Raboplus has launched a website for term deposits called 'bankarate.co.nz' that offers higher interest rates for certain terms and amounts for a limited period, which mimics the style used by Air New Zealand's 'grabaseat' website, which offers certain seats for a limited time at low prices. Grabaseat has become something of an internet phenomenon in New Zealand, generating viral traffic and 'grabaseat junkies', who sit on the site all day hoping to snap up bargain flights as they are put on. Air New Zealand sells more than NZ$1 billion a year worth of tickets online. For example, Raboplus offered a one month deposit at 5.85% for a minimum NZ$50,000 deposit on Thursday, while its regular rate for a one month deposit with a NZ$1,000 minimum was 5.30%. * This article was first published yesterday in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.
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