Deposit rates news briefs

Bridgecorp closely monitoring Fiji loan, Online account for businesses, new Westpac online account and Bondwatch changes.

Wednesday, 6 December 2006

It has a loan of $47.1 million to a company to fund a staged resort development in Momi Bay Fiji.

This loan is secured over stage one of the residential section development. It says that this exposure is covered more than two times over by the existing pre sale contracts.

“Bridgecorp will continue to assess the political situation in Fiji on a daily basis and will be taking whatever actions are necessary and available to the group to protect its position and that of its investors," the company says.

RaboPlus has launched an online savings accounts for businesses. It says the accounts are designed for businesses wanting to earn high interest on their money, including any money they have set aside for business payments such as GST or withholding tax.

"No other major trading bank offers such a high interest rate for business customers while still giving them access to their money 24 hours a day, and with no strings attached," RaboPlus general manager Mike Heath says.

As well as having no fees, RaboPlus’ Business account operates as an unlimited transactions savings account. There is a daily $5 million transfer limit – significantly higher than the $20,000 limit imposed by some other banks.

Heath said the decision to offer business accounts followed strong customer demand for its high-interest, no fee account and signalled RaboPlus’s commitment to expand its operations in New Zealand.
Meanwhile Westpac has launched its online Bonus Saver which offers the opportunity to earn up to 7.50% on call.

It has also reviewed and made changes to Online Saver interest rates and tiers.

For balances under $100,000 - the rate will reduce to 6.75%, for balances $100,000 to $500,000 the rate will reduce to 6.90%. Bondwatch changes
Grosvenor has made several changes to its ratings including some new ones and some changes to existing ones.

Allied Prime debentures have risen to a G5 rating, Capital+Merchant Investment Debentures are rated G7 (as opposed to its Capital Secured Debentures which are G5).

In the listed area Sky City Capital Notes have been upgraded from G5 to G4, and Telecom Telebonds downgraded from G2 to G3.

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