tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, March 29th, 10:40AM

Investments

rss
Latest Headlines

ASB PIEs all its TD rates

ASB Bank is the latest to add cash PIES to its product offering and it has taken a different approach to other institutions.

Friday, January 23rd 2009, 9:13PM

The bank has put all its term deposits into PIE options and also kept as many of the product features as possible such as internet banking.

This varies from other provides. Most have just a cash offer, and a couple including, UDC, ANZ and Kiwibank have several term offers.

ASB Bank’s head of marketing Jonathan Symons says the only terms which are not in a PIE format are the very short duration ones.

He says in order to keep things simple the PIE funds have the same rates as the term deposits, the difference is for 33% and 39% taxpayers who get an additional tax benefit under the PIE rules.

Symonds says some of the cash PIEs in the market are more like managed funds, and have fees attached to them. ASB’s approach was to make “simple bank products.” While they are simple in concept, there “were hard to enact.”

Another difference between ASB’s PIEs and others is that deposits aren’t subject to specific start dates.

« Who has got a guarantee? Meridian offers fixed-rate notes »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Today's Best Bank Rates
Rabobank 5.25  
Based on a $50,000 deposit
More Rates »
News Bites
Latest Comments
Subscribe Now

Deposit Rates newsletter

Previous News

MORE NEWS»

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