Online Bank - RaboPlus Offers Market Leading Three Month Term Deposit
RaboPlus - a division of Rabobank Australia Limited - today announced it has raised its three month term deposit rate to 4.50 per cent for all deposits up to a $1 million.
Sydney, NSW (PRWEB) April 28, 2009 -- RaboPlus - a division of Rabobank Australia Limited - today announced it has raised its three month term deposit rate to 4.50 per cent for all deposits up to a $1 million.
RaboPlus also welcomed the Australian Securities & Investment Commission's (ASIC) review of advertising of term deposits by financial institutions. This follows ASIC's focus on stamping out potentially misleading advertising on promotional rates with some online savings accounts.
RaboPlus recently increased its term deposit rates on two year terms from 3.90 per cent to 4 per cent; three year terms from 4.85 per cent to 5 per cent; four year from 5.30 per cent to 5.50 per cent; and five year from 5.50 per cent to 5.75 per cent.
Mr. Greg McAweeney, General Manager of RaboPlus said: "Our three month term deposit rate of 4.50 per cent is the highest rate in the market. With interest rates tipped to fall even further this is a good chance to lock in a guaranteed rate without tying up your cash for too long. With RaboPlus what you see is what you get - a top rate without hidden terms and conditions".
"ASIC is right to be concerned about some of the Banks' advertising campaigns which do not disclose major restrictions more transparently. We have seen some improvement since we have highlighted the issue but there is a lot more that can be done to protect customers. The price comparison sites also have a responsibility to ensure that savings products are rated on a like for like basis. Our own research tells us that customers are not interested in PR stunts, gimmicks and promotional rates that seek to mask a lower ongoing interest rate."
"We believe retail customers should be able to make their choice based on full disclosure when deciding where to put their money. All too often major restrictions are buried in small print. And promotional rates rarely offer more in interest over a 12 month period. We urge customers to consider a bank's long term rate, transparency on rates, fees and charges, withdrawal restrictions, credit rating and online security," he said.
Mr. McAweeney said Rabobank is an Authorised Deposit Taking Institution and is covered by the Federal Government's deposit guarantee.
RaboPlus deposits are guaranteed by its ultimate parent, Rabobank, which has consistently maintained AAA ratings from Standard & Poor's and Moody's for the last 27 years.
RaboPlus is the online savings and investment service which was launched by Rabobank Australia Limited in 2007.
Media Contact: Tony Rasman, 0418 208 770.
RaboPlus is a division of Rabobank Australia Limited, part of the international Rabobank Group, the world's leading specialist in food and agribusiness banking. Rabobank has more than 110 years' experience providing customised banking and finance solutions to businesses involved in all aspects of food and agribusiness.
Rabobank operates in 43 countries, servicing the needs of more than nine million clients worldwide through a network of more than 1600 offices and branches. Rabobank is among the 20 largest banks in the world based on tier one capital.
###
Post Comment:
Trackback URL: http://www.prweb.com/pingpr.php/U3F1YS1FbXB0LUxvdmUtRW1wdC1TcXVhLUNvdXAtWmVybw==
Bookmark -
Del.icio.us |
Furl It |
Technorati |
Ask |
MyWeb |
Propeller |
Live Bookmarks |
Newsvine |
TailRank |
Reddit |
Slashdot |
Digg |
Stumbleupon |
Google Bookmarks |
Sphere |
Blink It |
Spurl
|
