Kiwibank ups the ante in term deposit war; raises 4 mth, 1 yr rates to 4.6%

Kiwibank raised both its 120 day and one year term deposit rates by 10 basis points to 4.60% on Monday morning. The new rates are for deposits over NZ$5,000. The new one year rate is slightly higher than most offers from other banks, although it is beaten by SBS Bank's special rate of 4.75%. TSB is also offering 4.60% for one year deposits over NZ$10,000; and HSBC is offering the same for deposits over NZ$100,000. The new four month rate is the highest currently offered by a bank. All the current term deposit rates are listed on our two pages here: - for term deposits less than one year - for term deposits of one to five years