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Superbank delivers bigger saving incentive

Superbank delivers bigger saving incentive

Superbank has responded immediately to yesterday's Reserve Bank official cash rate (OCR) announcement.

The bank has pumped interest on its ground-breaking SuperSaver savings account up to 5.40%, 0.15% above the OCR.

Superbank is now offering its highest rate since the bank launched its no fee, no minimum balance, no fixed term savings account in February last year.

"OCR increases are good news for savers not locked into Term Deposits. SuperSaver is a unique product in the New Zealand market. It offers the income of a Term Deposit, without the restrictive terms." said Superbank chief operating officer James Munro.

"We have also gone a step further and renewed and extended our 'rate guarantee.' SuperSaver is guaranteed to pay a minimum 5.4% until May 31st and if there are further upward movements in the OCR we will continue to price aggressively and maintain its competitiveness."

SuperSaver's interest earnings currently better any Term Deposit offering from any other bank in New Zealand for terms under 12 months.

"SuperSaver is a new class of product in this market. It recognises that investors want the best returns but also want flexibility. We believe SuperSaver effectively makes Term Deposits redundant." Mr Munro said.

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