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RaboPlus big winner at Cannex Banking Awards
Media Release
20 June 2008
RaboPlus big winner at Cannex Banking Awards
The RaboPlus suite of online savings offerings continues to lead the way, having won three key categories at this year’s Sunday Star-Times Cannex Banking Awards.
RaboPlus’ Cash Advantage Fund (CAF), the first cash product launched under the Portfolio Investment Entities (PIE) regime, won the “Best New Product” category. RaboPlus also won two other categories - Best 90-Day Term Deposit and Best Online Savings Account.
Mike Heath, General Manager of RaboPlus, says this is a great result considering RaboPlus has been in the market for less than two and a half years.
“Our CAF has been extremely well received by smart and savvy investors who understand the significant benefits that can be gained from being part of this fund. The uptake has been excellent and in just six months it has grown to be the third largest fund in terms of net assets in the New Zealand and Australian Cash PIE category as reported by Morningstar.”
Mr Heath attributes the popularity of the CAF to its on-call deposit like attributes and Rabobank’s Standard and Poor’s AAA credit rating.
He says the Cannex win confirms that the CAF is ‘on the money’ when it comes to investor appeal.
The CAF was set up jointly by RaboPlus and AMP Capital Investors in response to the tax benefits resulting from the PIE regime. Launched on 3 December 2007, the CAF has been a big hit with customers from day one.
“Investors are clearly looking for competitive returns from their on-call investments, and the CAF certainly offers this,” says Mike Heath.
The CAF is a Portfolio Investment Entity (PIE). In a PIE, income is no longer taxed at the fund level but allocated to investors and taxed at the investor’s Prescribed Investor Rate (PIR - the personal tax rate that is levied for PIE managed funds). This is of particular benefit to those investors on a marginal tax rate of 33 or 39 per cent as the top rate for PIR under the PIE regime is 30 per cent.
The Cash Advantage Fund Investment Statement and further information is available at www.RaboPlus.co.nz or by calling 0800 22 44 33.
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