Saving rates

[chrisgoh]

Anyone know which bank provides the best saving rates?

Westpac online saving account offers only about 2% before tax.

[cube]

http://www.canstar.co.nz/savings-accounts/compare-online-saver/

[chrisgoh]

Thanks cube

[chrisgoh]

Anyone has experience with Heartland Bank and NZCU in terms of saving? Kind to share?

Looking at facility such as online TT to/fro overseas as well.

[Perry]

The No Minimum Opening Balance can be a little mis-leading.

I use NZCU Baywide. The on-line saver offers NO interest unless
the balance is > $1k. Kiwibank on-line saver balance must be
>$2 k. The NZCU Internet access is a bit clunky, but you do get
used to it. I don't think you can get an on-line saver with NZCU
without having a 'standard' fee-bearing account, too. However,
that fee is rebated pro rata, based on the amount of any loan or
savings with the Credit Union.

No knowledge of transfers back and forth from overseas - sorry.

[chrisgoh]

Thanks Perry.

[Anthonyacat]

I've been a fan of Rabodirect (www.rabodirect.co.nz) ever since it came to NZ back in 07/08. They consistently offer rates slightly better than all their competitors I've found. The only time this wasn't true was right before the GFC when their 2+ year TD rates suddenly dropped significantly. I had no idea what was going on until a few months later everyone else's crashed too.

[Damo]

I'm also a fan of RaboDirect 3.25-4.30% is possibly the best on the market

[Perry]

Can't comment on RaboD, but
a NZCU account supports NZ
rather than any o'seas entity.

[Anthonyacat]

That's a good point Perry.

Rabo is a European bank, Nertherlands I think. Their NZ operations lend primarily to our agricultural and farming sectors. As far as I know they generally avoid the residential lending landscape, which is why you won't often see them mentioned on PT.

[Perry]

You have a point, too. I'm aware that Rabo
is a prominent financial backer of NZ agri-
culture. What I should've said was the NZ
Credit Union 'profits' stay in New Zealand.