SBS Bank has announced some small reductions to their shorter special term deposit rates. The rates will be effective from next week. The new rates will remain the highest rates offered by a bank in New Zealand for their respective terms.

SBS Bank's 3 month 'investment special' will be cut by 5 basis points to 4.6%. This will be available from Tuesday. It is also introducing a new 3-6 month special offer of 4.6% with interest paid at maturity, effective on Monday. Also effective Monday, SBS will cut its 12 month special rate (with interest at maturity) by 5 bps to 4.7%.

Its 24-36 month special rates will remain at 5.1%, with interest paid quarterly.

Minimum investments are NZ$5,000 and maximum investments are NZ$250,000.

Kiwibank is also offering 4.6% for a four month term deposit, while TSB is offering 4.6% for a 100 day deposit.

Click to see and compare interest rates for deposit terms under one year, and for terms one year and over.