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516 posts

Ultimate Geek


# 144064 6-May-2014 13:19

Hi All,

I was looking around at a good place to put savings rather then my current bank and came across http://www.rabodirect.co.nz/ 

Has anyone dealt with them or is a member? They seem to have been around for a while.

Would love some feedback.

Thanks

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  # 1037714 6-May-2014 13:30
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Go to interest.co.nz, as it compares the different banks and interest rates.. It also has the ratings for banks. I think rabo only offer .05% more than what ANZ  on their oncall bonus savers.

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  # 1037718 6-May-2014 13:41
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I've been a customer for years, never had any problems. 




Information wants to be free. The Net interprets censorship as damage and routes around it.


 
 
 
 


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  # 1037724 6-May-2014 14:06
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I've been a customer for years, all good. I did have a small issue with their customer service where they refused to accept my signature that I mailed in on a form to them, but they decided not to tell me, leaving me wondering for a month why my request hadn't gone through, until I called and asked.

Bear in mind that most main street banks require a deposit and no withdrawals within the calendar month to unlock their top on-call rate, whereas the standard rate at Rabo doesn't require this. This often puts them ahead of other banks, but do keep an eye on rates at interest.co.nz to confirm that this is still current

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  # 1037725 6-May-2014 14:07
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Seems to be a favourite with farmers




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  # 1037728 6-May-2014 14:13
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I have been with them for years. No worries at all. Usually have the highest interest rates for on call currently 4.3%

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  # 1037731 6-May-2014 14:15
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I've had a premium saver account for over a year now with no problems. I would highly recommend.

-A.

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  # 1037735 6-May-2014 14:29
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AidanS: I've had a premium saver account for over a year now with no problems. I would highly recommend.

-A.


One thing to note is that they do have terms and conditions, which you have to adhere to, otherwise you only get a very low interest rate.

 
 
 
 


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  # 1037736 6-May-2014 14:31
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mattwnz: 

One thing to note is that they do have terms and conditions, which you have to adhere to, otherwise you only get a very low interest rate.


Yes, of course. Increase account by $50 per month (excl interest). If you do that then 4.3% interest for a savings account is pretty decent :).

-A.

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  # 1037747 6-May-2014 14:48
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It's a massive Dutch agricultural bank. Been around since the 1890's in one form or another.

From Wikipedia

"New Zealand

RaboDirect, originally known as RaboPlus, was launched in Feb 2006 and is the only bank in New Zealand whose parent company was rated Triple A by Standard & Poor's.[9] All money deposited with RaboDirect is re-invested back into the New Zealand food and agriculture sector.[10]

The bank originally advertised to customers as "Your significant other bank". By Aug 2006, six months after its launch, it had gathered over $500 million in deposits.[11] In 2010, this figure stands at over $2.2 billion.[citation needed]

In July 2010 the bank was rebranded as RaboDirect to bring it in line with other countries where Rabo operated such services. This was followed by a new advertising campaign, using the slogan “It pays to focus”,[12] and highlighting RaboDirect’s links with New Zealand agribusiness, its focus on savings and investments as well as Rabobank’s origins, and their focus on online security."





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  # 1037798 6-May-2014 15:58
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Oriphix: Hi All,

I was looking around at a good place to put savings rather then my current bank and came across http://www.rabodirect.co.nz/ 

Has anyone dealt with them or is a member? They seem to have been around for a while.

Would love some feedback.

Thanks


I used them couple of years back but had problems with transferring money at short notice on 2 occasions .

They give you this token device which generates access numbers which you type into their website - but, twice it stopped working and they had to reset it. And, they didn't have a 24/7 helpdesk from memory. 

The second occasion was not nice because I almost defaulted on a payment to the IRD.  From what I could ascertain at the time -- the problem was with rabobank. 

I dropped rabobank after that though, because ASB never gave me such problems. 

But, rabobank were perfectly good apart from that .Their interest rates are the highest for on-call savings up to 100k and credit rating good. 


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  # 1037799 6-May-2014 15:58
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I've been with them a few years and have used their term advantage fund, on call and premium saver accounts with no worries. Last time I checked their rating was as good as any NZ bank. I think they lost their triple A but everyone got a bump down around then.

On the Premium saver you can set up an auto payment so you don't have to remember to deposit the fifty every month. Their savings accounts have consistently the highest rates.

I've been happy with them so far.

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  # 1037941 6-May-2014 20:28
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I have used them for a number of years and had no problems. They offer much better interest rates than BNZ.

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  # 1038005 6-May-2014 23:05
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I have used them for some yrs.  No issues. 

They don't give you a EFTPOS card like a normal bank.  Also the 4.30% savings account allows unlimited withdrawal but overall your account needs to increase $50 every month to get the bonus interest.  So I guess like many other banks then.  The interest rate isn't that much higher.  I just use them as another bank to diversify.  Kiwibank had/have a great 3 month at 4.2% I think, I think the 1yr rates are quite good with ANZ as well - serious saver at 4.25%.  BNZ has a rapid saver at 4.25% also but that needs just a $1 increase per month but you can only make 1 free withdrawal per month and then fees kicks in.


 

Rabo:
To earn maximum interest, you need to increase your balance by $50 before the second to last business day of each month.



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Ultimate Geek


  # 1038022 6-May-2014 23:57

Awesome.

Thanks all :)

Will give it a try.

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  # 1039292 8-May-2014 17:52
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Oriphix: Has anyone dealt with them or is a member? They seem to have been around for a while.

Would love some feedback.


For balance:

From a bank stand point, they are as good as anyone else,  they do seem to have their bad moments, including an e-mail stuff-up.   Due to the way they handle PIE investments, they deduct owing PIE tax from people's Primary Savings Accounts, and there is an obligation to keep enough in there to meet the PIE tax obligation. They appear to have sent 'Primary Account Overdrawn' advice e-mails to customers that don't even have PIE investments, and people that do have PIE investments and have gone overdrawn a similar e-mail but with promo content instead of actual information.

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