Reviewer: Hamish Bond

The on call interest rate has been at 3.6% for a long time. Term deposit rates have gone up are you considering raising on call rates??

Mike Heath: Hamish our rates are very much influenced by the wholesale interest rate market which, in turn, is influenced by the Official Cash Rate (OCR). As you will have no doubt seen in the news, the RBNZ doesn’t have plans to increase the OCR for some time, and so the wholesale market then takes statements like that into consideration when setting interest rates for the future dates. The next OCR statement is due this week so we will be watching with the RBNZ has to say about future expectations for the OCR.

Reviewer: carolyn king

so easy no hassles. Thank you.

Reviewer: Adam

Excellent idea and its so cool that you just have sub accounts for all your different goals!!!! love it!

Reviewer: Rick

Are Rabo NZ going to offer a Premium Savings scheme as does Rabo Australia?

Mike Heath: Rick as a business we do work very closely with our cousins over the Tasman and share a lot of information and experiences, and we are watching with great interest.

Reviewer: Michael McCarroll

Great way to keep your other banks perks without the average interest rate.

Reviewer: amy

i dont really know because I haven't got raboplus savings account. I am enquiring getting this for my savings account... But why does it say on the "compare us with your bank" that there are no fees and the interest rate is 3.6% then directly below it says "Account fees are bundled up into a total relationship fee of $10 per month † Bonus interest rate increases if no withdrawals are made in the month to 3.25%" ??

Mike Heath: Amy the footnotes refer to the products from our competitors, for example the $10 refers to the BNZ Total Money product. We do not have any account fees nor are there any strings associated with you earning the 3.60% i.e. you can make as many withdrawals, or as fee deposits as you like.

Reviewer: Mia

Hi! I was just wondering if we need to add in a specific amount to the account to keep earning interest? And will this interest stop if I withdraw money out of the account?

Jennifer Herman - Marketing Coordinator: Mia, thanks for your question. We give you the same interest for every dollar you have in your RaboPlus Savings Account. While you do not have to have money in your account to keep it open, you do have to have money in it to earn interest. However we do not penalise you on your interest if you have to withdraw some money out of your account during the month.

Reviewer: Oliver

I really do love my raboplus call account don't get me wrong but am alittle sad that you are consistently giving new customers $50, $100 etc and all they do is need to give a $1 deposit yet a customer who has been with you for years gets nothing. does made me a Sad and doesn't really make one feel a valued customer. why not just raise your rate abit to bring in new customers as well as keep old customers happy.

John Baird - Operations Manager: Oliver, we are very conscious of fairness and equity which is one reason we have a customer exclusive term deposit offer. If you would like a chance to win a holiday for two in the Pacific Islands in exchange for as little as $1000 being placed in a 3 year term deposit, please log in to your account. Although we cannot offer rates as high as some banks for the shorter terms available, our call rate continues to be market leading as are our longer term deposit rates.

Reviewer: Tony

Sooner the better. My foreign exchange funds are with First NZ Capital and I would rather keep them under one roof.(bank) Rabobank is missing an opportunity

Reviewer: Josh

Would it be possible to start something that lets investors and savers purchase foreign currency on this site? Maybe even foreign currency term deposits in addition? Thanks

Mike Heath: Josh, thanks for the suggestion. If the wisdom of the crowd is anything to go by then there is definitely demand for such a product. It’s on our roadmap.

Reviewer: Sam Henry

Great to see a Bank that gives it benefits to its customers and not just to its own bottom line. Consistently the best on-call savings interest rate. Well Done Raboplus!

Reviewer: Dawn Wadley

Great to see Raboplus is leading the way in a tight recession they always seem to be a step ahead of the rest in interest rates :-)

Reviewer: Adrian Murphy

Another great product from Rabobank

Reviewer: Judie Derbyshire

Have recently started internet banking with a another bank, RABOPLUS system beats theirs handsdown,keep up the good work guys. YOUR INTEREST RATES ARE PRETTY SAD THO.

Reviewer: Frank

Rabobank is terrible. End of.

Reviewer: Richard Frogley

I find your personal savings account a great product. I love the Digipass security system. However i'm surprised the Investment Statement of the PIE Capital Securities offer advertised on your website says if the bank is prohibited from paying a dividend temporarily then "If Dividend Amounts are not payable on a Dividend Payment Date, those dividends will not accumulate or compound and Holders of the PIE Capital securities will have no right to receive those dividends at any time, even if dividends are subsequently paid in the future."

Reviewer: David

I can only say some of the comments given here are just bizarre. Rabobank has been consistently the highest performer on interest rates on average, no fees, no ties. An AAA rating. Anyway, it's just a nice place to store your money. Do these people really think shifting their savings from one account to another to chase a fluctuating .05% difference 'investing'? They're really kidding themselves. Anyway -- put your extra money here, I'd say you can with fairly optimistic sense of certainty rely on Rabobank to give you the best rate around, most of the time at least.

Reviewer: Greg

Raboplus is offering better returns than NBNZ's eSaver rate which is tied down with withdrawl restrictions. I took advantage of the $100 and have moved my $$ into my RaboPlus account.

Reviewer: Bob

Haha, Rabobank is so rubbish. Enjoy no longer having my business, and congrats on the clever campaign for new customers only. Brilliant.

Reviewer: Jason

Nationalbank's eSaver has dropped its interest rate to 3.5%p.a. (01/04/09). Now it's lower than Rabo's offering of 4%p.a. on-call.

Reviewer: Caleb

the $100 promo was a great incentive for me to switch bank. Now I've moved all my money into Raboplus

Reviewer: Joanne

Re national bank accounts: last year (before everyone's interest rates dropped) Nat Bank changed their accounts and my Goal Saver changed to the E-saver suddenly giving me those min deposit and zero free withdrawal conditions. Didn't like that at all! I gave them the opportunity to keep my money and showed them what I would get at ASB, they said that ASB was indeed a better deal and I walked out the door with my stacks of cash! Not very good customer service really! I am just about to open one of your on-call accounts for myself, my daughter and my business, excellent marketing with the $100 incentive! Definitely made me get off my butt and do it after a friend has been recommending you for ages... Well done :)

Reviewer: Stephan

Dear Mike, just wanted to let you know that National Bank's eSaver is offering 4.25% which is still higher than Raboplus' rate. Maybe your educated guess was not so right.

Mike Heath: Fair point, if only I could predict how our competitors would act ;).  However if you don’t actually meet the commitment of depositing at least $20 per month and would happen to withdraw money in a given month then the rate drops from 4.25% to 0.85% for the NBNZ product – that’s a huge penalty wouldn’t you say?

Reviewer: Liam

that promo chick is gorgeous, and probably the only reason I clicked the banner. you've got my vote!

Reviewer: Stephan

I have been a happy customer with Raboplus for the last year or so. However, the interest rates have dropped so much recently that I decided to switch to National Bank's eSaver that offers a much better rate of 5.4% compared to Raboplus' rate of 4%.

[Mike Heath] Stephan I see that National Bank’s 5.40%, a special promotion, ends in the next few days and my educated guess is that their eSaver may come down to something more in-line with their Online Account which currently is offering on average less than 3.00%

Reviewer: jeffegen

looks ok

Reviewer: Jonathan

Any chances of Raboplus introducing a regular savings account with a higher interest rate than the on-call account. ie reward interest for minimum monthly deposit and no withdrawals over that month (similar to National Bank's eSaver)?

Mike Heath: Jonathan, the approach we take is to offer consistently high rates which are often as good as those bonus-linked products offered by others. Our proposition is very much based upon transparency - not to have strings, catches or barriers to entry plus we don’t want to penalise people who don’t have as much money as others by only offering high rates for high On Call deposit balances or regular savers. At this point in time we are not considering adding any bonus-linked On Call products.

Reviewer: Chris

As of today, RaboPlus' interest rate is only 4.50%, compared to ASB's Fastsaver rate of 5.15%. I know interest rates have been dropping recently, but it's disappointing to see RaboPlus dropping a bit faster than others.

Mike Heath: Chris, as I write this I see that ASB have dropped their rate to 3.65% (we are offering 0.85% more than them at our rate of 4.50%). Over the past few months (basically since the OCR has been dropping) all banks have been moving their On Call rates down, and more often than not sooner than us and by bigger amounts (have a look at our comparison chart) in line with wholesale rate changes. I can assure you that our policy of offering amongst the highest rates has not changed so we will continue to keep them as high as possible.

Regards
Mike Heath

Reviewer: Marcin

Rabobank’s interest rate dropped so much that it seems now the after-tax rate of return is below the inflation rate.

Reviewer: David

Kiwiback has today just dropped their rate to 5.25 inl .60% bonus, im movin my money to u guys asap!!!

Reviewer: John

Your "Compare us with your Bank" statistics has Kiwibank (as @ 20 October) offering 7.00% pa for their Online Call Account. On this date they were offering 7.60% and continue to do so today.

Mike Heath: John, thanks for the feedback.  Our comparison page is designed to compare like-with-like so the rate for Kiwibank reflects the base rate for the On Call product i.e. does not include their 0.60% bonus.  As we do not offer a bonus top-up to make our rates appear more attractive (our rate is 7.75%) we believe it makes better sense to do a comparison on this like-for-like basis.

Reviewer: Andrew

It's good to see that customers think you guys just pluck rates out of thin air and complain that they need to be alot higher. The rates that you guys off is outstanding and people would be silly not to switch their savings to you.

Reviewer: Thomas

We have so far enjoyed the benefits of the Rabo Plus Savings accounts and Terms Deposits. However, in the current economic climate we are concened about what would happen in the event of the collapse of banks in NZ. The NZ government does not guarantee savings. What would happen to our savings?

Mike Heath: Thomas obviously things have changed dramatically over the past few days.  We have Opted-In to the recently announced deposit guarantee.

Reviewer: Tony

Your interest rate now 7.95% but I note ASB is 7.60%.So much for those that moved their funds to ASB!One gripe I have is that when I transfer funds to my nominated a/c I cannot transfer them the same night from the nominated a/c. Why is this? It means I have to wait for another 24hrs and so lose a days interest.

Mike Heath: Tony, thanks for the feedback and question. Re the transferring of funds out, and the subsequent availability in your nominated account. It’s a function of the inter-bank settlement process and the exchange of monies over night between banks. Plus, depending upon the size of the transaction, and irrespective of the fact that we send them as cleared funds, some banks may not treat them as cleared straight away (you’ll have to check with your specific bank about that.

Reviewer: johan

Great service! had always a RABO account when I lived in The Netherlands, now very happy with this New Zealand online acct. Thanks !

Reviewer: Beau

Interest rates will always fluctuate so we just have to get over that. We also need to be weary of what our money is being invested in and by who. I trust Rabo is the right decision on this account.

Reviewer: Edward

There is only 5 banks in the world who have a AAA credit rating. You guys should be lowering your rates right now because of the safety of your bank. Why peole think you should pay more than AA rated banks is beyond me. But thanks for doing it anyway!

Reviewer: Cara

I think you'll all find that Rabo rates are the most competitive in the long run and all the banks rates are fluctuating a fair bit recently. I've been nothing but impressed with Rabo.

Reviewer: Will

AAA rated balance sheets are going to really mean something in days to come! Awesome stuff Rabo!

Reviewer: Joel

Yeah very disappointed by the drop in interest rate. ASB will now give me more than Rabo will, and it would be more convenient as the money is instantly accessible. Get your act together Rabo or I will also be moving my money. Otherwise it has been a great experience, but yeah the interest rates are disappointing now.

Reviewer: Shelly

In the month since I joined Raboplus rate drop from 8.30 to now 8.05% is not competitive. Getting 8.4% with esaver at National Bank (although have to make one deposit per month and lost interest if make a withdrawal) but as I'm saving it suits my purpose and a much better rate. Will be moving money out of Raboplus if rates are not competitive.

Reviewer: clinton

I was going to open an account at raboplus but I can't see the point now as your interest rates are not nearly as competitive as they were. Raise the interest rates and Im sure many people will re-invest.

Reviewer: Tim

Well it looks like I'm not the only one who's moved their money back to ASB. Turns out we don't have many loyalties when it comes to our savings account. We just want high interest. You give us the rates and we give you our money, that's how it works...

Reviewer: Dan

Common Raboplus, a drop from 8.35 to 8.10% now? Any further decline and you will lose another customer here. You have really lost your competitive edge here compared to other banks.

Reviewer: JT

Very easy, very secure, and consistently higher interest rates than all other banks - without the hassle of switching banks.

Reviewer: Ed

I just withdrew most of my money from Rabo as ASB was still offering 8.25% instead of 8.1% on Rabo. ASB has now dropped to 8.1% too. Still no incentive to move back to RABO yet though. the argument used by RABO that it is the safest bank in NZ may be true, but to be fair there is not much difference between other safe bank in New Zealand. The best rating is still no guarantee anyway and it does not make any difference to be with a bank that is 99.95% safe or 99.9% safe. Come on Rabo, change the interest rate up a notch, even 0.05% will see you get many customers come back. You are Dutch after all!

Reviewer: Ruth

I love RaboPlus. It's so good to be able to organise my money when I want to and so easily. Thanks!!

Reviewer: Olivia

I was very happy with Raboplus. It was a good way to separate my savings, so it wasnt a tempation to touch it. Although I have now withdrawn all my money, since the interest rate seems to be dropping with rabo, whereas my current bank's isnt. Bring it back up, and ill consider reinvesting.

Reviewer: Kyle

Hi I have had Rabo account for about a year. I find it easy to use and my options are good. Currently all my money is in the on call account. But I do feel the interest rate is now not as competetive as other banks .. there have been a few online accounts coming out that soon if rabo does not match I may switch too

Reviewer: Aengus Jankowsky

Hi - I've got transaction accounts with Kiwibank and my savings with Rabo and have been happy with the service provided by both so far, however given the drop in Rabo's rates and the extra convenience offered by Kiwibanks online call PIE account, I'm seriously considering consolidating my accounts with Kiwibank. Do Rabo have a similar PIE on-call account in the works? If so I'd be happy to stick with you guys until it's sorted.

Mike Heath: Aengus, yes we do have an online call PIE – in fact we were the first bank to launch one in NZ (Dec 2007), it’s the Cash Advantage Fund. Take a look and should you have any questions please do not hesitate to call us on 0800 22 44 33.

Reviewer: Nick

Hello, while I like the way you encourage saving and pro-active money management, I can't help feeling a bit ripped off by the drop in your rate 8.35 - 8.20. It took me a long time to convince my friend that he should open an acount with you because of high the interest but now he's laughing at me because he earns more with ASB, and he's confident in their AA S&P rating. I thought the fact that you are strictly online with no 'physical' branches meant you could offer us a higher rate? One week after I open an account the rate drops 0.15% - bugger.

Reviewer: Simon

I've just looked at your "Compare us with Your Bank" section, but my bank (ASB) is clearly offering better rates than Rabo. Why would I move my money from ASB to Rabo???

Mike Heath: Simon, thanks for the question. There are two sides to the equation … how much can one earn and what is this risk on that return? Whilst our On Call rate is not currently as high as ASB’s (I believe this is the first time since we launched Feb 2006) our credit rating of AAA from Standard and Poor’s, which Rabobank has held for over 26 years, is still higher than any other bank in NZ. Have you considered our Cash Advantage Fund – it offers an effective rate of 9.80% for those persons on a 39% RWT rate, versus ASB’s 9.72%?

Reviewer: Andre

Can a person living in the Uk, England open an on line savings account with your bank in New Zealand?

Mike Heath: We appreciate your interest, however, to open a RaboPlus account you need to be, for tax purposes, a New Zealand resident and need to be able to supply a New Zealand address at which you reside. Unfortunately in this instance we would not be able to open an account for you.

Reviewer: Angela

It is a fantastic way of accelerating our saving. We get paid monthly, so as soon as that we’ve received our salary that we work out our monthly spending, then we transfer the funds directly into Raboplus account each month. We put most of our expenses on credit card and pay off each month to assist us with household budgeting. By keeping the account separate and high interest, that we can really see our saving grown over the year. Recently, that we’ve even managed to pay off one of our mortgages. Happy Earning, Happy Saving and also Happy spending. Most important that we know our saving is safe. Thank you! Raboplus. ^_^

Reviewer: Karen

I guess the only people that don't have one that know me are pretty stupid or have no money. I pay all my bills on a credit card and pay it all off once a month by a single transfer from Rabo which I can set up in advance. Minimises bank fees and all the hastles and earns rewards:) I also like putting Pocket money into my children's bank accounts as it creates an extra barrier to impulse spending and encourages saving.

Reviewer: Aaron

Stoked with the high interest rate and no fees, great for savings. Raboplus has really made all the other banks wake up and smell the roses..! My emcumbent bank now has no savings in it.

Reviewer: Andrew

Great stuff. At my other bank the interest rate was miserable for a savings account.

Reviewer: mieke

this account is truly the best you can get with the oncall option, it is convienient and it make your money work harder for you :)

Reviewer: graham jamieson

so far so good. looks like our son is impressed too. you will be hearing from him soon re opening an account

Reviewer: Jennifer

Like the way that statments are set out, especially the messages that keep you updated on interest rates.

Reviewer: Dawn Pettersen

Never thought I would see the day of me having a savings a/c with so much money in it. My other bank seems to think about bank fees etc even when I have a small amount in it. Before I know it, it has disappeared and I have nilch. Your bank does not do that - I can actually know that my money is gaining 8.25% even when it is a small amount.

Reviewer: Wes

An excellent place to have some of our retirement fund, with immediate availability.

Reviewer: Nicola

WOW! In the year that I have had a savings account open with you the interest rate has constantly gone up. The interest rate I was receiving at my primary bank has never changed. Good on you, keep it up!

Reviewer: Will

The best savings account around. What about adding a line graph to track your savings account growth?

Mike Heath: Will, thanks for the feedback.  I’ll pass it on to our developers for consideration alongside our other planned enhancements.

Reviewer: Laurence

The Online Savings Acount is the best for me @ 8.25%, a retiree looking after my life savings.No more hassles with shares or other financial investments in todays dubius financial climate.

Mike Heath: Laurence – a very good point.  Have you taken a look at our new Cash Advantage Fund?  It has very similar characteristics to our On Call product but with significant tax benefits?

Reviewer: Michael

Great product. 1 small improvement would be an 'Automatic Payment' system into my other bank account for things like rent. It would take the hassle of always having to remember to see if enough is in the other bank account and leaves my cash in your account for as long as possible.

Mike Heath: Michael thanks for the feedback. We are looking at an enhancement like the one you have proposed and will be launching it in the near future. Please look out for an update in ActiveMoney.

Reviewer: Karina

Great interest rate. Brilliant for kids who don't touch the bank and see it build up quickly!

Reviewer: Alan

What a great product. High interest and no fees. And no minimum deposit.