New Zealand-owned banks TSB and Kiwibank cut term deposit rates

New Zealand-owned banks TSB and Kiwibank cut term deposit rates

Kiwibank has cut its longer term deposit rates from market-leading positions, a week after cutting shoter term rates, while TSB has also made cuts.

For deposits over NZ$10,000 with interest paid at maturity, the state-owned bank cut its three-year rate by 20 basis points to 5.10%; its four-year rate by 35 bps to 5.25%; and its five-year rate by 15 bps to 5.85%. 

Meanwhile, TSB has also cut deposit rates.

For deposits over NZ$10,000 with interest semi-annually, TSB cut its six-month rate by 5 bps to 4.40%; its twelve-month rate by 10 bps to 4.50%; eighteen-month by 10 bps to 4.60%; two-year by 10 bps to 4.70%; and three-year by 10 bps to 5.10%. 

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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