Savings Product Review: Rabobank

Thursday 23rd February 2006

What is it called and what sort of a savings product is it?
RaboPlus online savings account.

Who is the company behind it?
Giant Dutch bank Rabobank, which has built a strong presence in New Zealand’s rural scene, is the owner.

Who is the target market?
According to Rabobank it’s after people who are “active managers” of their own money “financially savvy” and “internet savvy”.

What return does it offer?
Its call account is offering a market topping 7.35%, while its term deposit rates are competitive.

When was it launched?
Tuesday

What other products are they like or do they compete with?
RaboPlus is up against online call accounts from ASB, ANZ, Bank Direct, Kiwibank, Superbank and Westpac

Is it long term, short term or medium term?
Being a call account it is short-term,

What is the unique selling point?
Its rate is attractive, but Rabobank also are pushing its AAA Standard and Poor’s rating and the security of its online banking. Less talked about is a feature that makes it easy for customers to buy managed funds.

How strong a stomach do you need for it?
Even granny can sleep easily at night with this one. It’s one of the safest.

What’s the hitch?
Not often we say this, but there aren’t too many hitches. Perhaps the biggest one is that competitors trump it on rate.

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