The Co-operative Bank has trimmed almost all their fixed rates, the latest bank to cut.
Their six month fixed is reduced by -10 bps to 3.69%, a market leading low.
And their four year and five year fixed rates have been reduced by -10 bps as well, also to market-leading low levels of 4.19% and 4.29%.
In addition they have trimmed -10 bps from their one year rate to 3.69%, -4 bps from their eighteen month fixed rate to 3.75% and -9 bps from their two year fixed rate.
They didn't change their 3.99% three year rate.
We are in an in-between period ahead of the Spring real estate season which will kick off in just a few weeks. We are expecting eye-catching rates as banks work hard to win their share of what could be a lower-than-normal sales volume period
The next threshold, given the aggressive flattening of the curve in both the wholesale market and the retail term deposit market, is likely to be sub-4% rates all the way out to a fixed five year term.
At the same time, The Co-operative Bank has cut all its term deposit interest rates with the reductions ranging from -10 bps to -15 bps. For the popular 6 month term the cut is -10 bps, and for one year it is -15 bps.
Here is the full snapshot of the advertised fixed-term rates on offer from the key retail banks.
| Fixed, below 80% LVR | 6 mths | 1 yr | 18 mth | 2 yrs | 3 yrs | 4 yrs | 5 yrs |
| as at August 21, 2019 | % | % | % | % | % | % | % |
| ANZ | 4.29 | 3.69 | 3.99 | 3.75 | 3.99 | 4.85 | 4.95 |
 |
4.29 | 3.75 | 3.75 | 3.69 | 3.89 | 4.19 | 4.29 |
 |
4.79 | 3.69 | 4.55 | 3.75 | 3.99 | 4.35 | 4.45 |
 |
4.79 | 3.55 | 3.65 | 3.99 | 4.29 | 4.39 | |
 |
4.99 | 3.69 | 4.79 | 3.75 | 3.99 | 4.35 | 4.45 |
| Co-operative Bank | 3.69
|
3.69
|
3.75
|
3.75
|
3.99 | 4.19
|
4.29
|
| China Construction Bank | 4.70 | 4.85 | 3.65 | 3.90 | 4.95 | 4.95 | |
| ICBC | 5.15 | 3.79 | 3.79 | 3.75 | 3.99 | 4.29 | 4.39 |
 |
4.85 | 3.79 | 3.79 | 3.79 | 3.89 | 4.19 | 4.29 |
 |
4.99 | 3.78 | 3.78 | 3.78 | 3.99 | 4.49 | 4.49 |
 |
4.55 | 3.85 | 3.89 | 3.79 | 4.05 | 4.45 | 4.55 |
In addition to the above table, BNZ has a unique fixed seven year rate of 5.70%.
All carded, or advertised, term deposit rates for all financial institutions for terms of less than one year are here, and for terms of one-to-five years are here. And term PIE rates are here.
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