RaboPlus lifts interest paid on online savings accounts to a high 8 per cent pa

Sydney: June 6, 2008

Online bank, RaboPlus, from Australia's safest bank, is lifting the promotional interest rate paid on its online at call savings deposits from 7.80 per cent to 8 per cent per annum effective from June 6, 2008 for all Australian investors.

The RaboPlus interest rate will apply until 31 July to entire balances under $1 million, and for balances over a $1 million customers can still enjoy a high standard variable rate of 7.30 per cent per annum on high interest saving accounts.

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

This will apply to both existing and new RaboPlus customers.

Head of Financial Services for RaboPlus Australia & New Zealand Bryan Inch said: "This is a very competitive rate that reflects our market-leading position."

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

To establish an account requires no minimum balance, there are no banking fees, interest is calculated daily and paid monthly, and accounts are accessible online 24/7 using one of the most secure online banking systems, the patented digipass.

RaboPlus also offers a selection of terms and rates for term deposits, which are currently paying up to 8.25 per cent per annum and provides online access to a selection of DIY wholesale and retail managed funds from leading fund providers.

RaboPlus is the Australian online banking operation of the Rabobank Group.

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 been ranked as the world's safest non-government owned bank by Global Finance Magazine for the third year in a row in 2007.