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

 

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.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

TradeMe: Property Prices In Every Region Hit New High For The Very First Time

Property prices experienced their hottest month on record in December, with record highs in every region, according to the latest Trade Me Property Price Index.\ Trade Me Property spokesperson Logan Mudge said the property market ended the year with ... More>>

Motor Industry Association: 2020 New Vehicle Registrations Suffer From Covid-19

Chief Executive David Crawford says that like some other sectors of the New Zealand economy, the new vehicle sector suffered from a case of Covid-19. Confirmed figures for December 2020 show registrations of 8,383 were 25% ... More>>

CTU 2021 Work Life Survey: COVID And Bullying Hit Workplaces Hard, Huge Support For Increased Sick Leave

New data from the CTU’s annual work life survey shows a snapshot of working people’s experiences and outlook heading out of 2020 and into the new year. Concerningly 42% of respondents cite workplace bullying as an issue in their workplace - a number ... More>>

Smelter: Tiwai Deal Gives Time For Managed Transition

Today’s deal between Meridian and Rio Tinto for the Tiwai smelter to remain open another four years provides time for a managed transition for Southland. “The deal provides welcome certainty to the Southland community by protecting jobs and incomes as the region plans for the future. The Government is committed to working on a managed transition with the local community,” Grant Robertson said. More>>

ALSO:

OECD: Area Employment Rate Rose By 1.9 Percentage Points In The Third Quarter Of 2020

OECD area employment rate rose by 1.9 percentage points in the third quarter of 2020, but remained 2.5 percentage points below its pre-pandemic level The OECD area [1] employment rate – the share of the working-age population with jobs – rose ... More>>

Economy: Strong Job Ad Performance In Quarter Four

SEEK Quarterly Employment Report data shows a positive q/q performance with a 19% national growth in jobs advertised during Q4 2020, which includes October, November and December. Comparing quarter 4, 2020, with the same quarter in 2019 shows that job ad volumes are 7% lower...More>>

NIWA: 2020 - NZ’s 7th-warmest Year On Record

The nationwide average temperature for 2020, calculated using stations in NIWA’s seven-station temperature series which began in 1909, was 13.24°C (0.63°C above the 1981–2010 annual average). New Zealand’s hottest year on record remains 2016, when... More>>

Quotable Value New Zealand: Property Market Set To Cool From Sizzling To Warm In 2021

Nostradamus himself could not have predicted the strange series of events that befell our world in 2020 – nor the wild trajectory of New Zealand’s property market, which has gone from “doom and gloom” to “boom and Zoom” in record time. Even ... More>>