About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Thursday, February 20th, 7:09AM
Latest Headlines

Marac unveils non-guaranteed deposit rates

Marac Finance has unveiled its non-guaranteed deposits, which offer a strong premium for existing customers to switch over.

Sunday, January 24th 2010, 9:14PM

by Paul McBeth

The company will offer its existing investors a rate of 6% for six-month deposits, and 7% for 12-month terms. That is a premium of 75 basis points in the half-year range, and 125 basis in the 12-month space.

The government’s retail deposit guarantee has generally cost investors 100 basis points in interest as deposit-takers passed on the scheme’s fees.

The government amended its current scheme to allow deposit-takers to offer both covered and uncovered debt securities, something Marac lobbied hard for.

PGG Wrightson Finance, the finance arm of listed rural services company PGG Wrightson, is also offering uncovered deposits.

“Marac understands that for many investors and advisers the crown guarantee will still be important, however we want to provide investors with choice and reward those investors who are willing to invest in Marac based on our strength with a greater return,” said retail investment manager Andrew Ford in a letter to investors.

Ford also said Marac had met the criteria for the government’s extension to the guarantee scheme and will apply later this quarter.

“We wanted to be able to offer non-Guaranteed Deposits prior to going in the extended scheme,” he said.

Paul is a staff writer for Good Returns based in Wellington.

« PGG Wrightson optimistic about fortunes in 2010SFO finance company investigations – too late? »

Special Offers

Commenting is closed



Printable version  


Email to a friend
Today's Best Bank Rates
Rabobank 1.75  
Based on a $50,000 deposit
More Rates »
News Bites
Latest Comments
Subscribe Now

Deposit Rates newsletter

Previous News


Most Commented On
News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%


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