Changes to savings account rates and very short term deposits have put the focus back on savers.
Both ASB and BNZ made some 'adjustments' on Monday, all of them lower.
On the other hand, UDC is offering 3.65% for a nine month term deposit, up +15 bps from 3.50%.
ASB and BankDirect have comprehensively cut savings account rates.
For example, their new 'FastSaver' rate is now 1.25%, an account that now seems very inappropriately named.
The most interest you can earn on a 'Moneymaker' account is now just 0.25%; on the 'Headstart' account it is just 1.50%.
BankDirect have a "High interest transaction account" that pays just 1.25% - for balances over $100,000, another inappropriately named account. Otherwise, its just 0.25%.
ASB has reduced all its rates for term deposits with balances between $5,000 and $10,000 (actually, $9,999).
At this level, for one month, the reduction is -0.25%. For three months, the cut is -0.50%. For all terms longer, the reduction is to 2.25%, down -0.25% from 2.50%.
ASB (and BankDirect) have also trimmed its offers for balances of $10,000 and over for 60 days and shorter. The new rate is 1.50%, down -0.50% from 2.00%.
Clearly, ASB don't want either small or very short term deposits. The returns offered for these are now just nominal.
BNZ has also made changes, also all reductions. Most BNZ changes are much less however.
Their 'RapidSaver interest rate has been reduced by -0.10% to a new potential rate of 3.00%.
BNZ has also reduced two term deposit rates, both by -0.10%. For a six month term their new rate is 3.30% and for a nine month term it is 3.40%.
Longer term rates are unchanged at this time.
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 carded, or advertised, term deposit rates for all institutions for terms less than one year are here, and for terms one-to-five years are here.
The latest headline rate offers are in this table.
| for a $25,000 deposit | Rating | 6 mths | 1 yr | 18 mths | 2 yrs | 3 yrs | 5 yrs |
 |
AA- | 3.30 | 3.45 | 3.50 | 3.60 | 3.70 | 3.80 |
 |
AA- | 3.30 | 3.40 | 3.50 | 3.60 | 3.75 | 4.00 |
 |
AA- | 3.30 | 3.50 | 3.55 | 3.60 | 3.75 | 4.00 |
| Kiwibank | A+ | 3.30 | 3.50 | 3.60 | 3.80 | 3.90 | |
 |
AA- | 3.15 | 3.40 | 3.40 | 3.45 | 3.50 | 3.60 |
|
BBB- | 3.40 | 3.50 | 3.55 | 3.65 | 3.75 | |
 |
BBB | 3.40 | 3.55 | 3.55 | 3.60 | 3.70 | 3.80 |
| HSBC Premier | AA- | 2.90 | 3.00 | 3.15 | 3.25 | 3.35 | 3.50 |
 |
A | 3.45 | 3.60 | 3.70 | 3.70 | 3.85 | 3.95 |
| SBS Bank | BBB | 3.45 | 3.50 | 3.60 | 3.65 | 3.70 | |
 |
A- | 3.30 | 3.50 | 3.55 | 3.60 | 3.65 | 3.85 |
| UDC | AA- | 3.50 | 3.65 | 3.55 | 3.60 | 3.65 | 3.85 |
Term deposit rates
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