Westpac New Zealand maintains edge

Media Release

21 September 2007

Westpac New Zealand maintains edge with Online Bonus Saver

Westpac New Zealand says the demand for flexible, secure on-call and term deposit savings options continues unabated.

Flows into Westpac's leading on-call account are up around 200% on levels two months ago, according to General Manager of Products David Cunningham. Westpac's Online Bonus Saver offers a best-in-market bank on-call rate of 8.2%p.a*.

"We've also more than doubled our term deposit flow in the last few months. It is clear that the public, in the process of re-pricing risk after recent finance company failures, is finding current bank rates extremely competitive.?

Mr Cunningham said that Westpac New Zealand was committed to providing its customers with leading solutions that address both their needs, and their concerns.

Another example is the customer-friendly Online Guarantee - a promise to pay that reassures our consumer and business online banking customers that they will never be left out of pocket in the unlikely event they are victim of online fraud.

Westpac is the only bank in New Zealand that offers this clear and simple commitment. Since its launch a month ago it has received very positive feedback from our customers, Mr Cunningham said.

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