Continuing on its success this year, online savings bank RaboDirect was named Savings Institute of the Year in Smart Investor’s Blue Ribbon awards, adding to its growing list of industry accolades.
RaboDirect also took the top spot in the Term Deposit (long term) category.
These latest awards, which are part of the Financial Review Smart Investor Blue Ribbon Awards for 2012, were announced in the magazine today. The Blue Ribbon Awards are given to Australia’s highest quality, lowest cost products, as chosen by Smart Investor and research houses Morningstar, Infochoice, Lonsec and Rice Warner Actuaries.
Spokesperson for RaboDirect, Renee Amor said, “RaboDirect’s goal has always been to help consumers make the most of their savings so it is particularly gratifying to be awarded the Savings Institute of the Year. And it’s just as rewarding being recognized for the strength of our long term deposits offering because we pride ourselves on building long term relationships with our customers.
“We have been enjoying a successful year in terms of growth and having award winning products no doubt helps with this. In June this year APRA reported that RaboDirect had the biggest deposit balance inflows, growing by 60 per cent over 12 months and by three per cent just in the month of April.”
The Blue Ribbon honours come off the back of the third instalment of RaboDirect’s highly successful “Steal back your dreams” campaign which urges people to move their money from low interest bearing transaction accounts to high interest savings accounts. The campaign has been shortlisted for a Golden Effie award this year after taking home the gong in 2011.