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RaboBank attracting more deposits

29/08/2011

RaboBank entered the market 17 years ago with a focus on the agricultural business banking sector and has carved a small slice out of the nation's deposit pie.

It had a total deposit book of more than $6 billion and a household book of $2.2 billion at the end of June, up from $1.3 billion about a year earlier.

Chief executive Greg McAweeney believes that transparency, along with competitive rates, is the key weapon for RaboDirect as it pitches for a greater share of Australia's household savings.

The major banks are vulnerable, he says, because of their lack of transparency and their tendency - like big banks in every market - to "complicate products".

Source: Herald Sun



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Today's Savings Rates

Institution Product Max. Rate (%) Details
Citibank Online Saver (5.70% Variable intro rate for 4 months on balances up to $500k) 5.70 Details
RaboDirect Savings Account (up to 5.60% 4 month special variable rate up to $250k) 5.60 Details
Savings Maximiser (5.60% p.a. variable intro rate for 4 months on balances up to $250,000) 5.60 Details
HSBC Serious Saver (5.55% variable intro rate for 4 months on balances up to $1m) 5.55 Details
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