Kiwibank turns to GMI to replace KiwiSaver scheme
(10 August 2012 – New Zealand) Kiwibank has confirmed it is intending to make changes to its KiwiSaver scheme, replacing its existing scheme with one managed by Gareth Morgan Investments (GMI), combining the strengths of the two organisations.
GMI was acquired by Kiwi Group Holdings Limited (the company that also owns Kiwibank) earlier this year.
Kiwibank general manager of Wealth and Insurance, Stuart Bremner said the intention is for members of the existing Kiwibank scheme to transfer, but that the processes for this are still being worked through. Members will be kept fully informed throughout.
"Drawing on the GMI expertise will provide Kiwibank customers with benefits such as improved transparency, customer service, in-house investment and detailed reporting while retaining access via Kiwibank Internet Banking and a simple, competitive fee structure."
In other news, Kiwibank is offering market-leading deposit rates of 4.06 percent for nine months and 4.40 percent for 120 days through its "book-a-rate" scheme.
The scheme has operated for about two years and enables investors to secure high returns that are on offer for a limited time.
The scheme has proved popular with "rate shoppers" who compare the various rates available from the leading banks and strike quickly when a special is made available.
Kiwibank general manager of Wealth and Insurance, Stuart Bremner said the intention is for members of the existing Kiwibank scheme to transfer, but that the processes for this are still being worked through. Members will be kept fully informed throughout.
"Drawing on the GMI expertise will provide Kiwibank customers with benefits such as improved transparency, customer service, in-house investment and detailed reporting while retaining access via Kiwibank Internet Banking and a simple, competitive fee structure."
In other news, Kiwibank is offering market-leading deposit rates of 4.06 percent for nine months and 4.40 percent for 120 days through its "book-a-rate" scheme.
The scheme has operated for about two years and enables investors to secure high returns that are on offer for a limited time.
The scheme has proved popular with "rate shoppers" who compare the various rates available from the leading banks and strike quickly when a special is made available.
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