This morning, Kiwibank has raised a number of term deposit rates.
All terms from 30 days to one year have been increased.
This positions the Kiwibank offers as the highest bank offers for terms up to one year.
Rates for deposits of $5,000 and more have all been increased.
The increases range from +10 bps to +25 bps.
And they apply to their term PIE products as well.
For thirty days, the Kiwibank rate for a $10,000 deposit has been increased by +25 bps to 3.50%. A similar rise applies for a $5,000 deposit to 3.40%.
For terms of three, four and five months, the increase is also +25 bps to 3.75%.
The six month rate is now 4.50%, a market leading rate.
The previous focus on a 200 day 'special' has been withdrawn, settling back to the same as the regular nine month rate of 4.00%, an increase of +15 bps.
Kiwibank's one year rate has been increased to 4.60%, a rise of +10 bps. This rate applies for interest-at-maturity. (The monthly interest rate is 4.55%.)
The Co-operative Bank also has a 4.60% one year term deposit offer.
At the same time, Kiwibank has reduced its two year home loan rate to 5.99%, a reduction of -30 bps, and increased their three year fixed mortgage rate to 6.65%, a rise of +36 bps.
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 latest offers as follows:
| for a $20,000 deposit | 6 mths | 1 yr | 18 mths | 2 yrs | 3 yrs | 5 yrs |
 |
4.10% | 4.30% | 4.75% | 5.00% | 5.25% | 5.75% |
 |
4.15% | 4.50% | 4.50% | 4.75% | 5.00% | 5.50% |
 |
4.10% | 4.30% | 4.50% | 4.75% | 5.00% | 5.50% |
| Kiwibank | 4.50% | 4.60% | 4.75% | 5.00% | 5.75% | |
 |
4.10% | 4.30% | 4.60% | 4.75% | 5.00% | 5.50% |
| Co-op Bank | 4.30% | 4.60% | 4.70% | 4.85% | 5.10% | |
 |
4.40% | 4.50% | 4.65% | 4.75% | 5.50% | 5.70% |
| HSBC Premier | 3.90% | 4.15% | 4.40% | 4.65% | 4.90% | 5.25% |
 |
4.25% | 4.50% | 4.75% | 5.00% | 5.25% | 5.65% |
 |
4.20% | 4.40% | 4.60% | 4.85% | 5.10% | |
 |
4.10% | 4.40% | 4.60% | 4.80% | 5.00% | 5.75% |
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