BEVS

I've been dribbling bits of money in dribs and drabs into a savings a/c for years now ( 7 yrs actually ) and now there is enough to look at a term deposit for a wee bit more interest. Looking at the term deposit rates and bank credit ratings , it seems that Rabobank has the best credit rating at AAA

ASB and others get AA but Kiwibank gets less an AA- .

Am I reading this right?

Where would you bung your hard saved bits of cash if not under the bed or in a hole in the garden.

cappuccino

I am very happy with Rabobank and they are really competitive with their savings rates. They are the only AAA bank. I belive they are Dutch and invest the money in NZ farming.

Genesis

I think just now Rabo is the only triple AAA. Did you see their profits are right down? We have a Rabo account..good interest eh? We have most of our NZ money tied up in Bonus Bonds (the UK eqivalent of Premium Bonds), what a waste of time thus far!! 7 months in and our winnings are soooooooooooooooooooooooooooo far off what we would have gotten at 5% in the bank. Another 'buy high sell low' Genesis special. Top financier me, eh?

Woodpigeon

Being a bit dense here (feeling a bit wooly headed - think I might be coming down with son's cold) - so are you saying that Rabo is a good option?

luvwelly

The ratings can be lost overnight. You have to ask yourself, who would the NZ Government feel obliged to bail out - that isn't going to be Rabobank.

Because the investor protection guarantees have now been lifted (but still apply in UK), I have started moving money back to UK (well the exchange rate is great at the moment for that but UK interest rates are still very low)...we will return eventually but this is more a 'don't keep all your eggs in the NZ basket exercise'.
My term deposits are with my usual NZ Bank. Just steer clear of the finance companies.

Genesis

I don't think they will go bust, no. Their profits are down but they are still strong. Quantas don't make any money but I doubt they will go bust. You only have to look at Rabo's pedigree. Of course they could be lying like lots of the finance cos did thus exposing their investors to waaaaaaaaaaay more risk that the poxy 9%s they offered. But again I doubt that. Having said ALL that the only really safe bet is commodities, gold, silver and the like. But then again they are subject to corrections. We live in an unruly fiscal world. You only have to look at the GBP heading towrds 1.90 and a probable 1.80 if you believe ANZ's chief economist today. By God the UK is so knackered I wonder if and when it will ever dig itself out of a hole. I don't think I would return to the UK unless I had suficient funds to see me though the rest of my life without having to rely on that rarest of things in the UK, a good dependable job.

luvwelly

I think I am right in saying that the Dutch Government had to bail their Banks out just like the UK did in the recent crash.
Nothing is safe (not even Equitable Life around since 1760 or sth) but for me a Government Depositor Guarantee seems like the best bet alongside not putting all your eggs in one basket.

burbschook

Hi

I've put my accessables into PSIS as it's a co-operative. They are about to vote on becoming a bank though.

Tied up some larger funds under an AXA scheme so can't touch for a couple of years. The problem with that is a percentage pays the middleman.