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New online account from PSIS

PSIS has entered the highly competitive online call account market with a new product offering many of the same features as the banks.

Wednesday, December 12th 2007, 2:24PM

by Philip Macalister

It has launched a new high-interest Online Account this week, which is offering 8.20%.

This rate is on par with market leader RaboPlus and differentiates itself from some other players by having a flat rate. KiwiBank and Westpac each have tiered rate offerings.

PSIS product manager Grant Pritchard says the online call account is designed to fit PSIS's value proposition of "helping families to prosper", as well as being a tool to attract new clients to the co-operative.

The main features of the account are that there is no minimum balance and interest is calculated daily and paid monthly. There are no account or transaction fees, however service fees may apply.

The PSIS account is also a little different from its competitors as customers don't have to have a linked account with PSIS to use the online account.

While banks have credit ratings, and RaboPlus uses this as a major selling feature, PSIS is unrated.

Account holders have access to their money via Internet, telephone and TXT banking.

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