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RaboDirect 5 year term deposit rate highest in market at 7.15% p.a.

17 Mar 2011
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1 year RaboDirect TD rate already market-leading

RaboDirect, the online savings and investments bank, has again turned up the heat on the term deposit market, this week announcing a market-leading rate of 7.15% p.a. on its five year term. The bank already offers the best rate for a one year term deposit with 6.60% p.a. and is delighted to again be providing all customers the opportunity to gain the best returns – with both the one and five year rates also available to DIY Super and business customers.

The RaboDirect one and five year term deposit interest rates are available from this week, for balances up to $1 million. The leading rates are offered on a per annum basis; however RaboDirect also offers the option for term deposit interest to be paid monthly, quarterly, or half yearly or yearly. This allows customers to select the payment timing that best suits their financial needs.

Greg McAweeney, General Manager of RaboDirect said: “Term deposits continue to offer above average returns as investors remain cautious about volatile equity markets. Customers want to save with a bank that offers consistently competitive term deposits that are not here today and gone tomorrow which is often a feature of the market. RaboDirect has been delivering on this promise. Customers also have the peace of mind of saving with the online banking division of Rabobank, the world’s safest privately-owned bank.”*

“The beauty of term deposits is that they provide a guaranteed return as well as great rates, as our one and five year market-leading offers highlight. And because you can opt to take your interest monthly, quarterly or half yearly, locking your funds away on a secure five year term still allows you access to the interest. This is especially beneficial for retirees who are in the capital preservation stage.”

A RaboDirect term deposit can be opened online in minutes with a minimum balance of as little as $1,000.

Log on to www.rabodirect.com.au for more information about its term deposit products and relevant investment strategies, as well as its high interest savings accounts.

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