ASB is increasing a range of term deposit rates, including lifting its five-year rate by 75 basis points to 1.75%, and its four-year rate by 50 basis points to 1.50%. The changes are effective from Tuesday.
Here's the bank's statement.
ASB is increasing its term deposit rates, including lifting the 60-month term deposit rate by 0.75% to a market leading 1.75%.
ASB’s Executive General Manager of Retail Banking, Craig Sims, says ASB is taking the opportunity to offer Kiwis with cash savings some highly competitive term deposit options while also balancing the needs of borrowers who have been benefiting for some time from an extremely low interest rate environment.
“While there’s been much focus on home loan rates, customers with funds to invest are often seeking to balance their portfolios, and term deposits can be an important part of the mix.
“Given the performance of the New Zealand economy through COVID-19 has been stronger than anyone anticipated and our commitment to helping the financial progress of all New Zealanders we’re pleased to be able to support our savers with these market leading term deposit rates.”
In addition to the new 60-month rate, ASB has also increased the rates for deposit terms from 9 to 48 months. The below rate changes are effective from Tuesday 2 March 2021.