SBS joins the PIE fight

The investment fund is administered by SBS Bank's managed funds subsidiary, Funds Administration New Zealand Limited (FANZ).

FANZ executive director Graham Duston said being able to offer a PIE term deposit was the "perfect complement" to the existing cash PIE call account and both accounts invested in securities issued by SBS Bank.

"The great news about our SBS Lifestages Deposit Portfolio is that the funds are just as easy to set up as term and call deposits. The portfolio also boasts no management fees."

SBS's first PIE is offering 5% at maturity on terms to October 31, 2010.