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BNZ says TotalMoney and Term Saver can be online savings accounts

It seems Bank of New Zealand's recently launched TotalMoney accounts aim to be all things to all people.

Wednesday, May 16th 2007, 11:30AM

by Jenny Ruth

Depositrates.co.nz wondered why BNZ, alone of all the major banks, wasn't promoting an online savings account.

According to BNZ spokeswoman Diane Maxwell, TotalMoney and her bank's Term Saver products both fill the bill.

The Term Saver product is a 30-day rolling term deposit currently paying 7.25% per annum as long as customers don't make any withdrawals during the 30-day term. If they do, the rate reduces to 6% on the funds withdrawn, Maxwell says.

TotalMoney, which has a number of other features such as pooling 10 accounts within an extended family for a flat $10 monthly fee and pays interest on the total and a mortgage offsetting feature that reduces the amount of capital outstanding and as a result interest charges, can also be used for online savings.

"While it offers an online product, customers can use other channels, including branches. We find that customers appreciate having a couple of options in how they access their money," Maxwell says.

Currently, TotalMoney is offering to pay 5% per annum on amounts below $50,000 up to 7% for amounts above $100,000.

The highest paying online savings account currently is Rabobank's RaboPlus at 7.6% per annum while Kiwibank's offers 7.4% plus another 0.15% if no withdrawals are made during the month.

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