About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Saturday, July 4th, 2:21PM
rss
Latest Headlines

Whose bank?

My Bank is ASB Bank's, not New Zealand Post's.

Thursday, February 22nd 2001, 12:03AM

by Philip Macalister

My Bank is ASB Bank's, not New Zealand Post's.

New Zealand Post's leaked business plan calls the People's Bank My Bank, and it says it intends to offer Internet banking along with other personal banking services.

But a search of the domain name registry in New Zealand shows that ASB Bank secured the www.mybank.co.nz domain name back in November 1999 - so on the web it's Their Bank, not NZ Post's.

NZ Post says the People's Bank will offer a range of personal banking services including savings accounts, eftpos card, cheque books, credit cards and mortgages. Also, it will be providing telephone and Internet banking and access to automatic teller machines.

It hasn't said anything about offering investment products through its network. However, Tower Corporation chief executive James Boonzaier confirmed at the company's annual meeting on Tuesday that its alliance with NZ Post, which allows it to offer managed funds through the Post Shop network, is still alive.

Tower announced the deal last year and is proposing to sell a single balanced fund over the counter at NZ Post.

The product would be an actively managed balanced fund done in conjunction with five fund managers. The asset allocation split would be 55:45 growth versus income.

Tower sought partnerships with five fund managers for the project last year at a price of $150,000 each, but it's unknown how many firms have signed up to the deal.

Tower pitched the proposal to managers on the basis that NZ Post had 322 Post Shops nationwide and 750,000 customers per week in its retail network, who conducted a total of 50,000 financial transactions a day.

NZ Post is talking of signing up two customers per week in each branch over three years to hit its target of getting 100,000 bank customers in three years.

Tower's (conservative) projection is that if 75% of Post Shops make one sale each a week it could have between $65 million and $100 million in funds under management in the first year.

That would make the fund bigger than the 23rd ranked fund manager in New Zealand.

What do you think of the People's Bank idea? Is it a goer or is it a dog? Have Your Say in in the Online Forums section

You can read Philip's blog here: http://www.goodreturns.co.nz/blog/

« Perpetual Investments wins top awardGet your tax questions answered online »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Is the FMA looking in right places?
    “The real joke is how when large players in the market manage to get the regulator to look away, or to undertake a 'enforceable...”
    1 day ago by Chatterbox
  • Dealer groups should be QFEs
    “The term ‘dealer group’ appears to be loosely used in this discussion. Whilst it’s true that Australian Dealer Groups...”
    1 day ago by Pragmatic
  • Dealer groups should be QFEs
    “Well said Ron! Jeff - I suggest that you overlook the fact that as a QFE, you would have legal liability for the actions...”
    1 day ago by Graeme Lindsay
  • Dealer groups should be QFEs
    “Jeff, et al, what a wonderful conversation. I can't help but think that April 1 was a little while back, and this is indeed...”
    1 day ago by Hawaii Five-0
  • Dealer groups should be QFEs
    “Hi Jeff, which meaning were you trying to describe you adviser force: difficult to control or predict because of wilful or...”
    2 days ago by Bernal
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 6.49 5.10 5.59 5.59
ANZ Special - - 4.99 -
ASB Bank 6.50 5.49 5.49 5.75
ASB Bank Special - ▼4.89 5.10 5.39
BankDirect 6.50 5.49 5.49 5.75
BankDirect Special - ▼4.89 5.10 5.39
BNZ - Mortgage One 6.90 - - -
BNZ - Rapid Repay 6.49 - - -
BNZ - Special - - 4.99 -
BNZ - Std, FlyBuys 6.49 5.19 5.39 5.29
BNZ - TotalMoney 6.34 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.75 5.75 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 6.45 - - -
HBS Bank 6.39 5.39 5.39 5.39
HBS Special - 4.99 4.99 4.99
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.45 5.40 5.40 -
Housing NZ Corp 6.74 5.70 5.99 6.29
Lender Flt 1yr 2yr 3yr
HSBC Premier 6.60 4.95 4.95 5.40
HSBC Premier LVR > 80% - - - -
HSBC Special - 5.29 5.29 5.29
ICBC 6.75 5.99 6.39 -
Kiwibank 6.40 5.39 5.49 5.69
Kiwibank - Capped - - - -
Kiwibank - Offset 6.40 - - -
Kiwibank Special - 5.09 4.99 5.39
Liberty - - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society ▼6.70 ▼5.65 ▼5.95 -
Lender Flt 1yr 2yr 3yr
NZ Home Loans 6.85 5.49 5.49 6.29
Perpetual Trust 7.70 - - -
Resimac 5.84 5.60 5.65 5.79
SBS Bank 6.39 5.39 5.39 5.39
SBS Bank Special - 4.99 4.99 4.99
Sovereign 6.60 5.49 5.10 5.75
Sovereign Special - ▼4.89 5.10 5.39
The Co-operative Bank 6.45 5.15 4.99 5.35
TSB Bank 6.49 ▼5.45 ▼5.49 5.75
TSB Special - - ▼4.99 5.40
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac 6.40 5.49 5.49 5.59
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.40 - - -
Westpac Special - - 4.99 -
Median 6.49 5.45 5.40 5.40

Last updated: 3 July 2015 8:24am

News Quiz

The Rural Bachelor of the Year competition at Fieldays this year was sponsored by whom?

Fonterra

Fidelity Life

OnePath

Sovereign

Partners Life

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com