What is it called and what sort of savings product is it?
Westpac's 30-Day Rolling Term Deposit is a new form of term deposit being offered by the bank.
What is the company behind it?
Come on, you all know what Westpac is - it's that
rather large Australian-owned bank.
Who is the target market?
Westpac says it suits traditional term deposit investors, who tend to be people looking for high interest options with regular income payments, rather than quarterly or longer. It also says it is a place for people exiting finance companies looking for a "security-plus rate" and somewhere to park their money.
What return does it offer?
As reported on the website www.depositrates.co.nz recently, Westpac increased the rate from 8.00 per cent to 8.15 per cent.
When was it launched?
November 30.
What other products is it like or is it competing with?
This deposit competes with all the other short term bank savings options, including term deposits and call accounts.
Is it long term, short term or medium term?
It's short-term at 30 days duration (not 31), and many people simply roll over their investments.
What is the product's unique selling point?
Its rate and simplicity.
How strong a stomach do you need for it?
Very mild.
What's the hitch?
This is one of those simple low-risk options without too much to worry about.
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