Rapid saver bonus interest rate not paid


#1

I paid cash into the rapid saver on the 31 August but didNOT get the bonus interest rate paid out. It’s a reasonable amount of money in there and I would expect over $100 in interest. Got told I missed out on the bonus as I didn’t pay it in before the end of the month. Turns out the BNZ end of month is a bank month not a calendar month… What absolute shyte as they process their end of month at 11.58pm on the 31st… someone help to please explain this anomaly


#2

Zac, I had a look online under Rapid Save on our WWW page

https://www.bnz.co.nz/personal-banking/everyday-banking/rapid-save

On that page where the details are further down the page it advises the following:

1.A month refers to the period from the last business day of the previous calendar month to the second to last business day of the current calendar month. For the month that an account is opened, the opening balance is nil. In order to qualify for bonus interest, a deposit must be made to the account (not including any interest paid) at any time before the end of that month, and must be greater than any withdrawal made. Bonus criteria regarding one withdrawal a month still applies.

I know this is not the answer you are hoping for.


#3

And I saw that as well when reading the fine print… But when I was in the branch they said even “ON THE LAST DAY OF THE MONTH” without qualifying the BNZ has a different interpretation on WHAT an end of month period means.
Easier to withdrawal and go somewhere else which I will be doing on Friday. I know it doesn’t really worry the bank because I’m a smaller personal customer and it is only $150,000 but I have a big property portfolio the bank was just vaiying for that refinancing business and yep you can guess they are not getting that niw because of the way they have handles this.


#4

Zac, I apologise for the misinformation that has been supplied to yourself and the last thing we would want you to do is take your business away.

Can I suggest that you hold fire just now and I will have someone contact yourself here, they probably will do this via a Direct Message.

Sorry for the inconvenience this has caused yourself let alone the lost interest based on information supplied.


#5

Hi @Zac, I’ve just sent you a private message. Please respond when you can and we’ll contact you asap.