RaboDirect targets advisers with savings product
RaboDirect has launched a new online savings product — Notice Saver.
The financial services and banking group described the product as an online savings product which helps people meet their savings goals by keeping cash at arms' length.
It said the product had been developed in response to an analysis that keeping some cash at arm's length would ease the pain the for business owners when big bills needed paying.
It suggested the product would also help customers who wanted the security of a term deposit but with greater flexibility.
Commenting on the product, RaboDirect Australia and New Zealand group executive Greg McAweeney claimed Notice Saver was not quite a high interest savings account, nor a term deposit.
"It gives the high interest, fee-free benefits customers expect with a differentiating feature designed to improve budgeting, and that is the requirement to serve a notice period before withdrawing funds - 31, 60 or 90 days," he said.
McAweeney said that unlike a term deposit, this was not an investment period but rather the amount of notice that had to be given before funds could be withdrawn. Also, unlike a term deposit, it has a variable interest rate, tiered depending on the balance.
"Notice Saver offers advisers a new option for their customers to diversify their portfolio further," he said.
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