RaboDirect has introduced a new online savings product, which gives SMBs the flexibility to reach savings goals.
Notice Saver distinguishes itself from other high interest savings accounts by requiring customers to serve a notice period before withdrawing. Customers will get the benefit of higher interest rates but unlike a term deposit account, it is much more flexible because you can add money in at any time. The interest rates are also tiered depending on your balance.
RaboDirect has likened the product to a timer switch, whereby Notice Savers are unable to withdraw their money before the notice period of 31, 60 or 90 days (optional) are up. This essentially kills the temptation of impulse shopping that comes with having instant access to your money.
Recently, RaboDirect conducted a national poll and found that 81 percent of Australians have made an impulse buy in the last six months. 74 percent of 18-24 year olds and 62 percent of 24-39 year olds tend to spend more if cash is readily available. However, what is more shocking is that 46 percent of working Australians have only one months’ worth of savings or less in the bank.
Group Executive of RaboDirect Australia & New Zealand, Greg McAweeney said Notice Saver is best suited for SMBs who have some cash and want to save for upcoming GST payments.
“They can place their excess funds in a notice saver account and get the best interest rate they can. A lot leave it in a cash account which gets hardly any interest,” he said.
RaboDirect is part of the international Rabobank Group which is the world’s leading specialist in food and agriculture banking. Rabobank operates in 47 countries and has a client base of more than nine million clients worldwide through a network of more than 1600 offices and branches.
There are currently around 60 branches throughout the rural regions of Australia. According to Global Finance, Rabobank is among the top ten safest banks in the world for over ten years.
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