ANZ has lowered four longer term deposit rates.
These changes mean it has given up its market leading 18 month rate which was at 5.00% and now has been lowered by 40 basis points to 4.60%.
(ANZ first offered the market-leading 18 month rate on November 3, 2014.)
Their two year rate has been lowered by 5 bps to 4.70%.
ANZ's three year rate is unchanged at 5.00%, while their four year rate has been cut by 15 bps to 5.10%.
The five year rate is reduced as well, down 20 bps to 5.30% from 5.50%.
Rates for one year or less are all unchanged.
These updates position ANZ's rates as among the lower term deposit offers for terms 18 months and longer in the market.
Apart from the five year term, RaboDirect is offering the highest rates
New Zealand households grew their bank balances at the rate of 10.4% per year in October, a growth rate that has started rising again recently.
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% | 4.50% | 4.60% | 4.70% | 5.00% | 5.30% |
 |
4.15% | 4.50% | 4.50% | 4.75% | 5.00% | 5.50% |
 |
4.30% | 4.50% | 4.60% | 4.70% | 4.90% | 5.30% |
| Kiwibank | 4.50% | 4.60% | 4.75% | 5.00% | 5.50% | |
 |
4.10% | 4.50% | 4.60% | 4.75% | 5.00% | 5.50% |
| Co-op Bank | 4.50% | 4.60% | 4.70% | 4.85% | 5.10% | |
 |
4.40% | 4.50% | 4.65% | 4.75% | 5.15% | 5.70% |
| HSBC Premier | 4.00% | 4.20% | 4.40% | 4.60% | 4.80% | 5.20% |
 |
4.50% | 4.65% | 4.75% | 4.85% | 5.10% | 5.55% |
| SBS Bank | 4.25% | 4.60% | 4.65% | 4.85% | 5.10% | |
 |
4.10% | 4.50% | 4.60% | 4.80% | 5.00% | 5.75% |
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