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SBS cuts special term deposit rates; some banks remain higher

Posted in News July 20, 2009 - 10:16am, Alex Tarrant

SBS Bank lowered its two and three year special term deposit rates on Monday morning by 15 basis points (bps) to 5.1%. The minimum deposit for the rates is NZ$5,000 and interest is paid quarterly.

With the reduction, there are now a number of other banks in New Zealand offering two and three year term deposits at higher rates than SBS:

HSBC is currently offering 5.2% for two and three years, for deposits over NZ$10,000. It is also offering 5.3% for deposits over NZ$100,000.

State-owned Kiwibank is offering 5.25% (SBS's previous rate) for two and three year deposits over NZ$5,000.

Kookmin Bank is offering 5.25% for a two year deposit over NZ$50,000 and 5.5% for deposits over NZ$100,000.

Raboplus is offering 5.35% for a three year deposit over NZ$1,000.

TSB is offering 5.25% for two and three year term deposits over NZ$10,000.

To compare all the rates, and to see offers from non-bank financial institutions, see here for term deposits under one year, and here for term deposits one year and above.

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

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