Investing report: Term deposit rates at record highs vs OCR.

Bernard Hickey delivers an investing report in association with ASB, including a look at this chart showing how the average 6 month bank term deposit rate has risen to a record high compared with the Official Cash Rate in recent months. Banks are being forced by high foreign funding costs and a Reserve Bank push for banks to raise more funding from local depositers. That means the banks are lifting their term deposit rates, which are now around 4.6% for 6 month deposits  -- over 2% higher than the OCR. Here's the full chart.