ANZ National hikes two term deposit rates, Kiwibank hikes one, cuts three

ANZ National hikes two term deposit rates, Kiwibank hikes one, cuts three

Two banks have made changes to their term deposit offerings in recent days, with ANZ National hiking two of its rates, while Kiwibank has hiked one rate and cut three.

ANZ National hiked its 9 month rate with interest at maturity and a minimum deposit of NZ$10,000 by 50 basis points (0.50%) to 4.50%.

RaboDirect also offers 4.50% for nine months with interest at maturity, but has a minimum deposit of only NZ$1,000. The Co-Operative Bank (the old PSIS) is offering 4.50% with interest paid quarterly and a minimum NZ$10,000 deposit, while Bank of India is offering 4.50% with a NZ$5,000 minimum and interest paid monthly.

ANZ National also hiked its one-year rate (minimum NZ$10,000 and interest monthly) by 20 basis points to 4.60%. That rate is still below an offer of 4.70% from BNZ (minimum NZ$5,000 and interest quarterly, and RaboDirect (minimum NZ$1,000 and interest at maturity).

Meanwhile, Kiwibank hiked its six month rate (min NZ$10,000, interest at maturity) by 20 basis points to 4.50%. BNZ offers the same rate with a NZ$5,000 minimum, while RaboDirect has the same rate with a NZ$1,000 minimum.

Kiwibank cut its four month rate by 95 basis points to 3.50%, its one year rate by 10 bps to 4.60%, and its two year rate by 20 bps to 4.80%.

See and compare all term deposit rates for terms up to nine months here, and for terms one year and above here.

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Tricks for the simpletons...
Why would you go for a 9 month TD with IOM @ 4.5% when you could have their e-saver at 4.50% compounding the interest on a monthly basis?