Bank Direct

By: EconomyWatch Content   Date: 2 November 2009

About The Author

EconomyWatch Content

Follow The Money

EconomyWatch, Content Team

 

  • Dot Div
  •      

When it started its operations in October 1997, Bank Direct was the only bank in New Zealand to operate through the Internet and phone without any physical branches. Due to its lesser overheads, Bank Direct has been able to offer higher interest rates on saving accounts and lower interest rates on home loans. Being a part of ASB Bank limited, the bank has a guarantee under the New Zealand deposit guarantee scheme.

Bank Direct: Products and Services

The highlight of Bank Direct is its round-the-clock services. One can apply for loans or account openings with equal ease even on weekends. Bank Direct also lets its account holders choose their term and calculate the interest amount over that period.

Bank Direct offers an innovative range of products. Here are some:

·        Term deposits: This financial product lets users invest an amount between $10,000 and $99,999. Interests for amounts bigger than $100,000 are subject to negotiations. A user can select the term from 7 days to 5 years. The bank offers interest from 3% to 6.50% depending on the term.

·        Credit cards: With three options of credit cards, Low interest, Visa Classic and Visa Gold, Bank Direct caters to people with all kinds of paying capability. One can apply for these cards online.

o       Low interest credit card is ideal for people who pay smaller amounts and let interest get levied on their carried balance. This card charges an APR of 11.95%.

o       Visa Classic is ideal for people who travel and spend a lot. This innovative credit card is a combination of cash as well as credit card. Consumers can top it up and earn interest on it. They can increase their credit limit by making deposits and collecting interest. The card charges an APR of 19.95%

o        Visa Gold is the card for people with larger financial needs and is similar to Visa Classic in terms of being a cash and credit card.

·        Foreign exchange and travel: Besides facilitating foreign exchange, Bank Direct also offers traveler’s checks, travel insurance, fund transfers and overseas accounts. The travel checks are available in six currencies.

Bank Direct, with its innovative financial products, strives to make banking transparent and give the power of choice to consumers.


  • Dot Div
  •      

Most Popular in UK Banks

Related Links
blog comments powered by Disqus