New investment website aims to shake up deposit market

Media release

13 September 2011

New investment website aims to shake up deposit market

Investit.co.nz, a new investment auction website which helps Kiwi investors from mums and dads to financial advisors to local authorities shop around the deposit market to get a better deal, was officially launched today.

Investit Chief Operating Officer Ben Milsom says the company aims to transform the deposit market by making it quicker and simpler to find, compare and invest in different products.

"It's extremely hard to find the best rate available without having plenty of time on your hands. We've turned the market on its head by helping investors quickly find the best deposit rate - whether it's a call account, a term deposit, a PIE or a corporate bond - and invest in their chosen product online."

Mr Milsom says financial advisors, corporations, trustees and local authorities would also benefit from Investit by helping them find the best rate for their customers' money and investing funds online, saving valuable time and helping them observe their obligations to act in their customers' or stakeholders' best interests.

"Our ultimate goal is to bring more competition to the deposit market. Advocates such as Consumer and Interest.co.nz support what we are doing and already a number of leading banks and other institutions have signed up for Investit, including ASB, RaboBank, TSB and PSIS."

Investit isn't just a simple interest rate listing site, says Mr Milsom. Once the investor has entered their investment amount and term, participating banks and other institutions bid their interest rates in an auction. When the investor has reviewed the bids and chosen a product, in most cases they can invest online, directly from the Investit website.

Mr Milsom says the launch of Investit is set against a trend of growing consumer empowerment, largely driven by technology which makes normally cumbersome and time-consuming processes much faster.

"Consumers are getting the upper hand more and more thanks to daily deal sites like GrabOne and TreatMe, the best-priced flights from mixandmatch.co.nz and campaigns like Powerswitch. Now investors can benefit from this trend too."

Investit is backed by well-known businesspeople including Alan A'Court, Peter McDermott, John Gilks and Sir Eion Edgar, and technology entrepreneurs Glenn Riddell and Mr Milsom. The group was also behind mortgage website fundit.co.nz, which allows borrowers to put their mortgage up for auction to the country's leading lenders in order to get the best deal.

For more information please visit www.investit.co.nz

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