Intersst on Rapid Savings - Theft by Banks


#1

I feel that if a saver does not increase the balance of their Rapid Saver Account, the BNZ only pays .1% interest. That is in my opinion “theft” as the BNZ should at least pay the usual rate of interest applicable to am ordinary savings account. I have clients with large savings and if they need money for say provisional tax - they only get .1% interest for that month.


#2

I don’t mind this. It is a really good incentive for me to keep increasing my balance each month. You can hardly call this theft when the account is purposely set up to work this way. Maybe you have the wrong kind of account? Be worth looking into an Online Call account maybe?


#3

Set up a $1 auto payment into this account and you’ll receive the bonus interest. I agree with the person above that if this is not suitable maybe you should look into other accounts or maybe even a term deposit


#4

You are missing the point. It is wrong for the BNZ to only pay .1% interest on an interest bearing account, whatever the circumstances. If the conditions for the Rapid Save are not met, then the interest rate should be the normal savings account rate of interest. NOT .1%


#5

It’s encouraging you to save, if you weren’t increasing the balance then your not trying to save.
The point your missing is that they are wanting you to grow your money and to do that you need to deposit funds (again $1 will do it)