Rabobank's online bank is launching its largest ever media and education campaign on Sunday to promote its name change from RaboPlus to RaboDirect and to educate customers about how to make the most of their money.
To tie-in with its rebrand, RaboDirect will also be offering customers a special 'wake-up' rate of 6.40% p.a. variable on all new deposits into a RaboDirect's High Interest Savings Account. This represents a 1.40% p.a. bonus on top of our standard variable rate currently 5% p.a.. As the highest on call rate in the market, it is the best product available for people looking to activate and grow their money.
According to RaboDirect's General Manager, Greg McAweeney, the name change (effective from today), increased marketing and market-leading interest rates are the first steps towards a more aggressive approach to customer acquisition this year.
"The re-branding also supports our brand promise of being direct and straight-talking, while bringing the Australian brand in line with the global operation," he said.
"We pride ourselves on being honest and delivering straight facts and we know it is important to our customers that we deal with them in this direct manner.
"It's time to reflect this in our name. RaboDirect says what we do - you bank direct with us online; and how we do it - we're straight talking."
Mr McAweeney said that while the online bank's name and website address will change, the service customers expect and appreciate will not alter and they will not have to make any changes to their account details or log-ins.
Speaking about the 'wake-up' rate of 6.40% p.a., Mr McAweeney said: "We want to show people just how easy it is to get their money growing for them rather than sitting idle in a transaction account, or a low interest paying savings account that incredibly still have fees and charges. In the past, we have decided against offering promotional rates because we do not agree with a system that favours new customers and leaves existing customers unrewarded.
"A shocking lack of transparency regarding important conditions such as short honeymoon periods, exclusion of existing customers and the base savings rate has been all too typical of many of the savings products we see in the market. RaboDirect's wake-up rate will run until the end of the year. This is a decent period of time and we will ensure there is clear communication so new customers know exactly when the rate will start and finish," he said.
Mr McAweeney said existing customers would also be able to benefit from the 'wake up rate' on any new money they deposit into their account from 20 May 2010 until 31 December 2010.
RaboDirect is part of Rabobank, the world's safest privately-owned bank. By assets size, the global Rabobank is larger than any of the 'big four' major Australian banks.
