholding tax rate of 19.50%. MARAC interest rates are subject to change.


[3] Further information about the New Zealand deposit guarantee scheme and the most recent audited statement of financial position of the Crown are available, free of charge and at all reasonable times, on the internet site maintained by, or on behalf of, the Treasury at www.treasury.govt.nz.

[4] Standard & Poor’s ratings are statements of opinion, not statements of fact or recommendations to buy, hold or sell any securities. Ratings may be changed, withdrawn or suspended at any time. For the latest ratings information please visit www.standardandpoors.com.

[5] Pyne Gould Corporation Limited (MARAC’s parent company) nor any other entity guarantees any securities offered by MARAC or the returns payable thereon.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>

ALSO:

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO:

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO:

Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>

ALSO: