ASB and subsidiary Bank Direct have cut their three month and one year term deposit rates, while raising their six month rate.
Both cut their three month deposit rate by 40 basis points to 4.50%, and one year rate by 10 basis points to 5.20%. Meanwhile, they raised their six month rate by 10 basis points to 5.10%. These rates are for a minimum deposit of NZ$10,000.
ASB and Bank Direct's new six month deposit rate of 5.10% is now equal to offers from Kiwibank and SBS Bank (as well as merger partner HBS Bank). However it is still below 5.25% offered by RaboDirect and 5.20% offered by Bank of Baroda.
ASB's new one year rate is below rates offered by Bank of Baroda, SBS (and HBS) Bank, Kookmin Bank and TSB Bank, as well as current one year market leader RaboDirect, which is offering 5.45%.
ASB's three month rate of 4.50% in still the highest of the major banks, although RaboDirect is currently offering 4.55%.