Rabobank New Zealand
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Rabobank New Zealand Limited (RNZL) is one of the largest rural lenders and a significant provider of business and corporate banking and financial services to the New Zealand food and agribusiness sector. It is a subsidiary of Rabobank Group, Netherlands, one of the world’s most sound and sustainable financial institutions. Rabobank New Zealand operates in four core businesses: Rural Financial Services, Corporate Financial Services, Business Banking and online savings, the last of which traded as RaboDirect until 2019 and is now branded Rabobank Online Savings. It offers farm loans, equipment finance, tailored finance solutions, corporate lending, asset based finance, short term and long deposits, risk management and other services. Rabobank is currently the third largest lender to primary producers in New Zealand and the second largest in Australia. RaboDirect, the online savings division of Rabobank New Zealand, was New Zealand's first internet only bank specialising in savings and investments, and it did not offer traditional banking products such as cheques, high-interest loans, mortgages and credit cards. Rabobank New Zealand retired the RaboDirect name in 2019, bringing its online savings customers and agribusiness clients together under the single Rabobank brand; the savings business now trades as Rabobank Online Savings and offers the PremiumSaver, NoticeSaver and RaboSaver accounts alongside term deposits. As of June 30, 2015, Rabobank NZ had total assets of NZD 14.409 billion, loans of NZD 10.529 billion and total deposits of NZD 4.777 billion. On a different basis, figures compiled by interest.co.nz from Rabobank's New Zealand quarterly disclosure statements show total assets of NZD 10.772 billion at June 30, 2015 and NZD 17.964 billion at June 30, 2026, with shareholder funds of NZD 2.639 billion at the later date.
RaboDirect Personal Savings Account Rates (2015)
| Interest rate | 2.50% p.a. |
| Minimum deposit | $1 |
| Minimum balance | None |
| Transfers in/out | Free |
| Account fee | None |
Rates as of November 17, 2015
Compare interest rates (2015)
| Bank | Product name | Rate (p.a.) | Fees | Minimum balance |
|---|---|---|---|---|
| RaboDirect | Online Call | 2.50% | None | $0 |
| ANZ | Online Call | 1.90% | None | $1 |
| ASB | FastSaver | 1.80% | None | $1 |
| BNZ | Personal OnCall | 2.30% | n/a | $1 |
| KiwiBank | Online Call | 1.50% | None | $2,000 |
| Westpac | On-line Saver | 2.20% | None | $1 |
Rates as of November 17, 2015
The rates shown in the tables above were those published in November 2015 under the RaboDirect brand and are retained for reference only; they do not reflect current pricing, and the accounts are now offered as Rabobank Online Savings.
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