ASB, Rabo change term deposit rates

ASB cuts 3 month and 6 month term deposit rates after RBNZ's dovish monetary policy outlook

13th Dec 10, 4:57pm by Bernard Hickey

ASB has cut its 3 month term deposit rate by 10 basis points to 4.90% and has cut its regular 6 month deposit rate by 20 basis points to 5.00%.

This followed the Reserve Bank's dovish monetary policy statement last week which triggered a move lower in wholesale interest rates.

ASB has also introduced a new special 6 month term deposit rate at 5.30%.

This is slightly above the other major banks, but below Rabobank's BankaRate deposit rate on 5.5%.

Meanwhile, RaboDirect said it was dropping its three month term deposit rate to 4.85% from 5%, but lifting its six month rate to 5.15% from 5.05% and its nine month rate to 5.20% from 5.15%.

See all bank deposit rates up to 9 months here.

Bank bill rates

Select chart tabs

Source: RBNZ

(Update adds RaboDirect changes).

We welcome your comments below. If you are not already registered, please register to comment

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.

2 Comments

by Wolly | 13th Dec 10, 5:35pm 1292214951

I find the best bait is stinky old fish...you can count on getting some bites...of course fish are dumb and have no idea they are destined for the frying pan...some people are almost as stupid as fish..they think cheap credit will always be cheap and end up in a different sort of pan.... now pull the chain...byeeeee.

by Father Ted | 13th Dec 10, 8:57pm 1292227060

So, ASB have put their 'standard' 6 month TD rate down but introduced a special of 5.30%. How does that work?

I'm guessing that you don't get the 5.30% automatically, but have to ask for it. So if you're an ASB customer and about to roll onto a 6 month term, I suggest you check that you'll get the new 5.30% rate.

Bernard, can you check with ASB to see if customers that are about to roll onto a 6 month term, automatically get this special.