RaboPlus lifts interest rates on term deposits

NEWS RELEASE Friday July 20, 2007

RaboPlus lifts interest rates on term deposits

Wellington – Online banking service www.RaboPlus.co.nz has raised interest rates on its on-call savings account, and on its one year and five year term deposits with effect from today.

General Manager of RaboPlus, Mike Heath said that the increase reflects the generally higher level of New Zealand interest rates.

“Raising our rates follows our commitment to always offer our customers the best interest rates available to allow them to maximize their investments. We will continue to review RaboPlus’ rates regularly,”said Mr Heath.

RaboPlus has a strong record as a market leader and offers some of the highest rates available on its no fees, on-call savings account and term deposits.

RaboPlus’ on-call savings account has risen to 7.85% from 7.75%, and selected term deposit rates have increased as follows:

Term deposit length New rate from July 20 Previous rate
30 Day No change 8.10%
90 Day No change 8.20%
180 Day No change 8.30%
1 Year 8.55% 8.45%
2 Year No change 8.30%
3 Year No change 8.20%
4 Year No change 8.10%
5 Year 8.05% 8.00%

ENDS

RaboPlus is an online banking service designed to complement customers’ existing banking arrangements. RaboPlus offers New Zealanders a high interest, no fees, on-call savings account as well as term deposits and access to managed funds.

RaboPlus is a division of Rabobank New Zealand Limited, part of the international Rabobank Group, the world’s leading specialist in food and agribusiness banking. Rabobank has more than 100 years’ experience providing customised banking and finance solutions to businesses involved in all aspects of food and agribusiness. Rabobank has the highest possible credit ratings from both Standard & Poor's (AAA) and Moody's Investor Service (Aaa), and is ranked one of the world's safest banks by Global Finance magazine. Rabobank operates in 42 countries, servicing the needs of more than nine million clients worldwide through a network of more than 1500 offices and branches. Rabobank is among the 20 largest banks in the world based on tier one capital. In New Zealand Rabobank employs approximately 115 staff across 29 branches to service its clients. Thirteen staff, including a Wellington based call centre, support RaboPlus customers.

RaboPlus is the winner of Best Online Savings Account, Best 90 Day Term Deposit and Best One Year Term Deposit at the 2007 Sunday Star Times, Cannex Banking Awards.

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