Saviour money: RaboDirect, from Australia’s safest bank, delivers the nation’s leading term deposit rate with no fine print
24 March, 2010
RaboPlus continues to provide a safe haven for investors who seek easy-to-understand savings products, consistently high rates and no hidden surprises with the launch today of new, market-leading term deposit (TD) rates.
With a one-year TD rate of 6.56%, today's announcement is part of RaboPlus's efforts to better serve Australian investors forced to choose from a smorgasbord of benign or declining TD rates from major banks.
"We are delighted to announce a great deal today that bucks a startling recent trend by major banks - in the face of increasing official cash rates - to actually reduce their TD rate offers to customers," said RaboPlus General Manager, Greg McAweeney.
"The good news for our savings customers is that their RaboPlus account delivers certainty of access to Australia's safest bank and a market-leading rate - all without hidden terms and conditions."
For example, at RaboPlus we don't discriminate between new and existing customers - everyone is entitled to the same market-leading rate. "
The RaboPlus six month TD rate is set at 6.31% - again a market-leading offering with guaranteed 'safe haven' returns during a period of continued sharemarket volatility.
"Astute savers, like self-managed super fund investors, are choosing to hold cash with our term deposits, and we expect these customers to continue allocating higher amounts in cash given the rates on offer and the prevailing uncertainty of sharemarket returns," Mr McAweeney said.
RaboPlus also offers market-leading rates on two to five year term deposits.
"7.4 per cent per annum over five years is an excellent return compared to other riskier investments where returns are not fixed.," Mr McAweeney said.
