RaboBank attracting more deposits

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