RaboPlus lifts interest paid on online savings accounts to 7.30 per cent pa

Sydney: March 4, 2008

Online banking service RaboPlus will lift the standard on-call interest rate paid on its online savings deposits to 7.30 per cent per annum effective today.

This rate remains higher than the Reserve Bank of Australia's cash rate of 7.25 per cent.

This will apply to both existing and new RaboPlus customers.

RaboPlus will also lift interest rates on its term deposits. Its 6 month Term Deposit will rise from 7.90 per cent to 8.15 per cent.

Head of financial services of RaboPlus Australia & New Zealand Bryan Inch said: "We continue to maintain our market-leading position and provide one of the highest rates to our customers."

The rate is also available to DIY super, trusts and business accounts, making it the best rate in the market for these types of customers.

It requires no minimum balance, no fees, interest is calculated daily and paid monthly, and accounts are accessible online 24/7.

RaboPlus is the Australian online banking operation of Rabobank Group. Rabobank has a AAA rating and is the world's leading specialist in food and agribusiness banking.

Rabobank has the highest possible credit ratings from both Standard & Poor's (AAA) and Moody's Investor Service (Aaa), and has held these Triple A ratings for over 25 years.

Rabobank has also been ranked as the world's safest private bank by Global Finance Magazine for the third year in a row in 2007. 

RaboPlus also offers a selection of terms and rates for term deposits, which are currently paying up to 8.15 per cent pa and has online low-cost access to a selection of wholesale and retail managed funds.