Supersaver Extends Market-Leading Interest Rate

Mon, 31 May 2004

Supersaver Extends Market-Leading Interest Rate To Six Percent

Tomorrow's rate, available today, piles further pressure on term deposits

WELLINGTON, 31 May 2004 - Superbank today raised the interest rate on its
SuperSaver account from 5.6% to 6.0%. This compares strongly against both
the 6 month term deposit (TD) average of 5.42% and the 12 month TD average
of 5.75% offered by the six High Street banks (see below), further
strengthening its appeal to people with money locked away in inflexible
term deposit accounts. Unlike many term deposits which only pay interest on
maturity or after six-and-twelve-months, SuperSaver interest is calculated
daily and paid monthly.

"Once again Superbank sets the standard by offering tomorrow's rates today"
says James Munro, chief operating officer of Superbank. "We strive to be
the first bank to pass the benefits of a rising rate environment to New
Zealanders -- putting money into term deposits today does not make much
sense."

Apart from the high-rate of interest and the flexibility to access their
money, other benefits of SuperSaver to consumers include:

*No fees or charges -- SuperSaver phone and Internet customers can deposit and withdraw money as often as they like, without incurring a cent in fees

*No fixed term --Customers can withdraw their money at any time, without penalty.

*No minimum balance -- all customers get the same great rate, no matter how much they have in their account

About Superbank:

Superbank is the trading name of St.George Bank New Zealand Limited. Superbank is a joint venture between Foodstuffs New Zealand and St.George Bank Ltd of Australia. St.George Bank Australia is a publicly-listed company in Australia and has assets of over AUD $55billion. The Foodstuffs group of companies (New World, Pak 'N Save, Write Price and 4 Square) is the fourth largest trading organisation in New Zealand. People can open an account very simply: by calling 0508 226 546 or by picking up an application form from a supermarket and posting it in.

ENDS

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