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.
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