Strong interest for market-leading term deposit offer
For immediate release
18 February 2013
Strong interest for The Co-operative Bank’s market-leading term deposit offer
The Co-operative Bank has reported a strong interest for its innovative four month 4.6 per cent term deposit offer for investments as low as $2,000.
Deposits Portfolio Manager Grant Pritchard said that the offer, for investments from $2,000 to $20,000, had proved popular with both new and existing customers.
“It’s a very innovative offer and not only because it starts at such a very low rate of investment. Usually rates at this level are reserved for investors with high balances. Typically special term rates start with a minimum investment of $10,000,” said Mr Pritchard.
“Offers of this kind in the market can be limited to new customers. However, in keeping with our values and commitment to act in the best interests of our customers, we’ve also made it available to our existing customers because that’s the co-operative thing to do.”
Mr Pritchard said that the offer, which is for a limited period, is being reviewed on a weekly basis.
“It’s had a very strong and steady uptake. Typically people with $2,000 would be putting it into a savings account, but we’re achieving our aim of enabling more New Zealanders to get a higher rate of return on their savings,” he said.
Bank Term Deposits are a secure, low-risk investment option which allows you to place funds in an account where the interest rate is set for a fixed period of time.
The Co-operative Bank is owned by its customers, with all profits staying in New Zealand. It provides a full range of everyday personal banking services including transaction accounts, savings accounts, personal loans and accounts for children, and Internet, Mobile, TXT and telephone banking. It also has overdrafts, insurance and investment options and a wide range of products and services designed to help small businesses.