TSB Bank has today raised some selected term deposit rates.
The increases include a 25 bps rise for 30 and 60 day deposits, a rise of 20 bps for a six month deposit and a 10 bps adjustment for nine months.
For one year, the increase is 15 bps, taking their rate to 4.25% up from 4.10%.
None of these rate offers are especially competitive.
No other terms were changed.
TSB Bank is at its most competitive for the five year term where it matches ANZ at 5.75%.
Most other TSB Bank term deposit rates are similar to BNZ's offer and are mid range.
With wholesale rates easing today, banks have inexpensive wholesale options for funding that seem to be getting less expensive. This does not bode particularly well for savers who are looking for terms of one year and above.
Separately today, mortgage approval data released by the RBNZ for last week shows that home loan demand is tracking about 10% lower than for the same period a year ago. Banks are seeing lesser pressure for funding from their largest loan portfolios.
Use our deposit calculator to figure exactly how much benefit each option is worth; you can assess the value of more or less frequent interest payment terms, and the PIE products, comparing two situations side by side.
All term deposit rates for all institutions for terms less than one year are here, and for terms one-to-five years are here.
This positions the TSB offers as follows:
| for a $20,000 deposit | 6 mths | 1 yr | 18 mths | 2 yrs | 3 yrs | 5 yrs |
 |
3.75% | 4.10% | 4.75% | 5.00% | 5.25% | 5.75% |
 |
3.75% | 4.10% | 4.30% | 4.60% | 5.00% | 5.50% |
| BNZ | 4.00% | 4.25% | 4.50% | 4.75% | 5.00% | 5.50% |
| Kiwibank | 4.10% | 4.35% | 4.75% | 5.00% | 5.75% | |
 |
3.75% | 4.00% | 4.30% | 4.75% | 5.00% | 5.50% |
| Co-op Bank | 4.20% | 4.40% | 4.80% | 5.05% | 5.30% | |
 |
4.00% | 4.25% | 4.50% | 4.75% | 5.00% | 5.50% |
| HSBC Premier | 3.65% | 3.90% | 4.00% | 4.50% | 4.65% | 5.15% |
 |
4.25% | 4.35% | 4.75% | 5.00% | 5.25% | 5.65% |
 |
4.00% | 4.40% | 4.40% | 4.85% | 5.10% | |
| TSB Bank | 4.00% | 4.25% | 4.50% | 4.75% | 5.00% | 5.75% |
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