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ASB, Kiwibank, SBS Bank cut some term deposit rates

ASB, Kiwibank, SBS Bank cut some term deposit rates

Three banks - ASB, Kiwibank, and SBS Bank - have cut the interest paid on some of their term deposits.

ASB has cut its five month rate by 10 basis points to 4.40%. In wider ranging cuts, Kiwibank has cut its one to five year rates. SBS, meanwhile, has cut its six month, one year, 18 month and two year rates.

Kiwibank cut its one year rate by 10 basis points to 4.50%, two year by 15 basis points to 4.75%, three year by 15 basis points to 5.35%, four year by five basis points to 5.70% and five year by 15 basis points to 6%.

SBS cut its six month rate by 20 basis points to 4.40%, one year by 10 basis points to 4.60%, 18 month by 15 basis points to 4.60% and two year by 20 basis points to 4.80%.

See all term deposit rates for one to nine months here and see all term deposit rates for one to five years here.

Term deposit rates

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8 Comments

If they carve any more off rates we will soon be better off keeping our money under the mattress.

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Come on WAS...if Moodys are only half right...commodities will plunge by 37.5%...and when the blood is flowing in the streets and share prices are at a PE of 5 or thereabouts...buy the copper and so on....that's what Goldman et al are doing...with money supplied by Ben!...they can't lose because they control the market....

If you don't have that sort of capital to risk...which is the case for 99% of the peasants...don't stuff the mattress...buy the stuff you need in bulk and stuff that in the mattress...or attic...or the shed!

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Wolly,

sold the house last year.

Already had a pile of dosh and live off the interest. I am no where near Super age. Bought a bit of gold etc but have only put about 1% into it.

Have too much cash to do what you say. I would need a warehouse:)

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If you are going to buy goods, buy stuff that will be in demand in the future....and then trade it, say hand tools.

Also education, if you are good at woodwork take some night classes....or in WAS's case maybe no need for night time effort.

;]

regards

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Problem is most of the things that will be in demand don't store well.

Food and energy.

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double post.....how do I delete it?

 

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Maybe now we will see the banks lower thweir interest rates >>  NOT LIKELY !!! - thye will continue to reap high margins and massive profits

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IO, the banks HAVE lowered their interest rates.  Not everyone is interested in borrowing from the banks.

Most of the banks have more depositors than borrowers.  It is just the amounts that are involved that are different.

You are right re their margins though. 

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