Wednesday, March 21, 2007

ZenTiger BNZ go family friendly

Bank of New Zealand are offering what I think may be a world first: the ability for individuals and families to link their accounts together, and then the interest payments be calculated based on the combined pool. Even better, the pooled money can be used as a mortgage offset along the lines of typical mortgage offset accounts to reduce mortgage interest. This is a no-risk way for families to help each other out, where say grandparents maintain high cash deposits and their young children are busy trying to start a family and struggling with a mortgage.

Well done BNZ. A very interesting concept.

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